### Bureau of Labor Statistics U.S. Bureau of Labor Statistics

Actuaries Summary
                        
            
                                                        
                                                                
                        
            
            
            
                            
                                                
                                                
                                                
                                                
            						
							
				                                                
                                            




            			actuaries imageActuaries use advanced statistics and modeling software to forecast the cost and probability of an event.							
						Quick Facts:     Actuaries2023     Median Pay
            						$120,000     per year
										$57.69     per hourTypical Entry-Level Education
                                    Bachelor's degreeWork Experience in a Related Occupation
                                    NoneOn-the-job Training
                                    Long-term on-the-job trainingNumber of Jobs, 2022
                                    30,000Job Outlook, 2022-32
                                    23% (Much faster than average)Employment Change, 2022-32
                                    7,000What Actuaries Do
                                                
                        
                        
Actuaries use mathematics, statistics, and financial theory to analyze the economic costs of risk and uncertainty.
            
                        Work Environment
                        
Most actuaries work for insurance companies. Although most work full time in an office setting, some actuaries who work as consultants travel to meet with clients.
            
                                                How to Become an Actuary
                                                
                        
Actuaries typically need a bachelor’s degree to enter the occupation and must pass a series of exams to become certified. They must have a strong background in mathematics, statistics, and business.
            
                        Pay
                        												                            																				    														The median annual wage for actuaries was $120,000 in May 2023.									                                					
						
            
                        Job Outlook
                        						
												Employment							of actuaries is projected to grow							 23 percent from 2022 to 2032, much faster than the average for all occupations.
						About 2,300 openings for actuaries are projected each year, on average, over the decade.
            			
            			 Many of those openings are expected to result from the need to replace workers who transfer to different occupations or exit the labor force, such as to retire.
						State & Area Data
                       Explore resources for employment and wages by state and area for actuaries.
            
            
						
                        Similar Occupations
                        
                                                    Compare the job duties, education, job growth, and pay of actuaries with similar occupations.
            
            
                        More Information, Including Links to O*NET
                        
                                               
                        Learn more about actuaries by visiting additional resources, including O*NET, a source on key characteristics of workers and occupations.
 What Actuaries Do 
            

			ActuariesActuaries produce charts, tables, and reports to explain their calculations.			
Actuaries analyze the financial costs of risk and uncertainty. They use mathematics, statistics, and financial theory to assess the risk of potential events, and they help businesses and clients develop policies that minimize the cost of that risk. Actuaries’ work is essential to the insurance industry.
Duties
Actuaries typically do the following:
Compile and analyze statistical data and other information
Estimate the probability and likely economic cost of an event such as death, sickness, an accident, or a natural disaster
Design and test insurance policies, investments, and other business strategies to minimize risk and maximize profitability
Calculate cash reserves needed, based on existing policies and liabilities, in case of payout or claims
Produce charts, tables, and reports that explain calculations and proposals
Explain their findings and proposals to company executives, government officials, shareholders, and clientsActuaries use database software to compile information. They use statistical and modeling software to forecast the probability of an event occurring, the potential costs of the event if it does occur, and whether the insurance company has enough money to pay future claims.
Actuaries typically work on teams that often include managers and workers from other fields, such as accounting, underwriting, and finance. For example, some actuaries work with accountants and financial analysts to set the price for security offerings or with data scientists to forecast demand for new products.
Most actuaries work for insurance companies, where they help design policies and determine the premiums that should be charged for each policy. They must ensure that the premiums are profitable yet competitive with other insurance companies.
Some actuaries work as consultants and provide advice to clients on a contract basis. Many consulting actuaries audit the work of internal actuaries at insurance companies or handle actuarial duties for insurance companies that are not large enough to keep their own actuaries on staff.
Actuaries in the insurance industry typically specialize in one field of insurance, such as the following:
***Health insurance actuaries*** help develop long-term care and health insurance policies by predicting expected costs of providing care under the terms of an insurance contract. Their predictions are based on numerous factors, including family history, geographic location, and occupation.
***Life insurance actuaries*** help develop annuity and life insurance policies for individuals and groups by creating estimates of how long someone will live. These estimates are based on risk factors, such as age and tobacco use.
***Property and casualty insurance actuaries*** help develop policies that insure policyholders against property loss and liability resulting from accidents, natural disasters, fires, and other events. For example, they calculate the expected number of claims resulting from automobile accidents, which varies with the insured person’s age, driving history, type of car, and other factors.
Some actuaries apply their expertise to financial matters outside of the insurance industry. For example, they develop investment strategies that manage risks and maximize returns for companies or individuals. Actuaries outside of the insurance industry include the following:
***Enterprise risk**management**actuaries*** identify risks, including economic, financial, and geopolitical risks that may affect a company’s short-term or long-term objectives. They help top executives determine how much risk the business is willing to take, and they develop strategies to mitigate the financial impact of those risks.
***Pension and retirement benefits actuaries*** design, test, and evaluate company pension plans to determine if funds available in the future will be enough to ensure payment of benefits. They must report the results of their evaluations to the federal government. Pension actuaries also help businesses develop other types of retirement benefits, such as 401(k)s and healthcare plans for retirees. In addition, they provide retirement planning advice to individuals.
***Public sector actuaries*** have different duties, based on the level of government in which they work. In the federal government, actuaries may evaluate proposed changes to Social Security or Medicare or conduct economic and demographic studies to project benefit obligations. At the state level, actuaries may examine and regulate the rates charged by insurance companies.
 Work Environment
			ActuariesActuaries typically work on teams that often include managers and professionals in other fields, such as accounting, underwriting, and finance.			

