Actuaries

Actuaries use statistical formulas and techniques to calculate the probability of events such as death, disability, sickness, unemployment, retirement, and property loss. Actuaries develop formulas to predict how much money an insurance company will pay in claims, which determines the overall cost of insuring a group, business, or individual. Increase in risk raises potential cost to the company, which, in turn, raises its rates. Actuaries analyze risk to estimate the number and amount of claims an insurance company will have to pay. They assess the cost of running the business and incorporate the results into the design and evaluation of programs.

Casualty actuaries specialize in property and liability insurance, life actuaries in health and life insurance. Pension actuaries deal only with pension plans. The total number of actuaries employed in the United States is approximately 20,000.


Quick Facts
Duties Use statistical formulas and techniques to calculate the probability of events such as death, disability, sickness, unemployment, retirement, and property loss
Alternate Title(s) Casualty Actuaries, Life Actuaries, Pension Actuaries
Salary Range $50,000 to $100,000+
Employment Prospects Excellent
Advancement Prospects Good
Work Environment Primarily Indoors
Best Geographical Location(s) Opportunities are available throughout the United States, but are best in large cities
Education and Training
  • Bachelor's Degree
Related School Subjects
  • Business
  • Economics
  • Mathematics
Experience Participate in at least one internship while in college; several years of experience in the field is required for certification
Skills
  • Computer
  • Math
  • Research
Personality Traits
  • Conventional
  • Problem-Solving
  • Scientific
Licensure/Certification Required
Special Requirements None
Career Ladder
  • Chief Actuary or Business Executive
  • Actuary
  • Assistant Actuary

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Health Service Administrator

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  • 25
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Yearly Salary Range (US$ Thousands)