Actuaries
15-2011.00
Bright Outlook Updated 2024

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.

Sample of reported job titles: Actuarial Analyst, Actuarial Associate, Actuarial Consultant, Actuary, Consulting Actuary, Corporate Actuary, Health Actuary, Pricing Actuary, Product Development Actuary, Reserving Actuary

Occupation-Specific Information

Tasks Save Table: XLSX CSV

ImportanceCategoryTask
89
 
Core
Ascertain premium rates required and cash reserves and liabilities necessary to ensure payment of future benefits.
87
 
Core
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.
86
 
Core
Analyze statistical information to estimate mortality, accident, sickness, disability, and retirement rates.
85
 
Core
Design, review, and help administer insurance, annuity and pension plans, determining financial soundness and calculating premiums.
82
 
Core
Determine, or help determine, company policy, and explain complex technical matters to company executives, government officials, shareholders, policyholders, or the public.
79
 
Core
Construct probability tables for events such as fires, natural disasters, and unemployment, based on analysis of statistical data and other pertinent information.
70
 
Core
Provide advice to clients on a contract basis, working as a consultant.
57
 
Core
Determine equitable basis for distributing surplus earnings under participating insurance and annuity contracts in mutual companies.
57
 
Core
Negotiate terms and conditions of reinsurance with other companies.
53
 
Core
Provide expertise to help financial institutions manage risks and maximize returns associated with investment products or credit offerings.
51
 
Core
Testify before public agencies on proposed legislation affecting businesses.
50
 
Core
Determine policy contract provisions for each type of insurance.
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Worker Requirements

Education

How much education does a new hire need to perform a job in this occupation? Respondents said:

  • 79%
     
    Bachelor’s degree required
  • 11%
     
    Post-baccalaureate certificate required
  • 11%
     
    Professional degree required

Worker Characteristics

Interests Save Table: XLSX CSV

Occupational InterestInterest
87
 
Conventional — Work involves following procedures and regulations to organize information or data, typically in a business setting. Conventional occupations are often associated with office work, accounting, mathematics/statistics, information technology, finance, or human resources.
57
 
Investigative — Work involves studying and researching non-living objects, living organisms, disease or other forms of impairment, or human behavior. Investigative occupations are often associated with physical, life, medical, or social sciences, and can be found in the fields of humanities, mathematics/statistics, information technology, or health care service.

Workforce Characteristics

Wages & Employment Trends

Median wages (2022)
$54.80 hourly, $113,990 annual
State wages
Local wages
Employment (2022)
30,000 employees
Projected growth (2022-2032)
Much faster than average (9% or higher)
Projected job openings (2022-2032)
2,300
State trends
Top industries (2022)
Finance and Insurance (80% employed in this sector)

Source: Bureau of Labor Statistics 2022 wage data and 2022-2032 employment projections . “Projected growth” represents the estimated change in total employment over the projections period (2022-2032). “Projected job openings” represent openings due to growth and replacement.

Job Openings on the Web

State job openings
Local job openings