	    
				
	
	
	
	
	
	
	    					 Actuaries held about 30,000 jobs in 2022. The largest employers of actuaries were as follows:
        Finance and insurance
                80%Professional, scientific, and technical services
                12Management of companies and enterprises
                4Government
                3Actuaries typically work on teams that often include managers and professionals in other fields, such as accounting, underwriting, and finance.
Although actuaries usually work in an office setting, those who work for consulting firms may need to travel to meet with clients.
Work Schedules
Most actuaries work full time, and some work more than 40 hours per week.
 How to Become an Actuary

			ActuariesActuaries need a bachelor’s degree and must pass a series of exams to become certified professionals.			
To enter the occupation, actuaries typically need a bachelor’s degree in mathematics, actuarial science, statistics, or some other analytical field. Students must complete coursework in subjects such as economics, applied statistics, and corporate finance and must pass a series of exams to become certified.
Education
Actuaries need a strong background in mathematics, statistics, and business. Typically, actuaries have an undergraduate degree in mathematics, business, actuarial science, or some other analytical field.
To become certified, students must complete coursework in subjects such as economics, statistics, and corporate finance. Coursework in computer science, especially programming languages, and the ability to use and develop spreadsheets, databases, and statistical analysis tools also is important.
Because the different types of practice areas include health, life, pension, and casualty, internships may be helpful for students deciding on which actuarial track to pursue.
Licenses, Certification, and Registrations
Two professional organizations—the Casualty Actuarial Society (CAS) and the Society of Actuaries (SOA)—offer two levels of certification: associate and fellow.
The CAS certifies actuaries who work in the property and casualty field, which includes automobile, homeowners, commercial, and workers’ compensation insurance.
The SOA certifies actuaries who work in life insurance, health insurance, retirement benefits, investments, and finance.
Both credentials require candidates to complete coursework in economics, finance, and mathematical statistics while in college. Candidates also must pass a series of exams and take seminars on professionalism.
Many employers expect prospective hires to have passed at least one or two of these certification exams before graduation.
It may take up to 7 years for an actuary to earn the associate-level certification because of the lengthy preparation required. After becoming associates, actuaries typically take several more years to earn fellowship status. Both the CAS and the SOA have a continuing education requirement.
The SOA offers fellowship certification in five separate tracks: life and annuities, group and health benefits, retirement benefits, quantitative finance and investments, and corporate finance/enterprise risk management. Unlike the SOA, the CAS does not offer specialized study tracks for fellowship certification.
Pension actuaries typically must be licensed by the U.S. Department of Labor and U.S. Department of the Treasury’s Joint Board for the Enrollment of Actuaries. Licensed pension actuaries, known as enrolled actuaries, must meet certain experience requirements and pass exams administered through the SOA.
Training
Entry-level actuaries typically start out as trainees. They are usually on teams with experienced actuaries who serve as mentors. Trainees begin work on basic tasks, such as compiling data, and take on more complex duties, such as conducting research and writing reports, as they gain experience. Trainees also may work in other departments, such as marketing, underwriting, and product development, to learn how actuaries fit into all aspects of a company.
Most employers support their actuaries throughout the certification process. For example, employers may pay the cost of exams and study materials or provide paid time to study. Employees may receive raises or bonuses for each exam that they pass.
