Computers and math
Actuary
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.
Median pay
$130,000
Growth to 2035
+9%
faster than average
Openings a year
1,500
Time to qualify*
12 months
* From a bachelor's degree in an unrelated field.
Pay
Actuary
Getting in
- Typical entry education
- Bachelor's degree
- On-the-job training
- Long-term on-the-job training
- Prior experience
- None
What the work is like
Dealing with the public
Unpleasant or angry people
Time pressure
Cost of a mistake
Freedom to make decisions
Repeating the same tasks
Time sitting
Time standing
Actuary: 44% usually work over 40 hours a week
Core tasks
- Analyze data to determine premium rates required and cash reserves and liabilities necessary to ensure payment of future benefits.
- Analyze statistical information to estimate mortality, accident, sickness, disability, and retirement rates.
- Design, review, and help administer insurance, annuity and pension plans, determining financial soundness and calculating premiums.
- Collaborate with programmers, underwriters, accounts, claims experts, and senior management to help companies develop plans for new lines of business or improvements to existing business.
- Provide advice to clients on a contract basis, working as a consultant.
- Determine, or help determine, company policy, and explain complex technical matters to company executives, government officials, shareholders, policyholders, or the public.
- Construct probability tables for events such as fires, natural disasters, and unemployment, based on analysis of statistical data and other pertinent information.
- Determine equitable basis for distributing surplus earnings under participating insurance and annuity contracts in mutual companies.
Also called: Actuarial Analyst · Actuarial Associate · Actuarial Consultant · Actuary · Consulting Actuary · Health Actuary · Life Actuary · Pricing Actuary
Outlook and AI
Actuaries held 31,200 jobs in 2025. BLS projects 34,100 by 2035 (+9%, faster than average; all jobs: +3.5%).
Demand change - share increases as a greater emphasis on identifying, quantifying, and managing risks leads to greater demand for actuaries to analyze the financial costs of risks and uncertainty.
Compare with
- Actuary vs. Personal financial advisor
- Actuary vs. Financial risk specialist
- Actuary vs. Financial analyst
- Actuary vs. Compensation, benefits, and job analysis specialists
- Actuary vs. Accountant
- Actuary vs. Economist
- Actuary vs. Insurance underwriter
- Actuary vs. Statistical assistant
- Actuary vs. Financial examiner
- Actuary vs. Financial manager