Actuary Job Description and Salary Information

Actuary Salaries

Copyright Fresh Meat Media LLC/The Image Bank/Getty Images

Actuaries perform complex calculations to determine the likelihood of various outcomes related to accidents, illnesses, consumer demand and investments. They utilize computer software to crunch numbers and generate tables, graphs and reports regarding their findings.

Actuaries present information to insurance executives, marketing managers, underwriters, investment bankers and pension directors to support their decisions about the pricing of insurance policies, product development/marketing, stock offerings, and investment choices.

Actuary Job Description and Salary Information

The majority of actuaries work for companies dealing with life, health, and property/causality insurance.  Others work for pension companies, consulting firms or government agencies.  Many actuaries move into management or executive positions where they direct and supervise work units.

Education/Training

Most actuaries acquire a bachelor's degree in mathematics, actuarial science or business. Coursework in statistics, economics, computer science, calculus and corporate finance provide an excellent foundation for actuarial exams and entry level jobs.  

College students who prepare for and pass one or more of the actuarial exams while in school will have an edge in hiring for entry level jobs. Titles for preliminary exams for initial actuarial certification include Probability, Financial Mathematics, and Actuarial Models: Financial Economics, Actuarial Models: Life Contingencies, Models for Stochastic Processes and Statistics, and Construction and Evaluation of Actuarial Models.

Actuaries can start their career as trainees without any certification.  Most actuaries receive extensive mentoring, training and release time to prepare for exams while on the job.  

Actuary Salaries

According to the Bureau of Labor Statistics, Actuaries earned an average of $96,700 in 2014. The bottom 10% of actuaries earned less than $58,080 while the top 10% earned at least $180,680.

Quick Facts: Actuary (Occupational Outlook Handbook)

Search for Jobs: Indeed.com Job Listings

Related Articles: Salaries Listed By Job |Salary Comparison Tools | Salary Calculators | Top 20 Highest Paying Jobs

Related Articles: Salaries Listed By Job |Salary Comparison Tools | Salary Calculators | Top 20 Highest Paying Jobs