Actuaries
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.
SOC: 15-2011.00
Common Job Titles
Actuarial AnalystActuaryConsulting ActuaryPricing Actuary
What You'll Need to Succeed
AI-generatedKey competencies for this occupation at a glance
- KnowledgeAnalyze mortality, accident, sickness, disability, and retirement statistical data using advanced mathematical and statistical methods to forecast risk and liability.Advanced
- KnowledgeConstruct probability tables and predictive models to forecast payment of future benefits, applying actuarial principles.Advanced
- KnowledgeDevelop actuarial models and financial forecasting systems using programming languages such as Python, R, and SQL in collaboration with data science teams.Advanced
- KnowledgeSynthesize multidisciplinary data sources including economic, demographic, and financial information to create comprehensive risk assessments and strategic recommendations.Advanced
- KnowledgeEvaluate insurance rates and cash reserves requirements to ensure financial viability of benefit payment obligations, considering regulatory compliance.Proficient
- KnowledgeAssess complex actuarial scenarios and risk portfolios applying judgment and critical thinking to support strategic business decisions.Proficient
- KnowledgeInterpret complex actuarial findings and risk assessments for non-technical stakeholders, executives, and regulatory bodies.Proficient
- KnowledgeEvaluate actuarial assumptions and methodologies against regulatory standards ensuring compliance with insurance laws and accounting principles.Proficient
- MindsetIntegrate client needs with actuarial recommendations when providing consultation and advice to insurance companies, pension funds, and government agencies.Proficient
- KnowledgeDemonstrate mastery of specialized actuarial software platforms and data analysis tools including Excel, SAS, Power BI, and proprietary actuarial systems to process large datasets efficiently.Proficient
Wage Data According to the Bureau of Labor Statistics
Annual wage data for Actuaries (2024)
Estimated Total Employment (U.S.)
28,340
Wage Distribution by Percentile
| Metric | U.S. |
|---|---|
| 10% of workers earn the following or less | $75,240 |
| 10% of workers earn the following or more | $206,430 |
| Workers on average earn | $134,990 |
+ indicates wage is at or above the BLS reporting cap ($239,200/year)
Skills & Requirements
Key competencies for this occupation, ranked by importance
- Mathematics4.9/5
- Computers and Electronics4.0/5
- Economics and Accounting3.8/5
- English Language3.7/5
- Law and Government3.0/5
Tools & Technology
Equipment and software commonly used in this occupation
In-Demand Technology
Frequently requested by employers in job postings
C++IBM SPSS StatisticsMicrosoft AccessMicrosoft ExcelMicrosoft Office softwareMicrosoft Power BIMicrosoft PowerPointMicrosoft ProjectMicrosoft SQL ServerMicrosoft VisioMicrosoft Visual BasicMicrosoft Visual Basic for Applications VBAMicrosoft WordOracle DatabaseOracle JavaPythonRSASStructured query language SQLTableau
Technology Skills
ARMON Technologies XLActuaryAppraisal softwareCash flow softwareCompliance testing softwareGGY AXISIBM Lotus NotesInsightful S-PLUSInsureware ICRFS-ELRF
Tools & Equipment
10-key calculatorsDesktop computersNotebook computersPersonal computers