Advancement
Advancement usually depends on job performance and the number of actuarial exams passed. For example, actuaries who achieve fellowship status often supervise the work of other actuaries and provide input to senior management. Actuaries with a broad knowledge of risk management and how it applies to business may advance to become top executives, such as chief risk officers or chief financial officers.
Important Qualities
***Analytical skills.*** Actuaries identify patterns and trends in complex sets of data to determine the factors that affect certain types of events.
***Communication skills.*** Actuaries must be able to explain complex technical matters to those without an actuarial background. They also must describe their work and recommendations clearly in written reports and memos.
***Computer skills.*** Actuaries must know programming languages and be able to use and develop spreadsheets, databases, and statistical analysis tools.
***Interpersonal skills.*** Actuaries serve as leaders and members of teams, so they must be able to listen to and collaborate with others.
***Math skills.*** Actuaries quantify risk by using the principles of calculus, statistics, and probability.
***Problem-solving skills.*** Actuaries identify risks and develop ways for businesses to manage those risks.
 Pay

			



	
 
                                                     
            
    
                ActuariesMedian annual wages, May 2023Actuaries$120,000  Mathematical science occupations$101,460  Total, all occupations$48,060Note: All Occupations includes all occupations in the U.S. Economy.Source: U.S. Bureau of Labor Statistics, Occupational Employment and Wage Statistics
 

	
	



		
	
	
	
The median annual wage for actuaries was $120,000 in May 2023. 


The median wage is the wage at which half the workers in an occupation earned more than that amount and half earned less. The lowest 10 percent earned less than $75,380, and the highest 10 percent earned more than $209,310.





		
	    					 In May 2023, the median annual wages for actuaries in the top industries in which they worked were as follows:	
        Finance and insurance
                $120,800Professional, scientific, and technical services
                120,060Government
                115,710Management of companies and enterprises
                103,120Most actuaries work full time, and some work more than 40 hours per week.
 Job Outlook

   
        
    
          
        
    
                ActuariesPercent change in employment, projected 2022-32Mathematical science occupations29%  Actuaries23%  Total, all occupations3%Note: All Occupations includes all occupations in the U.S. Economy.Source: U.S. Bureau of Labor Statistics, Employment Projections program
            
            
			 
	
	
	

			Employment				of actuaries is projected to grow				 23 percent from 2022 to 2032, much faster than the average for all occupations.
			
			About 2,300 openings for actuaries are projected each year, on average, over the decade.
			
			 Many of those openings are expected to result from the need to replace workers who transfer to different occupations or exit the labor force, such as to retire.
			Employment
	
			
Actuaries will be needed to develop, price, and evaluate a variety of insurance products and calculate the costs of new risks.
More actuaries also will be needed to help companies manage their own risk, a practice known as enterprise risk management. These actuaries help companies adjust their business or investment strategies across all areas of operation.
Insurance companies will need actuaries to analyze the large amount of information, such as medical or property data, collected from consumers. These data will allow insurance companies to develop new products, set competitive prices, predict consumer behavior, and improve projections of future risks and costs.
In addition, health insurance companies will require actuaries to help evaluate the effects of changing healthcare regulations and guidelines, expand into new insurance markets, and offer products to new customers.
			

