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

Stan T.Career, OverviewLeave a Comment

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.
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
$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.




Learn more about Actuaries

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Related career information

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Actuarial Analyst, Actuarial Assistant, Actuarial Associate, Actuarial Consultant, Actuarial Mathematician, Actuary, Consulting Actuary, Health Actuary, Insurance Actuary, Pricing Actuary

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