What does an Actuary do?

Actuaries apply analytical skills, like math, statistics, and financial theory, to quantify risk and financial consequences. Actuaries work to evaluate how likely future events are and then minimize the risk associated with them. The majority of actuaries work for insurance companies as proprerty and casualty insurance actuaries, retirement benefits actuaries, life and accident insurance actuaries, health insurance actuaries, and enterprise risk actuaries.

Actuaries usually have a Bachelor's degree in mathematics, staistics, or actuarial science. Additionally, most actuaries choose to pursue an Associate or Fellow designation by the Casualty Actuarial Society or the Society of Actuaries in order to improve employability. Actuaries must have excellent analytical skills and good business sense, and be self-motivated.

  • Apply advanced actuarial techniques across all tasks
  • Develop, maintain, and analyze projection models
  • Coordinate with external actuary and auditing firms for interim and annual actuarial information
  • Apply sound actuarial principles and maintain actuarial qualifications in compliance with regulations
  • Reconcile and analyze actuarial inputs and outputs
  • Collaborate with key leaders in order to identify and meet information needs
  • Establish actuarial procedures and document them for internal use
  • Bachelor's degree in Mathematics, Statistics, Actuarial Science, or related field
  • Associate or Fellow CAS or SOA designation preferred
  • 3-5 years actuarial experience
  • Advanced Microsoft Excel and Access skills
  • Strong familiarity with GAAP
  • Advanced familiarity with a wide variety of actuarial functions
  • Proficient at working with large data sets
  • High degree of attention to detail
  • Strong verbal and written communication skills

Average Years of Experience

0 - 1
2%
2 - 4
37%
5 - 7
45%
8+
16%

Common Skill Sets

SQL SAS
CDL
FCAS
Statistics
Reserving
EXCEL VBA
Forming
Interpersonal and Communication

Actuary Seniority Levels

L2
Actuary
$125,000/yr
L3
Senior Actuary
$200,000/yr
Actuarial Analyst
80% made the transition
Research Assistant
23% made the transition
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Actuary Salaries

Average Base Pay

$125,000 /yr
Same as national average
Not including cash compensation
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$79K
Median: $125K
$200K
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Glassdoor Estimated Salary

Actuary jobs

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