                        Employment projections data for     actuaries, 2022-32
                Occupational Title
                        SOC Code
                        Employment, 2022
                        Projected Employment, 2032
                        Change, 2022-32
                        Employment by IndustryPercent
                        NumericSOURCE: U.S. Bureau of Labor Statistics, Employment Projections program**Actuaries**
			15-2011
			30,000
			36,900
			23
			7,000
			Get data
 State & Area Data **Occupational Employment and Wage Statistics (OEWS)** The Occupational Employment and Wage Statistics (OEWS) program produces employment and wage estimates annually for over 800 occupations. These estimates are available for the nation as a whole, for individual states, and for metropolitan and nonmetropolitan areas. The link(s) below go to OES data maps for employment and wages by state and area. Actuaries **Projections Central** Occupational employment projections are developed for all states by Labor Market Information (LMI) or individual state Employment Projections offices. All state projections data are available at www.projectionscentral.com. Information on this site allows projected employment growth for an occupation to be compared among states or to be compared within one state. In addition, states may produce projections for areas; there are links to each state’s websites where these data may be retrieved. **CareerOneStop** CareerOneStop includes hundreds of occupational profiles with data available by state and metro area. There are links in the left-hand side menu to compare occupational employment by state and occupational wages by local area or metro area. There is also a salary info tool to search for wages by zip code.
 Similar Occupations This table shows a list of occupations with job duties that are similar to those of actuaries. Occupation
                Job Duties
                ENTRY-LEVEL EDUCATION
                2023     MEDIAN PAY**Accountants and Auditors**
            Accountants and auditors prepare and examine financial records.
            Bachelor's degree
            $79,880**Budget Analysts**
            Budget analysts help public and private organizations plan their finances.
            Bachelor's degree
            $84,940**Cost Estimators**
            Cost estimators collect and analyze data in order to assess the time, money, materials, and labor required to make a product or provide a service.
            Bachelor's degree
            $74,740**Data Scientists**
            Data scientists use analytical tools and techniques to extract meaningful insights from data.
            Bachelor's degree
            $108,020**Economists**
            Economists conduct research, prepare reports, and evaluate issues related to monetary and fiscal policy. They also may collect and analyze statistical data.
            Master's degree
            $115,730**Financial Analysts**
            Financial analysts guide businesses and individuals in decisions about expending money to attain profit.
            Bachelor's degree
            $99,890**Insurance Underwriters**
            Insurance underwriters evaluate insurance applications and decide whether to approve them.
            Bachelor's degree
            $77,860**Mathematicians and Statisticians**
            Mathematicians and statisticians analyze data and apply computational techniques to solve problems.
            Master's degree
            $104,860**Personal Financial Advisors**
            Personal financial advisors provide advice to help individuals manage their money and plan for their financial future.
            Bachelor's degree
            $99,580**Postsecondary Teachers**
            Postsecondary teachers instruct students in a variety of academic subjects beyond the high school level.
            See How to Become One
            $84,380
 Contacts for More Information
								
For more information about actuaries, visit
American Academy of Actuaries
For more information about actuaries in property and casualty insurance, visit
Casualty Actuarial Society
For more information about actuaries in life and health insurance, retirement benefits, investments, and finance/enterprise risk management, visit
Society of Actuaries
For more information about how to become an actuary, visit
Be an Actuary
For more information about pension actuaries and their licensing requirements, visit
American Society of Pension Professionals and Actuaries
U.S. Department of Labor and U.S. Department of the Treasury’s Joint Board for the Enrollment of Actuaries

                                                
                                                        
                                                                                                    O*NET
                                        Actuaries
 Suggested citation: Bureau of Labor Statistics, U.S.  Department of Labor, Occupational Outlook Handbook, Actuaries, 
        	 at https://www.bls.gov/ooh/math/actuaries.htm (visited *May 15, 2024*).
 **Last Modified Date:**
                        Wednesday, April 17, 2024


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