All About Actuaries
Example of Actuary Job 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.
Life As an Actuary: What Do They Do?
- Manage credit and help price corporate security offerings.
- Ascertain premium rates required and cash reserves and liabilities necessary to ensure payment of future benefits.
- 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.
- Provide expertise to help financial institutions manage risks and maximize returns associated with investment products or credit offerings.
- Determine equitable basis for distributing surplus earnings under participating insurance and annuity contracts in mutual companies.
- Design, review and help administer insurance, annuity and pension plans, determining financial soundness and calculating premiums.
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What an Actuary Should Know
When polled, Actuaries say the following skills are most frequently used in their jobs:
Judgment and Decision Making: Considering the relative costs and benefits of potential actions to choose the most appropriate one.
Mathematics: Using mathematics to solve problems.
Critical Thinking: Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.
Reading Comprehension: Understanding written sentences and paragraphs in work related documents.
Complex Problem Solving: Identifying complex problems and reviewing related information to develop and evaluate options and implement solutions.
Systems Evaluation: Identifying measures or indicators of system performance and the actions needed to improve or correct performance, relative to the goals of the system.
Related Job Titles
- Actuarial Associate
- Consulting Actuary
- Pricing Analyst
- Insurance Actuary
- Retirement Actuary
Job Opportunities for Actuaries
In 2016, there was an estimated number of 23,600 jobs in the United States for Actuary. New jobs are being produced at a rate of 22.5% which is above the national average. The Bureau of Labor Statistics predicts 5,300 new jobs for Actuary by 2026. The BLS estimates 2,100 yearly job openings in this field.
The states with the most job growth for Actuary are Colorado, North Carolina, and Iowa. Watch out if you plan on working in District of Columbia, Washington, or Maryland. These states have the worst job growth for this type of profession.
Salary for an Actuary
The typical yearly salary for Actuaries is somewhere between $61,140 and $186,110.
Actuaries who work in New York, District of Columbia, or Washington, make the highest salaries.
How much do Actuaries make in different U.S. states?
| State | Annual Mean Salary |
|---|---|
| Alabama | $102,080 |
| Arkansas | $87,730 |
| California | $120,680 |
| Colorado | $119,660 |
| Connecticut | $132,910 |
| District of Columbia | $129,540 |
| Florida | $107,850 |
| Georgia | $118,790 |
| Idaho | $121,590 |
| Illinois | $110,430 |
| Indiana | $100,950 |
| Iowa | $107,390 |
| Kansas | $113,910 |
| Maine | $106,660 |
| Maryland | $98,500 |
| Massachusetts | $114,050 |
| Michigan | $95,120 |
| Minnesota | $116,150 |
| Mississippi | $107,910 |
| Missouri | $100,180 |
| Nebraska | $106,630 |
| Nevada | $86,200 |
| New Hampshire | $129,110 |
| New Jersey | $111,580 |
| New York | $150,950 |
| North Carolina | $117,190 |
| Ohio | $100,620 |
| Oregon | $107,410 |
| Pennsylvania | $120,090 |
| Rhode Island | $102,730 |
| Texas | $107,260 |
| Utah | $74,180 |
| Vermont | $98,500 |
| Washington | $131,330 |
| Wisconsin | $106,850 |
What Tools & Technology do Actuaries Use?
Although they’re not necessarily needed for all jobs, the following technologies are used by many Actuaries:
- Microsoft Excel
- Microsoft Word
- Microsoft Office
- Microsoft PowerPoint
- Python
- Microsoft Access
- Data entry software
- Word processing software
- Microsoft Project
- Spreadsheet software
- Microsoft Visio
- Structured query language SQL
- SAS
- Microsoft Visual Basic
- IBM SPSS Statistics
- Microsoft SQL Server
- R
- Oracle software
- Microsoft Visual Basic for Applications VBA
- Statistical software
Becoming an Actuary
Education needed to be an Actuary:
How many years of work experience do I need?
Where Actuaries Are Employed
The table below shows the approximate number of Actuaries employed by various industries.
Similar Careers
Those interested in being an Actuary may also be interested in:
Are you already one of the many Actuary in the United States? If you’re thinking about changing careers, these fields are worth exploring:
References:
Image Credit: QWFP via Creative Commons Attribution-Share Alike 3.0 Unported license.
More about our data sources and methodologies.
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