Actuary Series

​​California State Personnel Board Specification

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SALARY INFORMATION

Description of Series 

This series specification describes six classifications in California state service which perform and/or supervise a wide variety of actuarial work in the following specialties: complex financial risks, retirement, casualty insurance, health insurance, life insurance, long-term care, or pension systems.

​Actuarial Analyst

This classification is the entry level in the series where incumbents may perform calculations using basic prescribed actuarial or statistical methodologies; manage data in databases by inputting and verifying data, and moving data between systems; review/analyze data to identify trends or errors; compile data needed to perform analysis or validation, including identifying the data needed and accessing data from multiple electronic or written sources; review pricing/valuation assumptions and/or rates; conduct preliminary actuarial analyses or valuations to verify the accuracy and reasonability of premiums/contributions, rates, reserves/liability, or other related factors; develop preliminary organizational and/or fund liability/reserve positions and reasonability using actuarial, statistical and economic principles, practices, and methods; review and analyze rate changes or rate change filings to determine whether requested changes comply with actuarial standards or statutory requirements; prepare or review present value valuations; prepare memoranda of proposed actions and recommendations; draft issue papers, written procedures and manuals; submit operational or financial data, reports, and inquiry responses to internal or  external parties as required; work on special projects and assignments which may include participating on field examinations and doing research to obtain information needed by staff actuaries; participate in special studies, investigations, and/or analyses at the request of management.

Actuarial Se​nior Analyst

This is the advanced journey level in the series where incumbents independently perform the most difficult and complex tasks described for all levels including work related to: reconciling and editing data to be used in actuarial valuation; applying actuarial methods and techniques to make or verify calculations; compiling and producing actuarial reports or statistical summaries; and utilizing actuarial software programs to determine liabilities or actuarial value of assets.

Actuarial Analyst Super​​visor

This is the first working level supervisor in the series, specific to the supervision of actuarial analysts and other subordinate staff. Under general supervision, incumbents may supervise the work activities of subordinate staff to ensure that work is consistent with expectations, policies and procedures; complete employee performance evaluations and probationary reports (indicating accomplishments, performance goals, and areas of improvement) to ensure employee performance is documented appropriately; provide performance feedback to staff; train, develop and mentor subordinate staff; plan, organize, and direct the work of the unit; monitor the work of actuarial analysts to ensure that tasks and projects are completed within established timeframes; ensure that the work performed by subordinates is reviewed at the appropriate level; participate in the recruitment and selection of new staff; act as an expert staff resource; establish or revise procedures and methods to meet changing program needs and may personally perform the more complex work or do other related work; may serve as project manager by developing project plans, identifying deliverables, establishing milestones/schedules, preparing progress reports, and resolving problems.

Actu​​ary

This classification is the professional actuary level in the series. Under direction, incumbents may conduct actuarial analyses or valuations to verify the accuracy and reasonability of premiums/contributions, rates, reserves/liability, or other related factors; conduct cash flow testing and analyses of adverse market conditions to ensure appropriate fund reserve levels; review actuarial support for rate filings to determine if the proposed rates have been determined in a manner consistent with actuarial principles and standards of practice, and are in compliance with statutory requirements; analyze organizational and/or fund liability/reserve positions and reasonability using actuarial, statistical and economic principles, practices and methods; conduct or review present value valuations; recommend adjustments to reserves/liability to ensure their consistency with actuarial standards and departmental policies; analyze enacted or proposed California legislation to determine its effect(s) or potential effect(s) on assigned functions; prepare memoranda of proposed actions and recommendations; draft issue papers; prepare agenda items or written/oral reports for senior management, board, or committee meetings, constituent and stakeholder groups, and other interested internal and external parties; review and comment on proposed legislation and regulations to provide technical analysis for potential financial and/or personnel impact on the department and for consequences regarding the insurance and/or pension industry; represent a department or program as a subject matter expert or expert witness before industry committees and/or court cases and hearings as needed; perform special actuarial studies, investigations, and/or analyses at the request of management; present reports to management regarding the operational and financial impact and potential impact of new procedures and laws.

Actuary Sen​ior

This is the expert advisor level.  Under administrative direction, incumbents act in a lead capacity as subject matter experts in specific areas of actuarial practice and may lead other actuarial staff to monitor work flow, provide guidance on the most difficult issues and ensure that unit goals and expectations are met; conduct the more difficult and specialized actuarial analyses or projects, including those of greater complexity and sensitivity, or involving non-standard issues or problems; make or recommend adjustments to rates, reserves/liability to ensure their consistency with actuarial standards and departmental policies; prepare or review present value valuations; review and approve the more sensitive and complex actuarial reports; prepare special reports associated with the more difficult and sensitive actuarial policy issues; conduct the more difficult actuarial analyses and prepare the recommendations within the assigned work unit; lead a project team and serve as project manager to develop project plans, identify deliverables, establish milestones or schedules, prepare progress reports, and resolve problems; make recommendations on actuarial policies or procedures to establish appropriate professional standards.

