Actuaries: Career Profile
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.
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What Do Actuaries Perform?
Typical responsibilities of actuaries cover:
- Ascertain premium rates required and cash reserves and liabilities necessary to ensure payment of future benefits.
- 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.
- Analyze statistical information to estimate mortality, accident, sickness, disability, and retirement rates.
- Design, review, and help administer insurance, annuity and pension plans, determining financial soundness and calculating premiums.
- Determine, or help determine, company policy, and explain complex technical matters to company executives, government officials, shareholders, policyholders, or the public.
- Construct probability tables for events such as fires, natural disasters, and unemployment, based on analysis of statistical data and other pertinent information.
- Provide advice to clients on a contract basis, working as a consultant.
- Determine equitable basis for distributing surplus earnings under participating insurance and annuity contracts in mutual companies.
What Actuaries Need to Know
Top actuaries draw on a mix of skills and domain knowledge.
Key Skills
The abilities that matter most in this role, rated on an importance scale of 0 to 5:
Core Knowledge
Other Actuaries Job Titles
People in this occupation may also be known by titles such as:
- Actuarial Analyst
- Actuarial Associate
- Actuarial Consultant
- Actuarial Intern
- Actuarial Mathematician
- Actuarial Specialist
- Actuary
- Annuity Analyst
How Many Actuaries Are There?
There are roughly 224,851 actuaries working in the United States today. Demand is forecast to decline by -3.6% over the projection horizon.
How Much Do Actuaries Make?
| Statistic | Value |
|---|---|
| Annual median | $69,100 |
| Hourly median | $33.22 |
| 10th percentile | $49,007 |
| 25th percentile | $59,054 |
| 75th percentile | $79,147 |
| 90th percentile | $89,193 |
Wages vary widely based on experience, location, and industry.
How Much Do Actuaries Make in Different U.S. States?
| State | Annual median salary |
|---|---|
| District of Columbia | $153,340 |
| Washington | $153,260 |
| Connecticut | $148,220 |
| Alabama | $143,230 |
| New Jersey | $137,330 |
| Virginia | $135,880 |
| New York | $133,730 |
| Maine | $132,970 |
| Maryland | $132,740 |
| Nevada | $132,470 |
| Colorado | $131,940 |
| Iowa | $129,870 |
| North Carolina | $129,850 |
| Oregon | $129,340 |
| Utah | $128,860 |
| Kansas | $125,690 |
| California | $124,240 |
| Arizona | $124,000 |
| Florida | $123,220 |
| Massachusetts | $122,230 |
| Wisconsin | $122,140 |
| Illinois | $121,960 |
| Oklahoma | $121,790 |
| Kentucky | $120,580 |
| Missouri | $118,940 |
| Tennessee | $118,020 |
| Ohio | $115,550 |
| Idaho | $109,990 |
| Minnesota | $109,190 |
| Rhode Island | $108,890 |
| Hawaii | $107,690 |
| Pennsylvania | $107,530 |
| Michigan | $105,750 |
| South Carolina | $100,710 |
| Nebraska | $100,270 |
| Texas | $100,260 |
| Indiana | $97,640 |
| Mississippi | $97,210 |
| Louisiana | $82,930 |
| Puerto Rico | $65,940 |
Top-Paying U.S. Regions
Pay for actuaries vary by region. These regions lead on median pay:
| Region | Median annual wage | Share of U.S. jobs | Location quotient |
|---|---|---|---|
| New England | $132,569 | 10.9% | 2.84 |
| Rocky Mountains | $129,610 | 3.0% | 0.87 |
| Far Western US | $128,725 | 7.1% | 0.41 |
| Middle Atlantic | $127,591 | 26.5% | 1.70 |
| Southeast | $124,346 | 14.0% | 0.82 |
| Great Lakes | $115,068 | 21.5% | 1.63 |
| Plains States | $112,018 | 9.4% | 1.56 |
| Southwest | $102,600 | 7.4% | 0.67 |
Highest-Paying Metro Areas for Actuaries
| Metro area | State | Median annual wage | Employment |
|---|---|---|---|
| Bridgeport-Stamford-Danbury, CT | CT | $176,300 | |
| Las Vegas-Henderson-North Las Vegas, NV | NV | $158,760 | 110 |
| San Jose-Sunnyvale-Santa Clara, CA | CA | $152,650 | 300 |
| Nashville-Davidson–Murfreesboro–Franklin, TN | TN | $146,130 | 270 |
| Birmingham, AL | AL | $143,230 | 190 |
| North Port-Bradenton-Sarasota, FL | FL | $142,750 | 40 |
| New York-Newark-Jersey City, NY-NJ | NY | $140,640 | 3,160 |
| Salt Lake City-Murray, UT | UT | $140,290 | 270 |
Top Industries Employing Actuaries
Most actuaries are found across these industries:
| Industry | Employment | Median annual wage |
|---|---|---|
| Finance and Insurance | 20,900 | $126,830 |
| Professional, Scientific, and Technical Services | 4,590 | $111,640 |
| Management of Companies and Enterprises | 1,130 | $133,030 |
| Administrative and Support and Waste Management and Remediation Services | 350 | $146,130 |
| Educational Services | 150 | $81,840 |
| Health Care and Social Assistance | 120 | $83,710 |
| Other Services (except Public Administration) | 80 | $170,660 |
The table below shows some of the most common industries where those employed in this career field work.
Tools and Technology
- Object or component oriented development software: C++ (hot technology)
- Analytical or scientific software: IBM SPSS Statistics (hot technology)
- Data base user interface and query software: Microsoft Access (hot technology)
- Spreadsheet software: Microsoft Excel (hot technology)
- Office suite software: Microsoft Office software (hot technology)
- Business intelligence and data analysis software: Microsoft Power BI (hot technology)
- Presentation software: Microsoft PowerPoint (hot technology)
- Project management software: Microsoft Project (hot technology)
- Data base user interface and query software: Microsoft SQL Server (hot technology)
- Process mapping and design software: Microsoft Visio (hot technology)
- Development environment software: Microsoft Visual Basic (hot technology)
- Development environment software: Microsoft Visual Basic for Applications VBA (hot technology)
What the Workplace Is Like
The work environment for actuaries is shaped by the following characteristics:
- Indoors, Environmentally Controlled
- Spend Time Sitting
- Face-to-Face Discussions with Individuals and Within Teams
- Telephone Conversations
How to Become Actuaries
Typical actuaries positions require a bachelor’s degree as the typical entry-level education. The role falls in Considerable Preparation Needed (Job Zone 4), reflecting the level of preparation typically expected.
Related Careers
Similar Occupations
- Financial Managers (Primary-Long)
- Investment Fund Managers (Supplemental)
- Compensation and Benefits Managers (Supplemental)
- Management Analysts (Supplemental)
- Compensation, Benefits, and Job Analysis Specialists (Primary-Short)
- Accountants and Auditors (Primary-Short)
- Credit Analysts (Supplemental)
- Financial and Investment Analysts (Primary-Short)
Top Programs to Study For This Career
Students preparing for actuaries commonly pursue programs in:
Mathematics and Statistics
7 programs across 3 majors
Business, Management, Marketing, and Related Support Services
2 programs across 2 majors
References
Statistics shown above are sourced from the following authoritative sources:
- U.S. Bureau of Labor Statistics — Occupational Employment and Wage Statistics (OEWS) for employment and wage data by state and industry.
- BLS Employment Projections for total employment and growth forecasts.
- O*NET (Occupational Information Network) for skills, knowledge, tasks, work activities, work context, technology, and education-zone data.
SOC code: 15-2011.00 (Actuaries).
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