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Industries & Professions / Actuaries
Actuaries
Overview
Actuaries use statistical formulas and techniques to calculate the probability of events such as death, disability, sickness, unemployment, retirement, and property loss. Actuaries develop formulas to predict how much money an insurance company will pay in claims, which determines the overall cost of insuring a group, business, or individual. Increase in risk raises potential cost to the company, which, in turn, raises its rates. Actuaries analyze risk to estimate the number and amount of claims an insurance company will have to pay. They assess the cost of running the business and incorporate the results into the design and evaluation of programs. Casualty actuaries specialize in property and liability insurance, life actuaries in health and life insurance. Pension actuaries deal only with pension plans. The total number of actuaries employed in the United States is approximately 21,340.
Quick Facts
Duties Use statistical formulas and techniques to calculate the probability of events such as death, disability, sickness, unemployment, retirement, and property loss None $50,000 to $100,000+ Good
Alternate Title(s) Salary Range Employment Prospects
Advancement Prospects
Good Primarily Indoors Opportunities are available throughout the United States, but are best in large cities • Bachelor's Degree
Work Environment Best Geographical Location(s) Education and Training
Related School Subjects
• Business • Economics • Mathematics
Experience
Participate in at least one internship while in college; several years of experience in the field is required for certification • Computer • Math • Research
Skills
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Personality Traits • Conventional • Problem-Solving • Scientific
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Licensure/Certification Special Requirements Career Ladder
Required None Chief Actuary or Business Executive Actuary Assistant Actuary
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Related Industries
Accounting Business Administration and Management Commercial Banking and Financial Services Insurance © 2013 Vault.com Inc.
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