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Computational, Mathematical, and Physical Sciences
Department of Statistics

What is an Actuary?

Actuaries use statistics to understand risk and financial uncertainty.

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Where do actuaries work?

Actuaries mainly work either directly for insurers or for consulting firms who support insurers and other companies. They work in all insurance fields (e.g. health, life, property and casualty, long-term care, retirement) and more broadly in finance (e.g. strategy consulting, banking, investments).

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What do actuaries do in their job?

Early in their career, actuaries are the ones doing the analyses. They dive into large and complicated datasets and find lovely patterns. As their career progresses, some spend more time managing other actuaries who are doing the analyses and then explaining and marketing the results to other stakeholders

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What do actuaries make?

Because of their in-demand skills and raises for passing exams (in addition to standard merit raises), Actuarial salaries start well and increase rapidly. According to the actuarial salary surveys here as of 2023, the middle 85% of actuaries make:

  • Entry level: $70-95K
  • 5 yrs experience, 7 exams: $110-180K
  • 10 yrs experience, fully credentialed: $150-300K
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How do I become an actuary?

Actuaries need a Bachelor’s degree and then they need to pass the exams. There are two series of exams in the United States, one for life and health insurance (the SOA) and one for property and casualty insurance (the CAS).