Actuaries: Salary, Job Description, How To Be One and More

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Actuaries jobs information
pros and cons of being an Actuary

Actuaries

Other names for this job might include Actuarial Analyst, Actuarial Assistant, Actuarial Associate, Actuarial Consultant, Actuarial Mathematician, Actuary, Consulting Actuary, Health Actuary, Insurance Actuary, Pricing Actuary


  • $110560
    Salary
  • 80%
    Job satisfaction
  • Quite Hard
    Becoming one
  • High
    Job growth
OwlGuru Rank

A+



Actuaries: Know It All In 1 Minute


In this career summary, you will find out what the job of An Actuary is about and what it is like.

After reading this, you will have a good idea on what the job is about and decide if this is the right career for you.



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.
  • Determine or help determine company policy, and explain complex technical matters to company executives, government officials, shareholders, policyholders, or the public.
  • Design, review and help administer insurance, annuity and pension plans, determining financial soundness and calculating premiums.
  • Analyze statistical information to estimate mortality, accident, sickness, disability, and retirement rates.

Read more about what does An Actuary really do at work and what is it like being and working as one.


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Salary

Average salary
$110560 per year

Hourly wage
$53.15 an hour


Actuaries with little to no experience tend to make between $58290 and $73010 while the more experienced ones make over $136130 per year.

Top 5 paying statesHourlyAnnual
CO$74.62$155220
KS$64.12$133370
NY$62.45$129890
DC$58.06$120760
TX$55.76$115990

1 of the easiest ways to increase your salary as An Actuary is to move to a higher paying state like CO. Right now, the highest paying states for Actuaries are CO, KS, NY, DC and TX.

However a higher pay at CO doesn’t guarantee that you will make more because the living expenses at CO might be 2x higher than where you are currently at now.

3 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 (bigger companies like the Fortune 500 companies tend to pay more).

Find out how much do successful Actuaries make and if their salary is high when compared to all the other careers.


Requirements

Recommended degree level
Bachelor’s Degree

We asked other Actuaries what degree they had when they got the job and most of them said they had a Bachelors degree followed by First professional degree.

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

Another popular question from our readers is what makes An Actuary successful or would they be good in this career.

Well, we found that most successful Actuaries have these 5 skillsets.

Mathematics
Critical Thinking
Judgment and Decision Making
Reading Comprehension
Complex Problem Solving

In addition to that, 1 common characteristic among successful Actuaries is they are good at Analytical Thinking. Here are the top 5 common characteristics.

Analytical Thinking
Integrity
Attention to Detail
Dependability
Achievement/Effort
= Hot in-demand that most employers are looking for

Read more about what it really takes to become An Actuary and the degree, training and education you need


Pros and Cons

Here are some reasons why you should and shouldn’t choose An Actuary as your career.

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 workrelated skill, knowledge, or experience is required for this career.
Long working hours (More than 40 hours per week)


There will be pros and cons for all jobs. The point is how much do the pros outweigh the cons to you.

A pro to you might be a con to Bob. A pro to Bob might be a con to you. We suggest reading about this career framework that can help you to find out what type of careers are right for you.



What is the job like

Job satisfaction
80%

Is this job meaningful
36%


Working hours
More than 40 hours per week

Working schedule
Regular (Set schedule and routine)


On a normal working week Actuaries work More than 40 hours per week.

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

Best personality for this career
The Organizers and The Thinkers


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.



How we can help

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Career type

Computer IT and Mathematics
Mathematics
Insurance Services

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Related to Actuaries 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, Quite Hard careers to get into, careers in Computer IT and Mathematics

Additional resources

http://www.bls.gov/OOH/math/actuaries.htm
http://www.actuary.org/
http://www.beanactuary.org/
http://www.asppa.org/

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Actuaries
Written by: Stanley Tan
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.
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