Life As an Actuary
Career 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.
Actuary Responsibilities
- Determine or help determine company policy, and explain complex technical matters to company executives, government officials, shareholders, policyholders, or the public.
- Negotiate terms and conditions of reinsurance with other companies.
- Determine policy contract provisions for each type of insurance.
- Manage credit and help price corporate security offerings.
- Design, review and help administer insurance, annuity and pension plans, determining financial soundness and calculating premiums.
- Construct probability tables for events such as fires, natural disasters, and unemployment, based on analysis of statistical data and other pertinent information.
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Skills Needed to be an Actuary
Actuaries state the following job skills are important in their day-to-day work.
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.
Other Actuary Job Titles
- Actuarial Analyst
- Actuarial Associate
- Actuarial Manager
- Consulting Actuary
- Pricing Actuary
Are There Job Opportunities for Actuaries?
In 2016, there was an estimated number of 23,600 jobs in the United States for Actuary. 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.
What is the Average Salary of an Actuary
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.
How much do Actuaries make 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
Below is a list of the types of tools and technologies that Actuaries may use on a daily basis:
- 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
Becoming an Actuary
What education is needed to be an Actuary?
What work experience do I need to become an Actuary?
Where do Actuaries Work?
The table below shows the approximate number of Actuaries employed by various industries.
Related Careers
Those interested in being an Actuary may also be interested in:
Are you already one of the many Actuary in the United States? If you’re thinking about changing careers, these fields are worth exploring:
References:
Image Credit: QWFP via Creative Commons Attribution-Share Alike 3.0 Unported license.
More about our data sources and methodologies.
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