Actuaries: Salary, Job Description, How To Become One, and Quiz

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Actuaries career information
pros and cons of being an Actuary

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.

$116250
Salary
80%
Job Satisfaction
Hard
Becoming One
High
Job Growth
Suitable Personality

Actuaries

Salary, Job Description, How To Become One, and More


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.


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




    Become one

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    Salary

    Average salary
    $116250 per year

    Average hourly wage
    $56 per hour


    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 statesHourlyAnnual
    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

    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 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

    Read more about how to become an Actuary and the degree, training and education you need.



    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

    Job satisfaction
    80%

    Is this job meaningful
    36%


    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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