Actuary

What is this job like?		Back to Top

Actuaries deal with risk. They decide how likely things such as death, sickness, injury, disability, and loss of property are to occur, as well as the costs of these things.

Actuaries also decide how much money it will take in order to get a certain amount of retirement income. They help design insurance policies and pension plans and try to make sure that they are sound. Actuaries may need to explain their findings to company executives, government officials, and the public. They may also testify in court as an expert.

Most actuaries work for insurance companies. Actuaries make tables that show how likely it is that a claim will be made by a customer. They use these tables to decide how much the company will have to pay in claims. They make sure that the company charges an amount large enough to pay these claims and make a profit. The amount must also be in line with what other insurance companies are charging.

Actuaries work in offices. They often work at least 40 hours a week. Some actuaries may travel to meet with clients.

How do you get ready?		Back to Top

Actuaries need to know a lot about math and general business. Those just starting in the field often have a college degree in math, actuarial science, or statistics. Some have a degree in economics, finance, or accounting.

Many colleges and universities have an actuarial science program. Most colleges have degree programs in math, statistics, economics, or finance. Some companies hire people who have degrees in other areas. However, these people must be good at math and able to pass the actuarial exams. The exams are held two times a year and it is good to pass all of the exams as soon as possible. It is also important to be able to communicate well. Computer skills are becoming more important too.

How much does this job pay?		Back to Top

The average yearly wages for all actuaries were $95,980 in May 2008.

How many jobs are there?		Back to Top

Actuaries held about 19,700 jobs in 2008. Most worked for insurance companies, but many actuaries worked for firms that offer a lot of different services, such as consulting services.

What about the future?		Back to Top

Employment for actuaries is expected to grow much faster than the average for all jobs through 2018. Examinations to become an actuary are very difficult; those who pass have a good chance for a job. Actuaries working on health care issues will have good chances for a job because many more people will need health care in the future.

Are there other jobs like this?		Back to Top

• Accountants
• Economists
• Financial analysts
• Mathematicians
• Statisticians

Where can you find more information?		Back to Top

More BLS information about actuaries can be found in the Occupational Outlook Handbook. The Handbook also shows where to find out even more about this job.

Last Modified Date: March 19, 2010