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
EducationBachelor's Degree
Work/Life Balance
3.9 ★
Salary Range--
Career Opportunity
3.9 ★
Avg. Experience5-7 years

Actuary Salaries

Average Base Pay

$120,000 /yr
Same as national average
Not including cash compensation
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Median: $120K
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Glassdoor Estimated Salary

Actuary Career Path

Learn how to become an Actuary, what skills and education you need to succeed, and what level of pay to expect at each step on your career path.

Senior Actuary
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Actuary Insights

Read what Actuary professionals have to say about their job experiences and view top companies for this career.
Sun LifeSun Life
Head of Actuary
26 Oct 2020

“• Opportunities to learn and build domain technical expertise and work with some of the best minds in the Industry.”

Willis Towers WatsonWillis Towers Watson
Actuarial Consultant
13 Oct 2021

“People that work with are some of the closest friends I have made during my time here.”

4 Oct 2019

“Not sure about the pay scale and bonus scheme was untransparent.”

21 May 2021

“Everyone is overworked and unappreciated.”

NTUC Income Insurance Co-Op LtdNTUC Income Insurance Co-Op Ltd
Actuarial Manager
30 Dec 2021

“Stable job scope and career progression”

Blue Cross Blue Shield of MinnesotaBlue Cross Blue Shield of Minnesota
8 Jun 2020

“Learned a lot; good work and life balance”

20 Jan 2021

“Good work and life balance”

Government Actuary's Department UKGovernment Actuary's Department UK
14 Feb 2020

“Interesting work and good work life balance”

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Actuary Interviews

Related Careers

Actuarial Analyst
25% skills overlap
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Actuary jobs

Frequently asked questions about the role and responsibilities of an actuary

When working as an actuary, the most common skills you will need to perform your job and for career success are SQL SAS, CDL, FCAS, Statistics and Reserving.

The most similar professions to actuary are:
  • Actuarial Analyst
  • Data Scientist
  • Data Engineer
  • Data Analyst

The most common qualifications to become an actuary is a minimum of a Bachelor's Degree and an average of 0 - 1 of experience not including years spent in education and/or training.