Actuary

About 2,300 openings for actuaries are projected each year, on average, over the decade. Many of those openings are expected to result from the need to replace workers who transfer to different occupations or exit the labor force, such as to retire.

Education: Bachelor's degree Details

Education Details

79%

Bachelor's Degree

11%

Post-Baccalaureate Certificate - awarded for completion of an organized program of study; designed for people who have completed a Baccalaureate degree but do not meet the requirements of academic degrees carrying the title of Master.

11%

First Professional Degree - awarded for completion of a program that: requires at least 2 years of college work before entrance into the program, includes a total of at least 6 academic years of work to complete, and provides all remaining academic requirements to begin practice in a profession.

Salary

High: $199,300.00

Average: $127,580.00

Hourly

Average: $61.34

Summary of What they 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.

Responsibilities

Negotiate contracts with clients or service providers.

Manage financial activities of the organization.

Analyze health-related data.

Manage financial activities of the organization.

Collaborate with others to develop or implement marketing strategies.

Develop organizational goals or objectives.

Analyze data to identify trends or relationships among variables.

Manage financial activities of the organization.

Provide customer service to clients or users.

What Actuaries Do

Actuaries analyze the financial costs of risk and uncertainty. They use mathematics, statistics, and financial theory to assess the risk of potential events, and they help businesses and clients develop policies that minimize the cost of that risk. Actuaries’ work is essential to the insurance industry.

Duties

Actuaries produce charts, tables, and reports to explain their calculations.

Actuaries typically do the following:

Compile and analyze statistical data and other information
Estimate the probability and likely economic cost of an event such as death, sickness, an accident, or a natural disaster
Design and test insurance policies, investments, and other business strategies to minimize risk and maximize profitability
Calculate cash reserves needed, based on existing policies and liabilities, in case of payout or claims
Produce charts, tables, and reports that explain calculations and proposals
Explain their findings and proposals to company executives, government officials, shareholders, and clients

Actuaries use database software to compile information. They use statistical and modeling software to forecast the probability of an event occurring, the potential costs of the event if it does occur, and whether the insurance company has enough money to pay future claims.

Actuaries typically work on teams that often include managers and workers from other fields, such as accounting, underwriting, and finance. For example, some actuaries work with accountants and financial analysts to set the price for security offerings or with data scientists to forecast demand for new products.

Most actuaries work for insurance companies, where they help design policies and determine the premiums that should be charged for each policy. They must ensure that the premiums are profitable yet competitive with other insurance companies.

Some actuaries work as consultants and provide advice to clients on a contract basis. Many consulting actuaries audit the work of internal actuaries at insurance companies or handle actuarial duties for insurance companies that are not large enough to keep their own actuaries on staff.

Actuaries in the insurance industry typically specialize in one field of insurance, such as the following:

Health insurance actuaries help develop long-term care and health insurance policies by predicting expected costs of providing care under the terms of an insurance contract. Their predictions are based on numerous factors, including family history, geographic location, and occupation.

Life insurance actuaries help develop annuity and life insurance policies for individuals and groups by creating estimates of how long someone will live. These estimates are based on risk factors, such as age and tobacco use.

Property and casualty insurance actuaries help develop policies that insure policyholders against property loss and liability resulting from accidents, natural disasters, fires, and other events. For example, they calculate the expected number of claims resulting from automobile accidents, which varies with the insured person’s age, driving history, type of car, and other factors.

Some actuaries apply their expertise to financial matters outside of the insurance industry. For example, they develop investment strategies that manage risks and maximize returns for companies or individuals. Actuaries outside of the insurance industry include the following:

Enterprise risk management actuaries identify risks, including economic, financial, and geopolitical risks that may affect a company’s short-term or long-term objectives. They help top executives determine how much risk the business is willing to take, and they develop strategies to mitigate the financial impact of those risks.

Pension and retirement benefits actuaries design, test, and evaluate company pension plans to determine if funds available in the future will be enough to ensure payment of benefits. They must report the results of their evaluations to the federal government. Pension actuaries also help businesses develop other types of retirement benefits, such as 401(k)s and healthcare plans for retirees. In addition, they provide retirement planning advice to individuals.