Actuary Supervi​sor

This is the full supervisory level classification in the series. Under general direction, incumbents supervise and oversee the work of actuarial staff; arrange and monitor staff continuing education programs; serve on department and industry committees; supervise the work activities of subordinate actuarial staff to ensure that work is consistent with actuarial principles, policies and procedures; complete employee performance evaluations and probationary reports (indicating accomplishments, performance goals, and areas of improvement) to ensure employee performance is documented appropriately; provide performance feedback to staff; assign and monitor the work of actuarial staff to ensure that tasks and projects are completed within established timeframes; ensure that the actuarial work performed by subordinates is reviewed at the appropriate level; train, develop and mentor subordinate staff; participate in the recruitment and selection of new staff; monitor work unit progress related to the business plan; ensure that the actuarial impact of legislative or operational changes is reviewed and analyzed; prepare and issue management reports on complex matters; recommend and draft legislation and regulations; may perform complex actuarial analyses; prepare summaries and provide reports of analyses; and review and provide technical legislative proposal summaries.

Minimum Qualifications

​​​All Levels

Educa​​tion:

Possession of a bachelor's degree from an accredited college or university. Registration as a senior in a recognized institution will admit applicants to the examination, but they must produce evidence of graduation or its equivalent before they can be considered eligible for appointment.

Actuarial Analyst

​Requirements and Education as listed under All Levels

Actuarial Senior Analyst

​In addition to what is required for all levels:

Experienc​e:

​​Either I

One year of experience in the California state civil service performing duties with a level of responsibility equivalent to an Actuarial Analyst, Range C; or​

II

Four years of satisfactory increasingly responsible experience outside state service reconciling and editing data to be used in actuarial valuation; applying actuarial methods and techniques to make or verify calculations; compiling and producing actuarial reports or statistical summaries; and utilizing actuarial software programs to determine liabilities or actuarial value of assets; or

III​

Passed at least five of the professional actuarial examinations offered by either the Society of Actuaries (SOA), Casualty Actuarial Society (CAS), or an actuarial organization for which the SOA or CAS honors exam credits.

Actuarial Analyst Superv​isor

​In addition to what is required for all levels:

Expe​​rience:

​​​​Either I

Five years of experience in the California state civil service performing duties with a level of responsibility equivalent to an Actuarial Analyst; or

II​

Five years of increasingly responsible experience reconciling and editing data to be used in actuarial valuation; applying actuarial methods and techniques to make or verify calculations; compiling and producing actuarial reports or statistical summaries; and utilizing actuarial software programs to determine liabilities or actuarial value of assets; or

III​

Passed at least five of the professional actuarial examinations offered by either the Society of Actuaries (SOA), Casualty Actuarial Society (CAS), or an actuarial organization for which the SOA or CAS honors exam credits.

Actuary

​In addition to what is required for all levels:

Possession of an Associateship credential with either the SOA or CAS, or an actuarial organization provided mutual recognition by the SOA or CAS; and

Experienc​e:

​​Either I

One year of experience in the California state civil service performing duties with a level of responsibility equivalent to an Actuarial Analyst; or

II​​​

One year of analytical and/or technical support experience pertaining to actuarial insurance rate analysis, insurance company examination involving actuarial review, actuarial statistical analysis, pension actuarial analysis, or a related area of work comparable to the Actuarial Analyst classification.

Actuary Senior

​In addition to what is required for all levels:

Possession of an Associateship credential with either the SOA or CAS, or an actuarial organization provided mutual recognition by the SOA or CAS; and

Experience:

​​Either I

Two years of experience in the California state civil service performing duties with a level of responsibility equivalent to an Actuary, Range B; or

II​​

Four years of satisfactory actuarial experience outside state experience while possessing an Associateship credential with either the SOA, CAS, or an actuarial organization provided mutual recognition by the SOA or CAS.

Actuary Supervis​or

​In addition to what is required for all levels:

Possession of an Associateship credential with either the SOA or CAS, or an actuarial organization provided mutual recognition by the SOA or CAS; and

Experience:

​​​Either I

Three years of experience in the California state civil service performing duties with a level of responsibility equivalent to Actuary; or

II​​

Three years of actuarial experience outside state experience while possessing an Associateship credential with either the SOA, CAS, or an actuarial organization provided mutual recognition by the SOA or CAS.

