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Actuaries

Typical education: Bachelor's degreeLower pressure Bright Outlook

What they do

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.

Kinds of work

  • Conventional: Organizing information, following clear procedures and working with data and details.
  • Investigative: Science, research, figuring out how things work and solving complex problems.

Lower pressure: How much pressure workers in this job report: deadlines, conflict, dealing with upset people, the cost of mistakes, responsibility for others' safety, competition and long hours. It varies a lot from one employer to the next. Source: U.S. Department of Labor worker surveys.

Pay, tasks and more

Salary

United States $130,000 Median per year · $62.50/hr Most earn $78,570–$215,100

BLS Occupational Employment and Wage Statistics, 2025.

What you might do

  • Provide advice to clients on a contract basis, working as a consultant.
  • Determine, or help determine, company policy, and explain complex technical matters to company executives, government officials, shareholders, policyholders, or the public.
  • Provide advice to clients on a contract basis, working as a consultant.
  • Analyze statistical information to estimate mortality, accident, sickness, disability, and retirement rates.
  • Construct probability tables for events such as fires, natural disasters, and unemployment, based on analysis of statistical data and other pertinent information.
  • Provide expertise to help financial institutions manage risks and maximize returns associated with investment products or credit offerings.

Job outlook

Bright Outlook Rapid Growth

United States
9% more jobs by 2035, much faster than average · about 1,500 openings a year

Openings include new jobs and jobs left by workers who retire or change careers. Projections: U.S. Bureau of Labor Statistics. "Bright Outlook": U.S. Department of Labor.

Where they work

  • Direct insurance (except life, health, and medical) carriers18.2%
  • Direct health and medical insurance carriers14.6%
  • Insurance agencies and brokerages11.5%
  • Management, scientific, and technical consulting services9.2%
  • Other insurance related activities7.4%

Share of all workers in this career. Source: U.S. Bureau of Labor Statistics, National Employment Matrix.

Experience before this job: 1 to 3 months

Career path

How people usually get into this career, from school to their first job and beyond.

Typical education: Bachelor's degreeExperience before this job: 1 to 3 monthsEntry-level

Actuary is not usually a true entry-level job. You typically need a bachelor's degree, plus internships and some on-the-job training, and it often takes a few years of studying for professional exams before you're fully credentialed. Many people begin in an entry-level analyst role and move into actuary work from there.

  1. Bachelor's degree in math, statistics, actuarial science, or finance

    4 years

    Coursework in probability, statistics, calculus, and economics builds the math skills actuaries use to model risk and future payouts.

  2. Actuarial Intern or Entry-Level Actuarial Analyst

    1-2 years

    Summer internships and early analyst jobs let you apply probability to real insurance or pension data while you start passing the profession's exams.

  3. Actuary

    About 1-3 months of prior related work experience, typically before moving into this role

    Actuaries analyze mortality, accident, and retirement data to forecast risk, set insurance rates, and determine the cash reserves needed to pay future benefits.

Where it can lead

  1. Senior Actuary

    3-5 years of experience first

    You take on larger projects, lead analysis, and mentor junior staff, usually after passing more professional exams and showing strong business judgment.

  2. Chief Actuary

    10 or more years of experience first

    You oversee the company's actuarial function, make high-level risk and pricing decisions, and report to senior executives.

What you can do now

Ideas for high school and college students.

In high school

  • Take the most advanced math your school offersCalculus and statistics build the foundation you'll need for an actuarial science or math major.
  • Join the math team or a math clubCompeting on problem-solving teams builds the logical thinking actuaries use every day.
  • Get a part-time or summer jobWorking at a bank, store, or insurance office helps you learn how money and risk work in everyday business.
  • Learn spreadsheetsPracticing Excel formulas and charts prepares you for the data analysis you'll do in college and at work.
  • Explore the field through a school career day or a talk with a local insurance professionalHearing from people who do the job helps you decide whether it fits your interests.

In college

  • Major in actuarial science, math, or statisticsThese majors cover the probability and statistics that actuarial exams test directly.
  • Start the first actuarial exam earlyPassing exams while you're in school can make you more competitive for internships and entry-level jobs.
  • Join an actuarial club or finance clubClubs often offer networking, practice exam sessions, and contact with working actuaries.
  • Apply for internships at insurance companies and banksInternships give you real experience with data and a chance to see whether actuarial work suits you.
  • Learn a programming language like R or PythonActuaries use these tools to analyze large datasets, and employers often expect them.

Tips for getting started

  • Start working toward the first professional actuarial exam while you're still in school. Passing exams early is one of the strongest signals employers look for.
  • Look for internships or part-time work at insurance companies, banks, or pension firms. Real experience with data helps you stand out.
  • Take statistics and programming courses (such as Excel, R, or Python). Actuaries use these tools every day.

Related jobs a step up

Education, experience and related careers: U.S. Department of Labor. The step-by-step path, where it can lead and what you can do now were written by AI as typical examples; many people take other ways.

College majors that lead here

Majors: U.S. Department of Education and BLS (CIP–SOC crosswalk). Earnings and debt: College Scorecard, typical across U.S. colleges.

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