Actuaries
Analyze statistical data, such as mortality, accident, sickness, disability, and retirement rates and construct probability tables to forecast risk and liability for payment of future benefits. May ascertain insurance rates required and cash reserves necessary to ensure payment of future benefits.
Also called: Actuarial Analyst · Actuarial Associate · Actuarial Consultant · Actuary · Consulting Actuary · Corporate Actuary
Median pay (national)
$125,770
$75,240–$206,430 (10th–90th)
Employed (US)
28,340
BLS OEWS, May 2024
Outlook 2024–34
+21.8%
~2,400 openings/yr
Typical entry
Bachelor's degree
What the numbers say
Refit analysis ·Pay for actuaries shows an unusually wide range: the top 10% earn $206,430 versus $75,240 at the bottom 10% — 2.7x. The median of $125,770 leaves roughly 64% of headroom to the 90th percentile, which is where seniority, specialization, and the skills below tend to pay off.
Refit analysis ·Employment is projected to change +21.8% from 2024 to 2034 — much faster than the 3% average for all occupations. Even so, BLS projects about 2,400 openings a year, mostly to replace workers who retire or change careers.
Refit analysis ·Where you work moves the number a lot. Across the 40 states with released data, District of Columbia pays the most for this role (median $153,340, +22% vs the national median), while Puerto Rico sits lowest at $65,940 — a 133% spread for the same job title.
Refit analysis ·O*NET rates Reading Comprehension, Mathematics, Critical Thinking as the highest-importance skills here — so a resume aimed at this role should lead with evidence of those, not a generic skills list. On the tools side, O*NET flags Microsoft Excel, Microsoft Office software, Microsoft Power BI, Microsoft PowerPoint as in-demand technologies for this role.
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Top skills employers ask for
Ranked by O*NET importance for this occupation.
- Reading Comprehension
- Mathematics
- Critical Thinking
- Active Listening
- Speaking
- Writing
- Active Learning
- Monitoring
- Learning Strategies
- Science
What they actually do
Core O*NET tasks for this role.
- Ascertain premium rates required and cash reserves and liabilities necessary to ensure payment of future benefits.
- Collaborate with programmers, underwriters, accounts, claims experts, and senior management to help companies develop plans for new lines of business or improvements to existing business.
- Analyze statistical information to estimate mortality, accident, sickness, disability, and retirement rates.
- Determine, or help determine, company policy, and explain complex technical matters to company executives, government officials, shareholders, policyholders, or the public.
- Construct probability tables for events such as fires, natural disasters, and unemployment, based on analysis of statistical data and other pertinent information.
- Provide advice to clients on a contract basis, working as a consultant.
- Determine equitable basis for distributing surplus earnings under participating insurance and annuity contracts in mutual companies.
- Negotiate terms and conditions of reinsurance with other companies.
- Provide expertise to help financial institutions manage risks and maximize returns associated with investment products or credit offerings.
- Testify before public agencies on proposed legislation affecting businesses.
Tools & technology
- Microsoft Excel
- Microsoft Office software
- Microsoft Power BI
- Microsoft PowerPoint
- Microsoft Visual Basic for Applications VBA
- Python
- R
- SAS
- Structured query language SQL
- Tableau
- C++
- IBM SPSS Statistics
- Microsoft SQL Server
- Microsoft Visio
- Microsoft Visual Basic
- Oracle Database
Knowledge areas
- Mathematics
- Computers and Electronics
- Economics and Accounting
- English Language
- Law and Government
- Administration and Management
- Education and Training
- Personnel and Human Resources