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.
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.
$110560 per year
$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 states||Hourly||Annual|
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).
Recommended degree level
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.
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.
|Judgment and Decision Making|
|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 |
|Attention to Detail|
= Hot in-demand that most employers are looking for
Pros and Cons
Here are some reasons why you should and shouldn’t choose An Actuary as your career.
|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|
|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
Is this job meaningful
More than 40 hours per week
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.
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They analyze and manage risk management issues by identifying, measuring, and making decisions on operational or enterprise risks for an organization.
They examine and analyze accounting records to determine financial status of establishment and prepare financial reports concerning operating procedures.
They research market conditions in local, regional, or national areas, or gather information to determine potential sales of a product or service, or create a marketing campaign. May gather information on competitors, prices, sales, and methods of marketing and distribution.
They conduct quantitative analyses of information affecting investment programs of public or private institutions.
They plan, direct, or coordinate compensation and benefits activities of an organization.
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