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      Actuaries

      Description: what do they do?
      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.
      Also known as:
      Actuarial Analyst, Actuarial Associate, Actuarial Consultant, Actuary, Consulting Actuary, Corporate Actuary, Health Actuary, Pricing Actuary, Product Development Actuary, Reserving Actuary

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        What does this information tell me?

        This description is a quick overview of what workers in this career might do.

        "Also known as" shows other common names for this career.

        What is the source of this information?

        This information comes from an O*NET database. Learn more on the Help page.
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      Career video
      https://cdn.careeronestop.org/OccVids/OccupationVideos/15-2011.00.mp4
        Transcript: Actuaries analyze the costs of risk and uncertainty. They use statistics to estimate how likely it is that an event —such as an illness or accident—will occur, and help their clients set insurance rates and payouts so they can manage the cost if it does. Depending on the type of insurance or benefit they work with, actuaries may examine factors that affect an individual’s health, estimate the length of a person’s life, calculate the likelihood of car accidents, or ensure a retirement plan will have enough funds for all the employees it covers. Actuaries typically work alongside professionals from other fields, such as accounting, underwriting, and finance. For example, some actuaries work with accountants and financial analysts to set the price for security offerings or with market research analysts to forecast demand for new products. Actuaries also work in the public sector. In the federal government, actuaries may evaluate proposed changes to Social Security or Medicare or conduct economic and demographic studies to project future costs. At the state level, actuaries may examine and regulate the rates charged by insurance companies. Most actuaries work full time, and overtime is common. Actuaries need a bachelor’s degree, typically in mathematics, actuarial science, or another analytical field. Students must complete coursework in economics, applied statistics, and corporate finance, and must pass a series of exams to become certified professionals.
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      Outlook: will there be jobs?
      Image. Employment outlook for this occupation
      New job opportunities are very likely in the future.

      This occupation is:
      • Expected to grow much faster than average


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        What does this information tell me?

        Outlook information can tell you whether a career is expected to be in demand in the future—that is, whether there are likely to be job openings if you choose this career.

        Careers can have one of three outlooks:

        • A Bright outlook means new job opportunities are very likely in the future
        • An Average outlook means that a small number of new job opportunities are likely in the future (less than an 8 percent increase)
        • A Below Average outlook means new job opportunities are less likely in the future

        You can also view local job listings in this field by clicking "Find job openings". This can help you see if local businesses are hiring—another way of looking at demand.

        What is the source of this information?

        This information comes from O*NET Bright Outlook occupations and My Next Move career outlook designations (based on Bureau of Labor Statistics Employment Projections 2023-33). Note this information is only available at a national level, so even if you selected a state, you’ll see this information for the whole country.
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      Projected employment
      United States
      30,200
      2023 Employment
      36,800
      2033 Employment
      22%
      Percent change
      2,200
      Annual projected job openings

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        What does this information tell me?

        Projected employment shows how much employment is expected to grow in this occupation over a 10-year period. This can help you decide if this career is a good choice for future job opportunities. You can look at projected employment in your state, or in other states where you might consider living.

        You can see the total number of people employed in this occupation in 2022 (for states) or 2023 (for national), the number expected to be employed in 2032 (for states) or 2033 (for national), and the rate of growth over those years.

        The projections are based on assumptions of unemployment rates and labor productivity growth rates.  While the projected numbers may not be exact, they are helpful to compare one career to another, or one location to another.

        What is the source of this information?

        State-level data come from Projections Central and State Labor Market Information offices, 2022-32.

        National-level data come from the Bureau of Labor Statistics Employment Projections, 2023-33.
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      Typical wages
      Hourly Wages

      Annual wages for Actuaries in United States
      This graph displays wage data. Find details by selecting the table view.

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        What does this information tell me?

        This chart shows you a range of how much most workers in this occupation earn per hour, in the location that you selected.

        You can select from three views of this data:

        • The Graph shows you wages at the 10th, 25th, 50th, 75th and 90th percentiles. Note that the lowest (10th %ile) wage shown is not necessarily a "starting wage." Instead it means that 10 percent of all workers in this career earn less that this amount, and 90 percent earn more. However, you can assume that you might earn close to the 10th or 25th %ile wages when you start out in most careers.
        • Select "Chart" to see a visual comparison between national wages and wages in the location you selected.
        • Select "Table" to see more wage data the national and local level.

        Please note that wage data are not available at the city or ZIP code level. If you select a city or ZIP code, you will see wage data for the regional area.

        You can learn more about wages for this and other occupations by clicking “See more wages” above.

        What is the source of this information?

        The wage information comes from the Bureau of Labor Statistics, Occupational Employment and Wage Statistics Program, May 2023 estimates. For more detailed state wage data, please find the link to your state's wage data program in the Other Resources box.
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      Education and experience: to get started
      People starting in this career usually have:
      • Bachelor's degree
      • No work experience
      • More than 1 year on-the-job training

      Programs that can prepare you:
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        What does this information tell me?

        This shows you the typical level of education, work experience, and on-the-job training that most people have when they start in this career. Note that these are not requirements for entering this field, but the information can help you understand how qualified you might be.

        Interested in starting in this career? You can search for education programs in your local area by clicking “Find local training” above.

        What is the source of this information?

