Career Data
Actuaries: Career, Salary and Education Info
Actuary Career Profile
Actuaries use their knowledge of organization, finance, and statistics to assess and minimize monetary risk for businesses and clients. Most actuaries are employed within the insurance industry, specializing in either property and casualty insurance or existence and health insurance. Actuaries can also be found in other economic service industries and from the federal.
Coaching in advanced mathematics and enterprise helps actuaries accurately determine the cost of events like death, disability, injury, or property loss. Investments and pension plans are one more chief concern of these specialized monetary workers. Actuaries are extraordinarily skilled in mathematics, particularly statistics.
A Day from the Existence of an Actuary
Most actuaries work a traditional 40 hour week, though consulting actuaries can spend much of their time traveling to meet with customers. Consulting actuaries can encounter erratic schedules, occasionally working much more when compared with 40 hours a week.
Personal computer skills are critical for actuaries, who are frequently required to use sophisticated statistics software to produce spreadsheets and databases for their customers. Moreover to time put in in conjunction with the pc, consulting actuaries can spend a considerable amount of time meeting and communicating with established and potential clients.
Actuary Training and Education
Actuaries typically employ a bachelor’s degree in mathematics, statistics, or a specialized actuarial science degree. Typical coursework for actuarial science majors includes calculus, economics, actuarial models, and life contingencies. Courses in corporate finance, economics, and applied statistics are needed for professional certification.
Most actuaries lookup a job directly after graduation and work entire time while passing certification exams. Advancement from the career depends very on job performance and examinations passed. Management or supervisory positions could be possible with expertise or specialized instruction.
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Employment & Outlook
About six out of ten actuaries are employed from the insurance industry. Due in part to a growing insurance industry, career opportunities for actuaries are expected to grow much faster as compared with the average for all occupations simply by 2016. About 4,300 jobs are projected to open, an overall increase of 24%. Job opportunities for actuaries are expected to be ideal, particularly for those who have passed at least one certification exam.
Actuaries tend to be employed in urban areas, but career opportunities are spread relatively evenly across the nation. In 2007, the states using the highest concentration of actuaries were Connecticut, Kansas, New Jersey, and Massachusetts.
Actuary Salary Info
The Bureau of Labor Statistics reports that actuaries earned mean annual wages of $95,420 in 2007. Average yearly starting salaries for actuaries with bachelor’s degrees were $53,754 in 2007, according to the National Association of Colleges and Employers.
Top-paying employers within the industry contain management, scientific, and technical consulting services ($107,080), the federal executive branch ($99,380), and agencies, brokerages, and other insurance-related activities ($96,850).