ACTUARIES use statistics and economics to figure out financial risks, make price decisions, and plan investments. In insurance, they figure out what the company might pay in claims and make sure that the price charged for insurance will cover the claims. They design financial and pension plans and make sure that these plans are kept on a sound financial basis. Actuaries analyze data to estimate the likelihood of an event taking place, such as death, injury, or property loss. They deal with questions, such as pension contributions needed for retirement or how a company should invest.
Salary, Size & Growth
- $83,500 average per year ($40.25 per hour)
- A small occupation (18,300 workers in 2010)
- Expected to grow rapidly (2.1% per year)
A strong background in mathematics and general business is essential for persons interested in a career as an ACTUARY. A good educational background for a beginning job in a large life or casualty company is a bachelor's degree in mathematics, actuarial science, or statistics, or a business-related discipline, such as economics, finance, insurance, or accounting. Computer skills are becoming increasingly important and knowledge of computer programming languages is also useful.