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Actuaries

Overview

Actuaries use statistical formulas and techniques to calculate the probability of events, such as death, disability, sickness, unemployment, retirement, and property loss. Actuaries develop formulas to predict how much money an insurance company will pay in claims, determining the overall cost of insuring a group, business, or individual. Increased risk raises the potential costs to the company, which, in turn, raises its rates. Actuaries analyze risk to estimate the number and amount of claims an insurance company might have to pay. They assess the cost of running the business and incorporate the results into the design and evaluation of programs.

Casualty actuaries specialize in property and liability insurance; life actuaries in health and life insurance. Pension actuaries deal only with pension plans. The total number of actuaries employed in the United States is approximately 25,470.

Salary Range

$75,000 to $100,000+

Minimum Education Level

Bachelor's Degree

Certification/License

Required

Outlook

Much Faster than the Average
Personality Traits

Conventional

Problem-Solving

Scientific

Career Ladder
Chief Actuary or Business Executive

Actuary

Assistant Actuary