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For Educators: Military Resources

Actuaries

Median Salary
120,000
Job Outlook
+22%
In-Demand

Overview

What are the responsibilities of this role?

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.

What sectors do they work in?

Private for profit

89%

Private not for profit

4%

Self-employed

3%

State and local government

2%

Federal Government

1%

What is the job outlook?

Employment of actuaries is projected to grow 22 percent from 2023 to 2033, much faster than the average for all occupations. About 2,200 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.

Compensation

What is the typical salary range?

$66,750

10%

$120,000

Median

$145,600

90%

How does location impact how much salary?

Education

What level of education do professionals in this role have?

Education Level

  • Bachelor's degree

    78%

  • Post baccalaureate

    10%

  • First professional degree

    10%

Which college majors best prepare you for this role?

  • Applied Statistics, General
  • Applied Mathematics, General
  • Statistics, General
  • Mathematics and Statistics
  • Computational and Applied Mathematics
  • Actuarial Science
  • Statistics, Other
  • Mathematical Statistics and Probability
  • Risk Management

Skills and Interest

Which skill sets are the most valuable to possess?

Skills

  • Verbal Skills

    High

  • Math and Science Skills

    High

  • Technology Design and Control

    High

  • Critical Thinking and Problem Solving

    High

  • Leadership

    Mid

  • Equipment Operation and Maintenance

    Low

What knowledge should you bring to the table?

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

What challenges will you likely face in the workplace?

Workplace

  • Level Of Competition

    High

  • Repetitiveness

    Mid

  • Exposure to Job Hazards

    Low

  • Time Pressure

    Low

  • Responsibility

    Low

  • Decision Making

    Low

  • Physical Activity

    Low

What personality traits help people thrive in this role?

Conventional

You like structure, staying organized, and working with systems to get things done efficiently.

Investigative

You love figuring out how things work and researching subjects that interest you.

Enterprising

You love taking risks in business or personal projects — and have the leadership skills to back it up.

RIASEC represents six broad interest areas—Realistic, Investigative, Artistic, Social, Enterprising, and Conventional—helping individuals identify careers that match their skills and preferences.

Take the RIASEC Test

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Data supplied by Bureau of Labor Statistics, National Center of Education Statistics, Defense Manpower Data Center (View our update schedule). Contact any business, college or military service branch to answer additional questions.