Actuaries
Actuaries are math and statistics experts who help companies understand and manage financial risks by analyzing data to predict the likelihood of events like accidents, natural disasters, or health issues. They use advanced software and statistical models to design insurance policies, calculate how much money companies need to keep in reserve, and create detailed reports and presentations for executives and clients. This career combines strong analytical skills with business communication, often involving collaborative work with teams across different departments. Most actuaries have degrees in mathematics, statistics, or actuarial science and work in modern office environments with flexible schedules.
Did you know?
Actuaries in the US must pass a series of rigorous exams administered by professional organizations like the Society of Actuaries or Casualty Actuarial Society to become certified.
At a glance
Typical average pay
$121,500 Avg/yr
Growth
Fast growing
Top skill
Mathematics
Things to consider
Excellent Job Market Growth
The Bureau of Labor Statistics projects 18% job growth for actuaries from 2022-2032, much faster than the average for all occupations.
High Earning Potential
Actuaries in the US earn a median annual salary of over $100,000, significantly above the national average, with senior positions commanding even higher compensation.
Key responsibilities
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.
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 policy contract provisions for each type of insurance.
Determine, or help determine, company policy, and explain complex technical matters to company executives, government officials, shareholders, policyholders, or the public.