What Do Actuary Do?
Job Description & Duties 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.
Daily Life Of an Actuary
- 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.
- 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.
- Negotiate terms and conditions of reinsurance with other companies.
- Construct probability tables for events such as fires, natural disasters, and unemployment, based on analysis of statistical data and other pertinent information.
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What Skills Do You Need to Work as an Actuary?
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.
Other Actuary Job Titles
- Product Development Actuary
- Actuarial Manager
- Actuary
- Insurance Actuary
- Pricing Actuary
What Kind of Actuary Job Opportunities Are There?
In the United States, there were 23,600 jobs for Actuary in 2016. 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.
How Much Does an Actuary Make?
The average yearly salary of an Actuary ranges 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?
Below is a list of the types of tools and technologies that Actuaries may use on a daily basis:
- 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?
Actuaries Sector
Actuaries work in the following industries:
Similar Careers
Those interested in being an Actuary may also be interested in:
Career changers with experience as an Actuary sometimes find work in one of the following fields:
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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