deal with risk. They decide how likely things such as death, sickness,
injury, disability and loss of property are to occur.
also decide how much money it will take in order to get a certain
amount of retirement income. They help design insurance policies
and pension plans and try to make sure that they are sound.
work for insurance companies. Some work in life and health insurance.
Others work in property and casualty insurance. Actuaries make
tables that show how likely it is that a claim will be made by
a customer. They use these tables to decide how much the company
will have to pay in claims. They make sure that the company charges
enough to pay these claims. This amount must be enough for the
company to make a profit. It must also be in line with what other
insurance companies are charging.
work in offices. They often work at least 40 hours a week. Some
actuaries may travel to meet with clients.
need to know a lot about math and general business. Those just
starting in the field often have a college degree in math, actuarial
science, or statistics. Some have a degree in economics, finance,
about 100 colleges and universities that have an actuarial science
program. Most colleges have degree programs in math, statistics,
economics, or finance. Some companies hire people who have degrees
in other areas. However, these people must be good at math and
able to pass the actuarial exams. More companies are hiring people
who have some training in liberal arts and business. It is also
important to be able to communicate well. Computer skills are
becoming more important too.
|How much does this job pay?
One half of
all actuaries earned between $50,510 and $99,820. The lowest-paid
10 percent earned less than $39,700. The highest-paid 10 percent
earned more than $137,650. The average starting salary for graduates
with a degree in actuarial science was $40,396 in 2003.
held about 15,000 jobs in 2002. More than half worked for insurance
companies. Others worked for pension funds and insurance agents
and brokers. More actuaries are working for firms that offer a
lot of different services. These include such things as management
and public relations, or consulting services.
for actuaries is expected to grow about as fast as the average
for all jobs through 2012. Examinations to become an actuary are
very difficult; those who pass have a good chance for a job.
|Are there other jobs like this?
Outlook Handbook -- U.S. Department of Labor Bureau of Labor Statistics
|Where can you find more information?
about actuariesand similar jobs can be found in the Careers