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Actuaries
Actuaries 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.
Table of Contents
Job description
Actuaries 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.
- 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.
- Determine or help determine company policy, and explain complex technical matters to company executives, government officials, shareholders, policyholders, or the public.
- Provide advice to clients on a contract basis, working as a consultant.
Salary
Actuaries with little to no experience tend to make between $61140 and $76720 while the more experienced ones can earn over $141760 per year.
| Top 5 paying states | Hourly | Annual |
|---|---|---|
| NY | $73 | $150,950 |
| CT | $64 | $132,910 |
| WA | $63 | $131,330 |
| DC | $62 | $129,540 |
| NH | $62 | $129,110 |
One of the easiest ways to increase your salary as an Actuary is to move to a higher paying state like NY. Right now, the highest paying states for Actuaries are NY, CT, WA, DC and NH.
However, a higher pay at NY doesn’t guarantee that you will make more because the living expenses at NY might be twice as high than where you are currently at now.
Three other factors that can increase your salary as an Actuary is the degree you hold, the industry you work in, and lastly the company you work for.
Requirements
We asked other Actuaries what degree they had when they got the job and most of them said they had a Bachelor’s Degree followed by a Post-Baccalaureate Certificate.
Other than that, we also asked them what did they major in and here are the most popular majors that came up.
| Applied Mathematics, General |
| Computational and Applied Mathematics |
| Statistics, General |
| Mathematical Statistics and Probability |
| Mathematics and Statistics |
Pros and Cons
Here are some of the pros and cons of being an Actuary.
| PROS |
|---|
| Suitable for people who likes to follow routines |
| Suitable for people who wants job security and a good working condition |
| This career is perfect for people who love to work indoors. |
| One of the highest paid careers in the world |
| CONS |
|---|
| Not suitable for people who likes to help and teach others |
| It is hard to get into this career. A considerable amount of work-related skill, knowledge, or experience is required for this career. |
| Long working hours (More than 40 hours per week) |
What is the job like
80% of Actuaries said they were satisfied with their job and 36% said they feel like their job is making other people’s lives better.
Is this right for me
You can read more about these career personality types here.
People who are suitable for this job tends to like following set procedures and routines. They like working with data and details more than with ideas..
They also like working with ideas, and require an extensive amount of thinking. They like searching for facts and figuring out problems mentally.
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Learn more about Actuaries
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Related career information
Actuaries job description, Actuaries salary, Actuaries information, what is the job of an Actuary like, pros and cons about Actuaries, colleges and universities for Actuaries, is Actuaries the right career for me, careers in Computer IT and Mathematics
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