Public sector actuaries have different duties, based on the level of government in which they work. In the federal government, actuaries may evaluate proposed changes to Social Security or Medicare or conduct economic and demographic studies to project benefit obligations. At the state level, actuaries may examine and regulate the rates charged by insurance companies.

Important Qualities

Analytical skills. Actuaries identify patterns and trends in complex sets of data to determine the factors that affect certain types of events.

Communication skills. Actuaries must be able to explain complex technical matters to those without an actuarial background. They also must describe their work and recommendations clearly in written reports and memos.

Computer skills. Actuaries must know programming languages and be able to use and develop spreadsheets, databases, and statistical analysis tools.

Interpersonal skills. Actuaries serve as leaders and members of teams, so they must be able to listen to and collaborate with others.

Math skills. Actuaries quantify risk by using the principles of calculus, statistics, and probability.

Problem-solving skills. Actuaries identify risks and develop ways for businesses to manage those risks.

Tasks On The Job

Analyze statistical information to estimate mortality, accident, sickness, disability, and retirement rates.
Ascertain premium rates required and cash reserves and liabilities necessary to ensure payment of future benefits.
Collaborate with programmers, underwriters, accounts, claims experts, and senior management to help companies develop plans for new lines of business or improvements to existing business.
Construct probability tables for events such as fires, natural disasters, and unemployment, based on analysis of statistical data and other pertinent information.
Design, review, and help administer insurance, annuity and pension plans, determining financial soundness and calculating premiums.
Determine equitable basis for distributing surplus earnings under participating insurance and annuity contracts in mutual companies.
Determine, or help determine, company policy, and explain complex technical matters to company executives, government officials, shareholders, policyholders, or the public.
Determine policy contract provisions for each type of insurance.
Explain changes in contract provisions to customers.
Manage credit and help price corporate security offerings.
Negotiate terms and conditions of reinsurance with other companies.
Provide advice to clients on a contract basis, working as a consultant.
Provide expertise to help financial institutions manage risks and maximize returns associated with investment products or credit offerings.
Testify before public agencies on proposed legislation affecting businesses.
Testify in court as expert witness or to provide legal evidence on matters such as the value of potential lifetime earnings of a person disabled or killed in an accident.

PERSONALITY

KEY:

Strength

Caution

Warning

Your Assessment Results		CAREER CHARACTERISTICS Importance


? ? ? ? Begin Career Assessment	97%	Analytical Thinking - Job requires analyzing information and using logic to address work-related issues and problems.
? ? ? ? Begin Career Assessment	93%	Attention to Detail - Job requires being careful about detail and thorough in completing work tasks.
? ? ? ? Begin Career Assessment	91%	Integrity - Job requires being honest and ethical.
? ? ? ? Begin Career Assessment	84%	Dependability - Job requires being reliable, responsible, and dependable, and fulfilling obligations.
? ? ? ? Begin Career Assessment	80%	Achievement/Effort - Job requires establishing and maintaining personally challenging achievement goals and exerting effort toward mastering tasks.
? ? ? ? Begin Career Assessment	79%	Initiative - Job requires a willingness to take on responsibilities and challenges.
? ? ? ? Begin Career Assessment	74%	Persistence - Job requires persistence in the face of obstacles.
? ? ? ? Begin Career Assessment	73%	Adaptability/Flexibility - Job requires being open to change (positive or negative) and to considerable variety in the workplace.
? ? ? ? Begin Career Assessment	67%	Cooperation - Job requires being pleasant with others on the job and displaying a good-natured, cooperative attitude.
? ? ? ? Begin Career Assessment	64%	Independence - Job requires developing one's own ways of doing things, guiding oneself with little or no supervision, and depending on oneself to get things done.
? ? ? ? Begin Career Assessment	61%	Leadership - Job requires a willingness to lead, take charge, and offer opinions and direction.
? ? ? ? Begin Career Assessment	57%	Stress Tolerance - Job requires accepting criticism and dealing calmly and effectively with high-stress situations.
? ? ? ? Begin Career Assessment	56%	Innovation - Job requires creativity and alternative thinking to develop new ideas for and answers to work-related problems.
? ? ? ? Begin Career Assessment	55%	Self-Control - Job requires maintaining composure, keeping emotions in check, controlling anger, and avoiding aggressive behavior, even in very difficult situations.

