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Career Profile: 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.

Salary and Outlook

According to the US Department of Labor, there are 27,700 people employed as actuaries in the United States. The median annual salary is $111,000. Entry level employees earn approximately $66,030 per year and senior employees earn approximately $196,010 per year.

Estimates do not include other potential benefits such as health insurance, overtime pay, or retirement benefits that may be offered by employers.

Job Duties

  • Explain changes in contract provisions to customers.
  • Ascertain premium rates required and cash reserves and liabilities necessary to ensure payment of future benefits.
  • Manage credit and help price corporate security offerings.
  • 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.
  • Analyze statistical information to estimate mortality, accident, sickness, disability, and retirement rates.
  • Construct probability tables for events such as fires, natural disasters, and unemployment, based on analysis of statistical data and other pertinent information.
  • Negotiate terms and conditions of reinsurance with other companies.
  • 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.
  • Determine equitable basis for distributing surplus earnings under participating insurance and annuity contracts in mutual companies.
  • Testify before public agencies on proposed legislation affecting businesses.
  • Determine policy contract provisions for each type of insurance.
  • Testify in court as expert witness or to provide legal evidence on matters such as the value of potential lifetime earnings of a person disabled or killed in an accident.
  • Provide expertise to help financial institutions manage risks and maximize returns associated with investment products or credit offerings.

Career List

Job Outlook


Total Current Jobs:
27,700
Annual Openings:
2,400
Increase in Openings by 2030:
25%
Annual Salary Range:
$66,030 - $196,010
Education Requirements:
Bachelor's degree