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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.
Other titles employers use
Actuarial Analyst · Actuarial Associate · Actuarial Consultant · Actuary · Consulting Actuary · Corporate Actuary · Health Actuary · Pricing Actuary
Inside the work
What you would actually do.
6 responsibilities that define the role, before job titles and workplaces change the details.
- 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.
Who it suits
Would this work hold your attention?
This career often appeals to people drawn to organizing, analytical and persuading work.
- Organizing
- Creating order, checking details, and keeping work accurate
- Analytical
- Investigating questions, testing ideas, and solving problems
- Persuading
- Leading, selling, starting projects, or making a case
Skills and strengths
What you would get good at.
Compare the skills the work relies on, the subjects behind it, and the abilities that make it easier to learn.
Core skills
- Reading Comprehension
- Mathematics
- Critical Thinking
- Judgment and Decision Making
- Active Listening
- Complex Problem Solving
Subjects to know
- Mathematics
- Computers and Electronics
- Economics and Accounting
- English Language
- Law and Government
Useful strengths
- Mathematical Reasoning
- Inductive Reasoning
- Number Facility
- Oral Comprehension
- Written Comprehension
Working day
Picture yourself doing it.
These measures show how much of the day involves people, movement, conversation, and hands-on work.
| Measure | Out of 5 | What that means here |
|---|---|---|
| Close to other people | 2.7 | Largely your own space |
| On your feet | 1.6 | Mostly seated |
| Talking face to face | 4.6 | Continuous — the job is conversations |
| Working with your hands | 1.8 | Little of the day |
Preparation
How people prepare for this work.
Employers usually ask for a bachelor's degree. Other routes may also lead into the field.
- A four-year degree 78%
- A master's degree 11%
- A doctorate or professional degree 11%
Tools of the work
Technology you may use.
- Data base user interface and query software
- Object or component oriented development software
- Analytical or scientific software
- Business intelligence and data analysis software
- Development environment software
- Spreadsheet software
- Office suite software
- Presentation software
Opportunity near you
See where this work is growing.
Choose a state to compare the size of the field, annual openings, and expected hiring change.
- People doing this work
- 3,500
- Job openings each year
- 210
- Expected hiring change, 2022–2032
- 17.8%
Compare every available state
| State | People doing it | Job openings each year | Expected change |
|---|---|---|---|
| Illinois | 3,500 | 210 | 17.8% |
| New York | 2,780 | 20 | 8.2% |
| Pennsylvania | 2,470 | 150 | 19.9% |
| Florida | 2,260 | 150 | 37.8% |
| Ohio | 1,720 | 100 | 20.3% |
| New Jersey | 1,550 | 90 | 15.7% |
| Minnesota | 1,430 | 90 | 24.3% |
| Connecticut | 1,370 | 80 | 11.4% |
| Wisconsin | 1,310 | 90 | 32.3% |
| Texas | 1,200 | 80 | 33.3% |
| North Carolina | 1,020 | 70 | 30.8% |
| Colorado | 940 | 60 | 20.5% |
| Iowa | 910 | 60 | 23.0% |
| Missouri | 880 | 60 | 25.7% |
| Maryland | 680 | 40 | 21.4% |
| Tennessee | 530 | 40 | 43.2% |
| Michigan | 520 | 30 | 23.8% |
| Washington | 490 | 30 | 4.3% |
| Kansas | 480 | 30 | 17.1% |
| Georgia | 470 | 30 | 34.3% |
| Nebraska | 450 | 30 | 21.6% |
| Massachusetts | 430 | 20 | 19.4% |
| District of Columbia | 330 | 20 | 3.1% |
| Indiana | 240 | 20 | 26.3% |
| Oregon | 230 | 20 | 27.8% |
| Utah | 230 | 10 | 21.1% |
| Arizona | 200 | 10 | 25.0% |
| South Carolina | 170 | 10 | 41.7% |
| Rhode Island | 130 | 10 | 18.2% |
| Vermont | 130 | 10 | 30.0% |
| Louisiana | 100 | 10 | 25.0% |
| Maine | 100 | 10 | 11.1% |
| Alabama | 80 | 0 | 14.3% |
| Arkansas | 80 | 10 | 33.3% |
| South Dakota | 70 | 10 | 16.7% |
| Mississippi | 60 | 0 | 20.0% |
| Idaho | 50 | 0 | 25.0% |
| New Hampshire | 40 | 0 | 33.3% |
| North Dakota | 30 | 0 | 50.0% |
Career to college
Build a path toward this work.
Start with a related major, then compare colleges where students complete that field.
Where to study
Colleges with strong activity in these fields.
Start with program size, admission, and likely cost. Open a college for the full picture.
Southern New Hampshire University
- Degrees each year
- 5,713
- Admit rate
- 96%
- Annual cost after aid
- $37,000
Western Governors University
- Degrees each year
- 2,505
- Admit rate
- Not reported
- Annual cost after aid
- $13,000
San Diego State University
- Degrees each year
- 2,088
- Admit rate
- 34%
- Annual cost after aid
- $13,000
California State University-Fullerton
- Degrees each year
- 2,134
- Admit rate
- 87%
- Annual cost after aid
- $6,000
University of California-Santa Barbara
- Degrees each year
- 586
- Admit rate
- 28%
- Annual cost after aid
- $13,000
San Jose State University
- Degrees each year
- 1,729
- Admit rate
- 80%
- Annual cost after aid
- $12,000
University of California-Los Angeles
- Degrees each year
- 596
- Admit rate
- 9%
- Annual cost after aid
- $10,000
Liberty University
- Degrees each year
- 1,549
- Admit rate
- 99%
- Annual cost after aid
- $27,000