Your Assessment Results		IMPORTANT STRENGTHS Importance


? ? ? ? Begin Career Assessment		83%	Conventional - Work involves following procedures and regulations to organize information or data, typically in a business setting. Conventional occupations are often associated with office work, accounting, mathematics/statistics, information technology, finance, or human resources.
? ? ? ? Begin Career Assessment		56%	Investigative - Work involves studying and researching non-living objects, living organisms, disease or other forms of impairment, or human behavior. Investigative occupations are often associated with physical, life, medical, or social sciences, and can be found in the fields of humanities, mathematics/statistics, information technology, or health care service.

Your Assessment Results		WORK VALUES Importance


? ? ? ? Begin Career Assessment	67%	Working Conditions - Occupations that satisfy this work value offer job security and good working conditions. Corresponding needs are Activity, Compensation, Independence, Security, Variety and Working Conditions.
? ? ? ? Begin Career Assessment	61%	Achievement - Occupations that satisfy this work value are results oriented and allow employees to use their strongest abilities, giving them a feeling of accomplishment. Corresponding needs are Ability Utilization and Achievement.
? ? ? ? Begin Career Assessment	61%	Independence - Occupations that satisfy this work value allow employees to work on their own and make decisions. Corresponding needs are Creativity, Responsibility and Autonomy.
? ? ? ? Begin Career Assessment	56%	Recognition - Occupations that satisfy this work value offer advancement, potential for leadership, and are often considered prestigious. Corresponding needs are Advancement, Authority, Recognition and Social Status.
? ? ? ? Begin Career Assessment	56%	Support - Occupations that satisfy this work value offer supportive management that stands behind employees. Corresponding needs are Company Policies, Supervision: Human Relations and Supervision: Technical.

APTITUDES

KEY:

