Actuary: Career Information

An actuary evaluates the probability of events occurring and helps his or her employer minimize their cost. Most actuaries work for insurance companies.

There were 20,000 actuaries employed in 2008.

Most employers look for candidates who have a bachelor's degree with coursework in mathematics, statistics, actuarial science, finance or economics.

^{Why Do You Need to Know About Educational Requirements?}

In order to become a professional actuary one must pass a series of exams. The first several of these exams are administered jointly by the Society of Actuaries (SOA) and the Casualty Actuarial Society (CAS) and subsequent exams are sponsored by one or the other of these organizations depending on the area in which one wishes to specialize. A perspective actuary usually has to pass only the first of these exams which tests competence in mathematics and helps evaluate his or her potential in this field to get an entry-level job.

Actuaries who perform their jobs well and can demonstrate a broad knowledge of the insurance, pension, investment or employee benefits fields, usually by passing actuarian exams in these areas, may move on to executive positions such as Chief Risk Officer or Chief Financial Officer.

^{Why Do You Need to Know About Advancement?}

Actuaries have an excellent job outlook. Job growth will be much faster than the average for all occupations through 2018.

^{Why Do You Need to Know About Job Outlook?}

Actuaries earned a median annual salary of $87,210 in 2009 (U.S.).

Use the Salary Wizard at Salary.com to find out how much an actuary currently earns in your city.

On a typical day an actuary's tasks might include:

• analyzing statistical information to determine risks of certain events occurring
• determining company policies to minimize costs of risks
• calculating insurance premium rates
• helping financial firms manage risks and maximize returns

Sources:
Bureau of Labor Statistics, U.S. Department of Labor, Occupational Outlook Handbook, 2010-11 Edition, Actuary, on the Internet at http://www.bls.gov/oco/ocos041.htm (visited January 28, 2011).
Employment and Training Administration, U.S. Department of Labor, O*NET Online, Actuary, on the Internet at http://online.onetcenter.org/link/details/15-2011.00 (visited January 28, 2011).