CAREER

Actuaries

Overview

Salary Median (2020)

$111,030

Projected Job Growth (2019-2029)

+17.6% (much faster than the average)

Most Common Level of Education

Bachelor's degree

Career

What Actuaries 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.

Other Job Titles Actuaries May Have

Actuarial Analyst, Actuarial Associate, Actuarial Consultant, Actuary, Consulting Actuary, Health Actuary, Pricing Actuary, Pricing Analyst, Product Development Actuary, Retirement Actuary

How Leaders Describe a Typical Day at Work

Chief Financial Officer & Chief Actuary ,

Geisinger Health Plan

My typical day consists of meaningful discussions with a great team where we are trying to improve the well being of our members. One of my primary duties as the chief actuary is the pricing of insurance products. I make projections on costs for the upcoming year and ensure that they are cost effective for Geisinger and our customers.


Tasks & Responsibilities May Include

  • Ascertain premium rates required and cash reserves and liabilities necessary to ensure payment of future benefits.
  • Design, review, and help administer insurance, annuity and pension plans, determining financial soundness and calculating premiums.
  • 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.

This page includes information from theO*NET 25.0 Databaseby the U.S. Department of Labor, Employment and Training Administration (USDOL/ETA). Used under theCC BY 4.0license. O*NET® is a trademark of USDOL/ETA.