What Do Actuary Do?
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.
List of Actuary Job Duties
- Determine equitable basis for distributing surplus earnings under participating insurance and annuity contracts in mutual companies.
- Ascertain premium rates required and cash reserves and liabilities necessary to ensure payment of future benefits.
- Design, review and help administer insurance, annuity and pension plans, determining financial soundness and calculating premiums.
- Provide advice to clients on a contract basis, working as a consultant.
- Testify in court as expert witness or to provide legal evidence on matters such as the value of potential lifetime earnings of a person who is disabled or killed in an accident.
- Determine policy contract provisions for each type of insurance.
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Qualities of an Actuary
These are the skills Actuaries say are the most useful in their careers:
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.
Judgment and Decision Making: Considering the relative costs and benefits of potential actions to choose the most appropriate one.
Reading Comprehension: Understanding written sentences and paragraphs in work related documents.
Active Listening: Giving full attention to what other people are saying, taking time to understand the points being made, asking questions as appropriate, and not interrupting at inappropriate times.
Complex Problem Solving: Identifying complex problems and reviewing related information to develop and evaluate options and implement solutions.
Types of Actuary
- Actuarial Assistant
- Actuarial Consultant
- Retirement Actuary
- Actuary
- Actuarial Manager
Actuary Job Outlook
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. There will be an estimated 2,100 positions for Actuary per year.
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.
Do Actuaries Make A Lot Of Money?
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 |
Tools & Technologies Used by Actuaries
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
How do I Become an Actuary?
Individuals working as an Actuary have obtained the following education levels:
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.
Other Jobs You May be Interested In
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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