Find Schools

Study Area & Zipcode

Actuary

Find Schools Near

What You Need to Know About 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.

Life As an Actuary

  • Design, review and help administer insurance, annuity and pension plans, determining financial soundness and calculating premiums.
  • Provide expertise to help financial institutions manage risks and maximize returns associated with investment products or credit offerings.
  • Ascertain premium rates required and cash reserves and liabilities necessary to ensure payment of future benefits.
  • Determine or help determine company policy, and explain complex technical matters to company executives, government officials, shareholders, policyholders, or the public.
  • Determine equitable basis for distributing surplus earnings under participating insurance and annuity contracts in mutual companies.
  • Manage credit and help price corporate security offerings.

What an Actuary Should Know

These are the skills Actuaries say are the most useful in their careers:

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.

Types of Actuary Jobs

  • Actuarial Assistant
  • Actuarial Associate
  • Consulting Actuary
  • Actuarial Analyst
  • Actuary

Job Opportunities for Actuaries

In the United States, there were 23,600 jobs for Actuary in 2016. 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. The BLS estimates 2,100 yearly job openings in this field.

undefined

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 typical yearly salary for Actuaries is somewhere between $61,140 and $186,110.

undefined

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

What Tools & Technology do Actuaries Use?

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

How to Become an Actuary

What education is needed to be an Actuary?

undefined

What work experience do I need to become an Actuary?

undefined

Who Employs Actuaries?

undefined

Below are examples of industries where Actuaries work:

undefined

Similar Careers

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:

Image Credit: QWFP via Creative Commons Attribution-Share Alike 3.0 Unported license.

More about our data sources and methodologies.

Featured Schools

Find Schools Near You

Our free school finder matches students with accredited colleges across the U.S.