Knowledge and Abilities 

Actuar​ial Analyst

Knowledge of: Mathematical operations such as fractions, ratios, and percentages, to analyze, process, summarize, verify, or present numerical data; statistical procedures such as those related to inferential statistics (e.g., probabilities, confidence intervals, correlations, regression) to analyze, process, summarize, verify, or present numerical data.

Ability to: Use logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems; compose professional, clear, accurate, complete and concise reports and other correspondence to communicate and document information and data; create charts and graphs using various computer programs (e.g., Excel, Power Point, Access) to summarize data and make presentations; detect errors or recognize unreasonable data, assumptions and results.

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Actuarial Senior A​nalyst

Knowledge of: All of the above, and actuarial methods, reports and techniques.

Ability to: All of the above, and act as a team lead, training new staff and working on special projects while continuing to perform daily workload. Act as subject matter expert and communicate with management to present program findings.

Actuarial A​​nalyst Supervisor

Knowledge of: All knowledge required of the Actuarial Analyst classification, and the principles and practices of staff supervision and performance management in addition to supervisor's responsibility for promoting equal opportunity in hiring and employee development and promotion, and for maintaining a work environment which is free of discrimination and harassment.

Ability to: All abilities required of the Actuarial Analyst classification, and manage employee performance problems by planning and implementing measures to improve employee performance; monitor work of subordinate staff to ensure that it meets quality, quantity, and timeliness standards; document subordinate staff performance using performance evaluations and/or probationary reports to ensure staff performance is recorded accurately; assign and delegate work to subordinate staff to ensure the program operates effectively.

Actuary​​

Knowledge of: The principles and practices of actuarial science with an emphasis on life, health, disability, casualty or retirement systems; actuarial guidelines to ensure compliance with current actuarial practices; complete mathematical operations to analyze, process, summarize, verify, or present numerical data. Statistical procedures such as those related to inferential statistics (probabilities, confidence intervals, correlations, regression, etc.)  American Academy of Actuaries standards of practice, economic principles and practices and their application in the analysis of financial operations and solvency.

Ability to: Determine how changes in the legislative and regulatory environment will affect outcomes; critically review the assumptions and methods in an actuarial memorandum and/or asset adequacy analysis prepared in support of a Statement of Actuarial Opinion regarding reserves and related actuarial items held in support of insurance policies, annuity contracts, or pension obligations, to determine if financial concerns exist regarding the adequacy of reserves; review underlying in-force policy data in order to validate rates or reserves reported during an experience review; perform actuarial and statistical computations to verify rates, cash values, or reserve/liability factors; apply policies, rules, and regulations to specific situations to solve problems and identify appropriate courses of action.

Actuary S​​enior

Knowledge of: All knowledge required of the Actuary classification, and data analysis methods and techniques to draw appropriate conclusions, make decisions and  recommendations ; financial analysis principles, and concepts to assess the fiscal impact of programs, projects, policies, and procedures; actuarial methods in order to test liability reasonability; basic project management principles and techniques to manage and oversee a variety of project activities; economic principles and practices and their application in the analysis of financial operations and solvency.

Ability to: All abilities required of the Actuary classification, and determine how changes in the legislative and regulatory environment will affect outcomes; critically review the assumptions and methods in an actuarial memorandum and/or asset adequacy analysis prepared in support of a Statement of Actuarial Opinion regarding reserves and related actuarial items held in support of insurance policies, annuity contracts, or pension obligations, to determine if financial concerns exist regarding the adequacy of reserves; review underlying in-force policy data in order to validate rates or reserves reported during an experience review. Time management techniques to oversee the prioritization and completion of work tasks and assignments; actuarial investment mathematics, formulas, principles and their use; asset/liabilities modeling techniques, practices, and trends; advanced project management principles and techniques to manage and oversee a variety of project activities.

Actuary Su​​​pervisor

Knowledge of: All knowledge of the Actuary and Actuary Senior classifications, and the principles and practices of staff supervision and performance management in addition to supervisor's responsibility for promoting equal opportunity in hiring and employee development and promotion, and for maintaining a work environment which is free of discrimination and harassment.

Ability to: All abilities of the Actuary and Actuary Senior classifications, and manage employee performance problems by planning and implementing measures to improve employee performance; monitor work of subordinate staff, conduct probationary reports to ensure staff performance is recorded accurately; assign and delegate work to subordinate staff to ensure the program operates effectively.

All employees must have general qualifications as described by California Code of Regulations, title 2, section 172.

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Class History

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