What Does it Take to Be an Actuary?
Occupation Description Analyze statistical data, such as mortality, accident, sickness, disability, and retirement rates and construct probability tables to forecast risk and liability for payment of future benefits. May ascertain insurance rates required and cash reserves necessary to ensure payment of future benefits.
A Day in the Life of an Actuary
- Determine policy contract provisions for each type of insurance.
- Collaborate with programmers, underwriters, accounts, claims experts, and senior management to help companies develop plans for new lines of business or improvements to existing business.
- Manage credit and help price corporate security offerings.
- Determine or help determine company policy, and explain complex technical matters to company executives, government officials, shareholders, policyholders, or the public.
- Analyze statistical information to estimate mortality, accident, sickness, disability, and retirement rates.
- Testify in court as expert witness or to provide legal evidence on matters such as the value of potential lifetime earnings of a person who is disabled or killed in an accident.
What Skills Do You Need to Work as an Actuary?
Below is a list of the skills most Actuaries say are important on the job.
Judgment and Decision Making: Considering the relative costs and benefits of potential actions to choose the most appropriate one.
Mathematics: Using mathematics to solve problems.
Critical Thinking: Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.
Reading Comprehension: Understanding written sentences and paragraphs in work related documents.
Complex Problem Solving: Identifying complex problems and reviewing related information to develop and evaluate options and implement solutions.
Systems Evaluation: Identifying measures or indicators of system performance and the actions needed to improve or correct performance, relative to the goals of the system.
Related Job Titles
- Pricing Actuary
- Actuarial Assistant
- Actuarial Consultant
- Consulting Actuary
- Product Development Actuary
Is There Going to be Demand for Actuaries?
There were about 23,600 jobs for Actuary in 2016 (in the United States). New jobs are being produced at a rate of 22.5% which is above the national average. The Bureau of Labor Statistics predicts 5,300 new jobs for Actuary by 2026. There will be an estimated 2,100 positions for Actuary per year.
The states with the most job growth for Actuary are Colorado, North Carolina, and Iowa. Watch out if you plan on working in District of Columbia, Washington, or Maryland. These states have the worst job growth for this type of profession.
Actuary Average Salary
The salary for Actuaries ranges between about $61,140 and $186,110 a year.
Actuaries who work in New York, District of Columbia, or Washington, make the highest salaries.
Below is a list of the median annual salaries for Actuaries in different U.S. states.
| State | Annual Mean Salary |
|---|---|
| Alabama | $102,080 |
| Arkansas | $87,730 |
| California | $120,680 |
| Colorado | $119,660 |
| Connecticut | $132,910 |
| District of Columbia | $129,540 |
| Florida | $107,850 |
| Georgia | $118,790 |
| Idaho | $121,590 |
| Illinois | $110,430 |
| Indiana | $100,950 |
| Iowa | $107,390 |
| Kansas | $113,910 |
| Maine | $106,660 |
| Maryland | $98,500 |
| Massachusetts | $114,050 |
| Michigan | $95,120 |
| Minnesota | $116,150 |
| Mississippi | $107,910 |
| Missouri | $100,180 |
| Nebraska | $106,630 |
| Nevada | $86,200 |
| New Hampshire | $129,110 |
| New Jersey | $111,580 |
| New York | $150,950 |
| North Carolina | $117,190 |
| Ohio | $100,620 |
| Oregon | $107,410 |
| Pennsylvania | $120,090 |
| Rhode Island | $102,730 |
| Texas | $107,260 |
| Utah | $74,180 |
| Vermont | $98,500 |
| Washington | $131,330 |
| Wisconsin | $106,850 |
Tools & Technologies Used by Actuaries
Although they’re not necessarily needed for all jobs, the following technologies are used by many Actuaries:
- Microsoft Excel
- Microsoft Word
- Microsoft Office
- Microsoft PowerPoint
- Python
- Microsoft Access
- Data entry software
- Word processing software
- Microsoft Project
- Spreadsheet software
- Microsoft Visio
- Structured query language SQL
- SAS
- Microsoft Visual Basic
- IBM SPSS Statistics
- Microsoft SQL Server
- R
- Oracle software
- Microsoft Visual Basic for Applications VBA
- Statistical software
How do I Become an Actuary?
What education or degrees do I need to become an Actuary?
What work experience do I need to become an Actuary?
Actuaries Sector
Actuaries work in the following industries:
Other Jobs You May be Interested In
Those interested in being an Actuary may also be interested in:
Career changers with experience as an Actuary sometimes find work in one of the following fields:
References:
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