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Actuaries In Demand

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 profit88.79%
  2. Private, not for profit4.76%
  3. Self-employed3.96%
  4. State and local government1.78%
  5. Federal government0.70%

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

Industry areas

  • Finance

Job Outlook

Projected Job Growth (2022 - 2032)
+23%
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Job Outlook

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Employment of actuaries is projected to grow 23 percent from 2022 to 2032, much faster than the average for all occupations. About 2,300 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.

Similar Careers

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Salary

Salary Information

Median Salary This is the median, or the midpoint, of the salary range for this career.

$113,990

State-by-state Salary

Gray states indicate no data available

Salary Range Salary varies based on years of experience, degree level and location.

$61,090
$152,970
No Information for this section

Education & Interests

Most Common Education Levels

People in this career achieve this level of education.

  • Bachelor's degree 78%
  • Post baccalaureate 10%
  • First professional degree 10%
  • 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%

Related College Majors

Select major to see colleges that offer it

PERSONALITY CHARACTERISTICS

You may find this career fulfilling if you consider yourself to be:

  • Conventional — You have an interest in following procedures and regulations to organize information or data.
  • Investigative — You have an interest in studying and researching objects, organisms, and other things.
  • Enterprising — You have an interest in managing, negotiating and marketing, or leading and advising others.

Not sure what characteristics best describe you? Take the RIASEC Test.

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

Knowledge

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

Gain insights into your knowledge by using the ASVAB Career Exploration Program

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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.