An Actuary is a professional who uses mathematical and statistical techniques to assess and manage financial risk and uncertainty. They work in a variety of industries, including insurance, finance, and consulting. Actuaries use their skills to evaluate the likelihood of future events, such as natural disasters, accidents, and mortality rates, and then use that information to create and price policies that will protect against those risks. Actuaries use a variety of tools and techniques to analyze data, including probability theory, statistics, and financial mathematics. They also use software and models to perform complex calculations and simulations. Actuaries must be comfortable working with large amounts of data and be able to communicate their findings clearly and effectively to non-technical audiences. The role of an Actuary is challenging and requires a combination of analytical and problem-solving skills. However, for those with a passion for mathematics and a desire to make a positive impact on the world, the work can be incredibly rewarding and offers a wide range of career opportunities.

What Does An Actuary Do?

An Actuary uses mathematical and statistical techniques to assess and manage financial risk and uncertainty. They work in a variety of industries, including insurance, finance, and consulting. Actuaries use their skills to evaluate the likelihood of future events, such as natural disasters, accidents, and mortality rates, and then use that information to create and price policies that will protect against those risks.

How To Become An Actuary?

To become an Actuary, one typically needs a degree in a relevant field such as mathematics, statistics, or actuarial science. Additionally, passing a series of professional exams and gaining relevant work experience is also required. Many organizations may also require professional certification as an actuary.
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Education

Bachelor's degree
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Average Salary

$125,291
Average Experience Icon

Avg. Experience

0-1 years
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Actuary Career Paths

A career path for an Actuary typically starts with entry-level positions such as actuarial assistant or analyst. As they gain more experience, they may move on to more senior roles such as actuarial analyst, senior actuarial analyst, and actuary. Actuaries can also move into related fields such as risk management, financial planning, or consulting. Many actuaries also choose to advance their education and become managers or leaders in the field.

Average Salary for Actuary

An Actuary makes $125,291 per year on average, or $60.24 per hour, in the United States. The bottom 10% make about $105,230 a year, while the top 10% make about $156,000.

Highest Paying States

New York

$144,786 Yearly

California

$139,884 Yearly

Connecticut

$129,326 Yearly

Illinois

$129,051 Yearly

Texas

$122,390 Yearly

Actuary Education

The most common degrees for an Actuary are Bachelor's degree (71.34% of jobs require this), Master's degree (15.29%), High school (11.81%).

Actuary Degrees

Bachelor's degree 71.34%
Master's degree 15.29%
High school 11.81%
College degree 0.73%
Doctoral or Professional degree 0.55%
Associate's degree 0.27%
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