Actuarial Science Series, 1510

Individual Occupational Requirements

Series definition:

This series covers positions that manage, supervise, lead, or perform scientific work in the field of actuarial science. Actuarial science involves professional knowledge of the disciplines of mathematics, statistics, business, finance, economics, and insurance. The work requires applying this knowledge to programs or problems related to the financial risks posed by life, health, retirement/pension, and property/casualty entities and contingencies.

Basic Requirements

Applicants may qualify for actuary positions by meeting the requirements described in either paragraph A or paragraph B below.

Paragraph A.

Applicants may qualify for the following grade levels by meeting the educational and/or experience requirements described below.

1. GS-05 or Equivalent Grade Level:

   Applicants must meet one of the following requirements:

   1. A bachelor's degree that included courses in actuarial science, mathematics, relevant statistics, business, finance, economics, insurance, or computer science totaling at least 24 semester hours. This course work must have included a minimum of 12 semester hours of mathematics that included differential and integral calculus and one or more courses in mathematics for which these calculus courses were prerequisites.

      or

   2. Combination of education and experience that includes both of the following requirements:

      • Technical work experience in actuarial support work or in mathematics; and

      • Completion of a minimum of 24 semester hours of courses in actuarial science, mathematics, relevant statistics, business, finance, economics, insurance, or computer science at a four year college or university. This course work must have included a minimum of 12 semester hours of mathematics that included differential and integral calculus and one or more courses in mathematics for which these calculus courses were prerequisites.

2. GS-07 or Equivalent Grade Level:

   Applicants must meet one of the following requirements:

   1. Eligibility under the superior academic achievement provision and a bachelor's degree that included courses in actuarial science, mathematics, relevant statistics, business, finance, economics, insurance, or computer science totaling at least 24 semester hours. This course work must have included a minimum of 12 semester hours of mathematics that included differential and integral calculus and one or more courses in mathematics for which these calculus courses were prerequisites.

      or

   2. One year of graduate education in the subject areas of actuarial science, mathematics, statistics, business, finance, economics, insurance, or computer science; and

      • A course of educational study as described in paragraph (A) (1) ( a) above.

      or

   3. Combination of education and experience that includes both of the following requirements:

      • One year of actuarial experience equivalent to the GS-05 grade level; and

      • Completion of a minimum of 24 semester hours of courses in actuarial science, mathematics, relevant statistics, business, finance, economics, insurance, or computer science at a four year college or university equivalent to a course of study described in paragraph (A) (1). This course work must have included a minimum of 12 semester hours of mathematics that included differential and integral calculus and one or more courses in mathematics for which these calculus courses were prerequisites.

3. GS-09 or Equivalent Grade Level:

   Applicants may qualify for this grade level by meeting one of the following requirements:

   1. A master's degree or equivalent graduate degree, or 2 years of progressively higher level graduate education leading to a master's degree in actuarial science; mathematics, statistics, business, finance, economics, insurance, or computer science; and

      • A course of educational study as described in paragraph (A) (1) (a) above.

      or

   2. Combination of education and experience that includes both of the following requirements:

      • One year of actuarial experience equivalent to the GS-07 grade level; and

      • A course of educational study as described in paragraph (A) (1) above.

4. GS-11 or Equivalent Grade Level:

   Applicants may qualify for this grade level by meeting one of the following requirements:

   1. Ph.D or equivalent doctoral degree or 3 years of progressively higher level graduate education leading to a Ph.D degree in actuarial science, mathematics, statistics, business, finance, economics, insurance, or computer science; and

      • A course of educational study as described in paragraph (A) (1) (a) above.

      or

   2. A combination of education and experience that includes both of the following requirements:

      • One year of actuarial experience equivalent to the GS-09 grade level; and

      • A course of educational study as described in paragraph (A) (1) above.

5. GS-12 or Equivalent Grade Level:

   Applicants may qualify for this grade level by meeting all of the following requirements:

   1. One year of actuarial experience equivalent to the GS-11 grade level; and

   2. A course of educational study as described in paragraph (A) (1) above.

6. GS-13 and above or Equivalent Grade Levels:

   Applicants may qualify for higher grade levels by meeting all of the following requirements:

   1. One year of actuarial experience equivalent to the next lower grade level; and

   2. A course of educational study as described in paragraph (A) (1) above.

Paragraph B.

Special Alternate Means of Qualifying for Positions at GS-07 through GS-13 or Equivalent Grade Levels

.

Applicants may qualify for a position at grade levels GS-07 through GS-13 using the "Special Alternate Means" provisions described below. Applicants for all grade levels must complete a minimum of 24 semester hours of courses in actuarial science, mathematics, relevant statistics, business, finance, economics, insurance, or computer science at a four year college or university. This course work must have included a minimum of 12 semester hours of mathematics that included differential and integral calculus and one or more courses in mathematics for which these calculus courses were prerequisites.

Successful completion of appropriate examinations offered by the Society of Actuaries(SOA), the Casualty Actuarial Society(CAS), or the Joint Board for the Enrollment of Actuaries(JBEA), as evidenced by an official SOA or CAS transcript, and specialized experience described below is fully qualifying at the grade levels shown below:

1. GS-07 or Equivalent Grade Level:

   Successful completion of one of the SOA or CAS examinations, or credit for one of the JBEA examinations.

2. GS-09 or Equivalent Grade Level:

   Successful completion of two of the SOA or CAS examinations, or credit for two of the JBEA examinations.

3. GS-11 or Equivalent Grade Level:

   One year of professional actuarial experience equivalent to at least the GS-09 level and successful completion of three of the SOA or CAS examinations, or credit for three of the JBEA examinations.

4. GS-12 or Equivalent Grade Level:

   One year of professional actuarial experience equivalent to at least the GS-11 level and successful completion of four of the SOA or CAS examinations, or credit for three of the JBEA examinations.

5. GS-13 or Equivalent Grade Level:

   One year of professional actuarial experience equivalent to at least the GS-12 level and Associateship in the Society of Actuaries or the Casualty Actuarial Society or being an Enrolled Actuary.

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