        The educational program data come from the Classification of Instructional Programs (CIP), 2020, from the U.S. Department of Education's National Center for Education Statistics (NCES).

        The employment information comes from the U.S. Department of Labor's Bureau of Labor Statistics Employment Projections, Education and training assignments by detailed occupation, 2023.

        The crosswalk between education and occupation data is from the U.S. Department of Education's National Center for Education Statistics (NCES).
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      Typical education
      How much education do most people in this career have?
      Chart. Percent of workers in this field by education level attained

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        What does this information tell me?

        This chart shows you the range of education levels that people who currently work in this field have. You can use this to see if you fit in this range. Note that this includes ALL people who work in this field and not just those getting started.

        Interested in getting qualified for this career? You can search for programs that lead to the education needed, in your local area, by clicking “Find local training” above.

        What is the source of this information?

        This information comes from the Bureau of Labor Statistics Employment Projections, Educational attainment for workers 25 years and older by detailed occupation, 2021-22.
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      Certifications: show your skills
      Let employers know you have the skills to do well at this job.
      Earning a certification can help you:
      • Get a job
      • Get a promotion

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        What does this information tell me?

        When you click "Find certifications" you'll see a list of national certifications that are related to this career. From there, you can learn how to achieve one of these certifications to help you enter or get ahead in this field.

        What is the source of this information?

        This collection of occupational certifications is collected and regularly updated by CareerOneStop. Learn more at Certification Finder Help.
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      Licenses: do you need one?
      Some states require an occupational license to work in this career.

      Find license details for your state
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        What does this information tell me?

        When you click "Find license details in your state" you'll see the license name and contact information for the agency in your state that oversees licensing for this field. If you have not selected a location, you'll see a list of all state licenses for this occupation.

        What is the source of this information?

        Information on licensed occupations is gathered in each state by Labor Market Information units under a grant from the U.S. Department of Labor. Learn more at License Finder Help.
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      Apprenticeships: learn on the job
      Apprenticeships combine paid on-the-job-training with classroom lessons.

      Find apprenticeship opportunities
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      Activities: what you might do in a day
      • Manage financial activities of the organization.
      • Collaborate with others to develop or implement marketing strategies.
      • Analyze health-related data.
      • Develop organizational goals or objectives.
      • Analyze data to identify trends or relationships among variables.
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        What does this information tell me?

        This is a list of typical work activities that people in this career might do on the job. You can use this list to get an idea of whether this career might be a good fit for you.

        Click on “More activities” to see more detailed examples of activities for this career.

        You can also use this list to help you prepare for a job interview. Or, if you’ve already held a job like this, you can copy these activities to use on your resume.

        What is the source of this information?

        This information comes from O*NET OnLine's Occupation Information. They are O*NET’s Detailed Work Activities.
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      Knowledge
      People in this career often know a lot about:
      • Mathematics - Knowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications.
      • Computers and Electronics - Knowledge of circuit boards, processors, chips, electronic equipment, and computer hardware and software, including applications and programming.
      • Economics and Accounting - Knowledge of economic and accounting principles and practices, the financial markets, banking, and the analysis and reporting of financial data.
      • English Language - Knowledge of the structure and content of the English language including the meaning and spelling of words, rules of composition, and grammar.
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        What does this information tell me?

        This is a list of general knowledge areas that are most commonly required for jobs in the career. Knowledge is typically gained through education and related experience.

        This list can help you learn if you are prepared for a job in this career. It can also help you decide on education or training programs that could help you prepare for the career.

        What is the source of this information?

        This information comes from the O*NET Resource Center. Learn more about O*NET's Knowledge descriptors.
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      Skills
      People in this career often have these skills:
      • Judgment and Decision Making - Thinking about the pros and cons of different options and picking the best one.
      • Reading Comprehension - Reading work-related information.
      • Critical Thinking - Thinking about the pros and cons of different ways to solve a problem.
      • Mathematics - Using math to solve problems.
      • Active Listening - Listening to others, not interrupting, and asking good questions.
      • Complex Problem Solving - Noticing a problem and figuring out the best way to solve it.
      • Systems Evaluation - Measuring how well a system is working and how to improve it.
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        What does this information tell me?

        This is a list of a list the work-related skills most commonly required for jobs in the career.

        This list can help you understand how well your current skills fit this career. It can also help you plan your education or professional development.

        What is the source of this information?

        This information comes from the O*NET Resource Center. Learn more about O*NET's Skills descriptors.
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      Abilities
      People in this career often have talent in:
      • Mathematical Reasoning - Choosing the right type of math to solve a problem.
      • Inductive Reasoning - Making general rules or coming up with answers from lots of detailed information.
      • Number Facility - Adding, subtracting, multiplying, or dividing.
      • Deductive Reasoning - Using rules to solve problems.
      • Oral Expression - Communicating by speaking.
      • Category Flexibility - Grouping things in different ways.
      • Written Comprehension - Reading and understanding what is written.
      • Oral Comprehension - Listening and understanding what people say.
      • Written Expression - Communicating by writing.
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        What does this information tell me?

        This is a list of a list of personal qualities that might influence work and are most commonly required for success in this career.

        This list can help you understand if your natural strengths and abilities are a good fit for this career.

        What is the source of this information?

        This information comes from the O*NET Resource Center. Learn more about O*NET's Abilities descriptors.
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