Actuaries analyze the financial costs of risk and uncertainty. They use mathematics, statistics, and financial theory to assess the risk that an event will occur, and they help businesses and clients develop policies that minimize the cost of that risk. Actuaries’ work is essential to the insurance industry.
Most actuaries work for insurance companies. Although most work full time in an office setting, some actuaries who work as consultants may travel to meet with clients.
How to Become an Actuary
Actuaries need a bachelor’s degree and must pass a series of exams to become certified professionals. They must have a strong background in mathematics, statistics, and business.
Employment of actuaries is projected to grow 18 percent from 2014 to 2024, much faster than the average for all occupations. Actuaries will be needed to develop, price, and evaluate a variety of insurance products and calculate the costs of new, emerging risks.
This occupation supported 24,300 jobs in 2012 and 24,600 jobs in 2014, reflecting an increase of 1.2%. In 2012, this occupation was projected to increase by 25.9% in 2022 to 30,600 jobs. As of 2014, to keep pace with prediction, the expected number of jobs was 25,500, compared with an observed value of 24,600, 3.5% lower than expected. This indicates current employment trends are worse than the 2012 trend within this occupation. In 2014, this occupation was projected to increase by 18.1% in 2024 to 29,000 jobs. Linear extrapolation of the 2012 projection for 2022 results in an expected number of 31,800 jobs for 2024, 9.7% higher than the 2014 projection for 2024. This indicates expectations for future employment trends are much worse than the 2012 trend within this occupation.