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.
Training, Qualifications and Advancement
Actuaries typically work on teams that often include managers and professionals in other fields, such as accounting, underwriting, and finance.
Actuaries typically work in an office setting. However, actuaries who work for consulting firms may need to travel to meet with clients. Actuaries held about 24,600 jobs in 2014.
Actuaries need a bachelor’s degree, typically in mathematics, actuarial science, statistics, or some other analytical field. Students must complete coursework in economics, applied statistics, and corporate finance, and must pass a series of exams to become certified professionals.
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The median annual wage for actuaries was $97,070 in May 2015. The median wage is the wage at which half the workers in an occupation earned more than that amount and half earned less. The lowest 10 percent earned less than $58,290, and the highest 10 percent earned more than $180,500.
Accountants and auditors, budget Analysts, Cost Estimators, Economics, Financial Analysts, Insurance Underwriters, Mathematicians, Personal Financial Advisors, Postsecondary Teachers, and Statisticians.