Overview: What does an Actuary do?
Apply knowledge of mathematics, statistics, and principles of finance and business to problems in life, health, social, and casualty insurance, annuities, and pensions. Determine mortality, accident, sickness, disability, and retirement rates. Construct probability tables regarding fire, natural disasters, and unemployment, etc. Determine premium rates required and cash reserves and liabilities necessary to ensure payment of future benefits. Completion of a series of actuarial exams is typically required for advancement.
Resources to become an Actuary
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|Advancement Opportunities: 171% of Average This calculation shows your opportunity for increases in earnings over time. It shows the relative strength of different careers as compared to each other|
|Average starting median income: $97,070|
|Return on Educational Investment: 164% of Average Shows the relative return on investment of an education beyond high school. The calculation uses potential earning levels over time adjusted for the cost and the time of additional education.|
|Job Growth: 5/5|
|All scores range from 1-100. Higher scores are better|
|Bragging rights: 73/100 Based on prestige and social approval, fame and public recognition, high income, highly educated, clean versus “dirty” industry, and level of people you deal with.|
|Interesting Job: 18/100 Based on exciting subject or environment, variety of activities, fun interaction with people, creating versus completing, and learning interesting things.|
|Personal Freedom: 35/100 Based on controlling your work, not closely managed, choosing your assignments, tolerable rules and regulations, creative freedom, and setting your own hours.|
|Stress: 85/100 Based on Intense responsibility (life/death), continuous rejection, dealing with people’s problems, lack of control, quota or sales pressure, and work volume/time pressure.|
|Years to make $1,000,000 - 15 Years|
|Years to make $2,000,000 - 23 Years|
|Years to make $3,000,000 - 30 Years|