CFChooseField
Technology and Mathematics

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.

Visual summary of pay, outlook, skills, interests, and preparation for Actuaries
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Median pay

$125,770
Median annual pay for Actuaries.
U.S. Bureau of Labor Statistics · 2024
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10-year growth

21.8%
Projected employment growth from 2024 to 2034.
U.S. Bureau of Labor Statistics · 2024–2034 projections
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Annual openings

2,400
Projected annual openings, including growth and replacement demand.
U.S. Bureau of Labor Statistics · 2024–2034 projections
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Employment

33,600
Estimated U.S. employment for Actuaries in 2024.
U.S. Bureau of Labor Statistics · 2024
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Jobs added or lost

+7,300
Projected numeric employment change from 2024 to 2034.
U.S. Bureau of Labor Statistics · 2024–2034 projections
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Entry preparation

Bachelor's degree
Typical additional preparation: Long-term on-the-job training.
U.S. Bureau of Labor Statistics · 2024 profile
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O*NET occupation profile

What the work involves

Strongest O*NET signals first.

Essential skills

  1. 1Critical Thinking
  2. 2Mathematics
  3. 3Reading Comprehension
  4. 4Active Listening
  5. 5Speaking
  6. 6Writing

Knowledge areas

  1. 1Mathematics
  2. 2Computers and Electronics
  3. 3Economics and Accounting
  4. 4English Language
  5. 5Law and Government
  6. 6Administration and Management

Abilities

  1. 1Mathematical Reasoning
  2. 2Inductive Reasoning
  3. 3Number Facility
  4. 4Category Flexibility
  5. 5Deductive Reasoning
  6. 6Oral Comprehension

Career interests

  1. 1Conventional
  2. 2Investigative
  3. 3Enterprising
  4. 4Social
  5. 5Realistic
  6. 6Artistic

Work styles

  1. 1Attention to Detail
  2. 2Cautiousness
  3. 3Dependability
  4. 4Intellectual Curiosity
  5. 5Integrity
  6. 6Achievement Orientation

Work activities

  1. 1Analyzing Data or Information
  2. 2Processing Information
  3. 3Working with Computers
  4. 4Getting Information
  5. 5Making Decisions and Solving Problems
  6. 6Communicating with Supervisors, Peers, or Subordinates

Work context

  1. 1E-Mail
  2. 2Indoors, Environmentally Controlled
  3. 3Spend Time Sitting
  4. 4Face-to-Face Discussions with Individuals and Within Teams
  5. 5Telephone Conversations
  6. 6Importance of Being Exact or Accurate

Representative tasks

  • Ascertain premium rates required and cash reserves and liabilities necessary to ensure payment of future benefits.
  • 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.
  • 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.
  • 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.
  • Provide advice to clients on a contract basis, working as a consultant.
  • Determine equitable basis for distributing surplus earnings under participating insurance and annuity contracts in mutual companies.

Software and tools

Tableau · in demandStructured query language SQL · in demandMicrosoft Visual Basic for Applications VBA · in demandSAS · in demandR · in demandMicrosoft PowerPoint · in demandPython · in demandMicrosoft Power BI · in demandMicrosoft Excel · in demandMicrosoft Office software · in demandMicrosoft Visual Basic · hot technologyMicrosoft Word · hot technology

Sources

BLS provides national pay, employment, and projections. O*NET provides skills, interests, preparation, tasks, work context, and tools.

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