What Do Actuaries Do?Actuaries combine business and math skills to model risks in insurance and finance. Their calculations ensure that companies can keep financial promises. One unique thing about the actuarial profession is its certification process. Actuaries must pass a series of exams on subjects ranging from probability and statistics to finance and insurance. These exams are great for actuaries because, like medical or law certifications, they give employers proof of an actuary's proficiency. |
Is Being an Actuary a Good Career?The Wall Street Journal did the math to find "good jobs" and ranked being an actuary one of the top jobs for 2018. Actuaries are well compensated – entry-level positions can pay upwards of $100,000, and many experienced actuaries can earn between $150,000 and $250,000+ annually! They also have a great work-life balance. Most actuaries report low stress and average 40-hour work-weeks. |
Where Do Actuaries Work?
Most actuaries – about 60% – work in the insurance industry. Actuaries are key in pricing and valuing the policies that insurance companies sell. There are many types of insurance companies: some examples include life, health, and property and casualty.
Another common career path for actuaries is consulting. When companies need to perform actuarial calculations and don't employ actuaries themselves, they hire actuarial consultants. This path is great for actuaries who want a dynamic, fast-paced work environment. Career paths outside of insurance and consulting are sometimes called nontraditional. Actuaries in nontraditional roles may work in enterprise risk management, banking and finance, or data science. Actuaries who consider themselves "entrepreneurial" can thrive in nontraditional roles, where they have more freedom to create their own unique career paths. |