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.
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.
The median annual wage for actuaries was $97,070 in May 2015.
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.
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Learn more about actuaries by visiting additional resources, including O*NET, a source on key characteristics of workers and occupations.