How to become an actuary
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.
Steps to get there
Most employers expect most of these occupations require a four-year bachelor's degree, but some do not..A considerable amount of work-related skill, knowledge, or experience is needed for these occupations. For example, an accountant must complete four years of college and work for several years in accounting to be considered qualified.
What actuaries do
- Analyze data to determine premium rates required and cash reserves and liabilities necessary to ensure payment of future benefits.
- Analyze statistical information to estimate mortality, accident, sickness, disability, and retirement rates.
- 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.
- Determine policy contract provisions for each type of insurance.
- Provide expertise to help financial institutions manage risks and maximize returns associated with investment products or credit offerings.
- Testify before public agencies on proposed legislation affecting businesses.
Skills that matter most
- Mathematics
- Reading Comprehension
- Active Listening
- Critical Thinking
- Writing
- Speaking
- Active Learning
- Monitoring
Is actuary a good career?
On the numbers, this job pays above the typical job. Median pay is 155% above the all-occupation median. Whether it fits you depends on the work itself, the schooling you are willing to do and where you want to live.
Where it pays most
- Connecticut $166,800
- District of Columbia $166,230
- New York $156,480
- New Jersey $142,800
- Alabama $136,950
Actuaries salary by state and city
Sources: O*NET® 31.0 (CC BY 4.0, USDOL/ETA) and BLS Employment Projections 2025–35. Pay: BLS OEWS May 2025.