Actuaries

General Information

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.

Business Breakdown

People in this career work in these sectors.

  1. Private, for profit86.89%
  2. Private, not for profit5.92%
  3. Self-employed3.42%
  4. Federal government2.50%
  5. State and local government1.26%

Workplace at a Glance

What you can expect to experience while on the job

  • Responsibility
  • Exposure to job hazards
  • Physical activity
  • Decision making
  • Repetitiveness
  • Level of competition
  • Time pressure

Job Outlook

Employment of actuaries is projected to grow 24 percent from 2020 to 2030, much faster than the average for all occupations. About 2,400 openings for actuaries are projected each year, on average, over the decade. Many of those openings are expected to result from the need to replace workers who transfer to different occupations or exit the labor force, such as to retire.

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Salary

Average Salary

Salary

$111,030

State-by-state Salary

Gray states indicate no data available

$136,470
$53,710
No Information for this section

Education

Most Common Education Levels

People in this career achieve this level of education.

  • Bachelor's degree 62%
  • Post baccalaureate 25%
  • First professional degree 12%
  • High school 0%
  • Some college 0%
  • Master's degree 0%
  • Doctoral degree 0%
  • Associate's degree 0%
  • Less than high school 0%
  • Post-doctoral training 0%
  • Post-master's certificate 0%
  • Post-secondary certificate 0%

Knowledge

  • Mathematics
  • Economics and Accounting
  • Administration and Management
  • Computers and Electronics
  • English Language

Skills at a Glance

Skills helpful in this career

  • Verbal skills
  • Critical thinking & problem solving
  • Equipment operation & maintenance
  • Math & science skills
  • Technology design & control
  • Leadership
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