Actuary Careers
Actuaries use knowledge in math and finance to help their clients analyze risks that could potentially lead to a liability or loss of money. For example, an actuary may help an insurance company determine the likelihood that a certain risk may occur.
Clients use the information provided by actuaries to determine whether or not moving forward in providing insurance in a specific circumstance is a good idea. If the likelihood of natural disasters, deaths, or other negative impacts are too high, then companies can avoid the liability thanks to actuaries.
Actuary Career Snapshot
An office setting is the typical work environment for actuaries, and they work on teams more often than they work alone. Many actuaries do consultations with other companies and business managers, so some light travel is possible. Schedules for actuaries are typically full-time and average about 35-40 hours a week.
Further details on a career as an actuary are listed below (statistics from the May 2015 Bureau of Labor Statistics and Onet Online):
is the average yearly salary for actuaries.
increase in employment between 2014 and 2024.
have a Bachelor’s degree while 27% have a Professional degree.
Actuary Education
Actuaries should hold a Bachelor’s degree math, and it is recommended that prospective employees focus on a concentration in either statistics or business. After a degree is achieved, prospective employees must then receive certification depending on which specific actuary field they wish to enter. Only actuaries who wish to work with Pensions will need to pursue official licensing.
Actuary Job Duties
Actuaries work on computers and put together all of their collected statistical data. They analyze this data with different computer software, and then put together a good insurance plan for a client using the information and likelihood of risk found.
Actuary Salaries
The median pay for an actuary in May 2015 according to the BLS.gov was about $97,070 per year or $46.67 an hour. The lowest paid 10% of actuaries earn $58,290, while the highest paid 10% earn $180,500.
Actuary Job Outlook
The actuary job market is expected to grow faster than the average field, and should rise by 18% up through 2024. However, this may not account for a significant amount of job openings, as the actuary field is relatively small compared to other math and business fields.
Actuary Skills & Traits
| Actuary Skill Set: | Required Abilities: | Tools Used by Actuary: | Typical Work Activities: |
|---|---|---|---|
| • Mathematics • Critical Thinking • Decision Making • Complex Problem Solving • Reading Comprehension | • Mathematical Reasoning • Number Facility • Deductive Reasoning • Inductive Reasoning • Oral Expression | • Desktop/notebook calculator • Analytical or scientific software • Financial analysis software • Object or component oriented development software | • Analyzing Data • Getting Information • Working with Computers • Decision Making • Processing Information |
Related Careers
Personal Financial Advisors
Bachelor’s Degree
Statisticians
Master’s Degree
Mathematicians
Master’s Degree
