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.

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

  • Insurance Carriers
  • Management, Scientific, and Technical Consulting Services
  • Agencies, Brokerages, and Other Insurance Related Activities

Job Outlook

Employment of actuaries is projected to grow 22 percent from 2016 to 2026, much faster than the average for all occupations. However, because it is a small occupation, the fast growth will result in only about 5,300 new jobs over the 10-year period. Actuaries will be needed to develop, price, and evaluate a variety of insurance products and calculate the costs of new risks. More actuaries will also be needed to help companies manage their own risk, a practice known as enterprise risk management. Actuaries will help companies avoid, manage, and respond to any potential financial risks across all areas of their business operations. This analysis helps companies adjust their business or investment strategies to achieve economic returns and respond to new financial regulations and requirements. Insurance companies will need actuaries to analyze the large amount of information, such as medical or property data, collected from consumers. The increase in available data will allow insurance companies to better develop new products, set competitive prices, predict consumer behavior, and make more accurate projections of future risks and costs. In addition, health insurance companies will require more actuaries to help evaluate the effects of changing healthcare regulations and guidelines, expand into new insurance markets, and offer products to new customers.

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Salary

Average Salary

Salary

$75,500

State-by-state Salary

Gray states indicate no data available

$124,710
$51,900
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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