Strength

Caution

Warning

Your Assessment Results		ABILITIES \| SKILLS Importance


? ? ? ? Begin Career Assessment	91%	Mathematical Reasoning - The ability to choose the right mathematical methods or formulas to solve a problem.
? ? ? ? Begin Career Assessment	78%	Inductive Reasoning - The ability to combine pieces of information to form general rules or conclusions (includes finding a relationship among seemingly unrelated events).
? ? ? ? Begin Career Assessment	78%	Number Facility - The ability to add, subtract, multiply, or divide quickly and correctly.
? ? ? ? Begin Career Assessment	75%	Oral Comprehension - The ability to listen to and understand information and ideas presented through spoken words and sentences.
? ? ? ? Begin Career Assessment	75%	Written Comprehension - The ability to read and understand information and ideas presented in writing.
? ? ? ? Begin Career Assessment	75%	Oral Expression - The ability to communicate information and ideas in speaking so others will understand.
? ? ? ? Begin Career Assessment	75%	Written Expression - The ability to communicate information and ideas in writing so others will understand.
? ? ? ? Begin Career Assessment	75%	Deductive Reasoning - The ability to apply general rules to specific problems to produce answers that make sense.
? ? ? ? Begin Career Assessment	75%	Category Flexibility - The ability to generate or use different sets of rules for combining or grouping things in different ways.
? ? ? ? Begin Career Assessment	72%	Problem Sensitivity - The ability to tell when something is wrong or is likely to go wrong. It does not involve solving the problem, only recognizing that there is a problem.
? ? ? ? Begin Career Assessment	72%	Information Ordering - The ability to arrange things or actions in a certain order or pattern according to a specific rule or set of rules (e.g., patterns of numbers, letters, words, pictures, mathematical operations).
? ? ? ? Begin Career Assessment	71%	Mathematics - Using mathematics to solve problems.
? ? ? ? Begin Career Assessment	69%	Near Vision - The ability to see details at close range (within a few feet of the observer).
? ? ? ? Begin Career Assessment	68%	Reading Comprehension - Understanding written sentences and paragraphs in work-related documents.
? ? ? ? Begin Career Assessment	68%	Critical Thinking - Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions, or approaches to problems.
? ? ? ? Begin Career Assessment	66%	Speech Clarity - The ability to speak clearly so others can understand you.
? ? ? ? Begin Career Assessment	66%	Complex Problem Solving - Identifying complex problems and reviewing related information to develop and evaluate options and implement solutions.
? ? ? ? Begin Career Assessment	66%	Judgment and Decision Making - Considering the relative costs and benefits of potential actions to choose the most appropriate one.
? ? ? ? Begin Career Assessment	66%	Systems Analysis - Determining how a system should work and how changes in conditions, operations, and the environment will affect outcomes.
? ? ? ? Begin Career Assessment	66%	Systems Evaluation - Identifying measures or indicators of system performance and the actions needed to improve or correct performance, relative to the goals of the system.
? ? ? ? Begin Career Assessment	60%	Speech Recognition - The ability to identify and understand the speech of another person.
? ? ? ? Begin Career Assessment	59%	Active Listening - Giving full attention to what other people are saying, taking time to understand the points being made, asking questions as appropriate, and not interrupting at inappropriate times.
? ? ? ? Begin Career Assessment	59%	Speaking - Talking to others to convey information effectively.
? ? ? ? Begin Career Assessment	57%	Writing - Communicating effectively in writing as appropriate for the needs of the audience.
? ? ? ? Begin Career Assessment	57%	Active Learning - Understanding the implications of new information for both current and future problem-solving and decision-making.
? ? ? ? Begin Career Assessment	56%	Flexibility of Closure - The ability to identify or detect a known pattern (a figure, object, word, or sound) that is hidden in other distracting material.
? ? ? ? Begin Career Assessment	56%	Selective Attention - The ability to concentrate on a task over a period of time without being distracted.
? ? ? ? Begin Career Assessment	54%	Monitoring - Monitoring/Assessing performance of yourself, other individuals, or organizations to make improvements or take corrective action.
? ? ? ? Begin Career Assessment	53%	Fluency of Ideas - The ability to come up with a number of ideas about a topic (the number of ideas is important, not their quality, correctness, or creativity).
? ? ? ? Begin Career Assessment	52%	Persuasion - Persuading others to change their minds or behavior.

Your Assessment Results		TASKS \| ACTIVITIES Importance


? ? ? ? Begin Career Assessment	95%	Analyzing Data or Information - Identifying the underlying principles, reasons, or facts of information by breaking down information or data into separate parts.
? ? ? ? Begin Career Assessment	93%	Processing Information - Compiling, coding, categorizing, calculating, tabulating, auditing, or verifying information or data.
? ? ? ? Begin Career Assessment	92%	Working with Computers - Using computers and computer systems (including hardware and software) to program, write software, set up functions, enter data, or process information.
? ? ? ? Begin Career Assessment	89%	Getting Information - Observing, receiving, and otherwise obtaining information from all relevant sources.
? ? ? ? Begin Career Assessment	87%	Making Decisions and Solving Problems - Analyzing information and evaluating results to choose the best solution and solve problems.
? ? ? ? Begin Career Assessment	85%	Communicating with Supervisors, Peers, or Subordinates - Providing information to supervisors, co-workers, and subordinates by telephone, in written form, e-mail, or in person.
? ? ? ? Begin Career Assessment	85%	Updating and Using Relevant Knowledge - Keeping up-to-date technically and applying new knowledge to your job.
? ? ? ? Begin Career Assessment	80%	Evaluating Information to Determine Compliance with Standards - Using relevant information and individual judgment to determine whether events or processes comply with laws, regulations, or standards.
? ? ? ? Begin Career Assessment	76%	Interpreting the Meaning of Information for Others - Translating or explaining what information means and how it can be used.
? ? ? ? Begin Career Assessment	73%	Identifying Objects, Actions, and Events - Identifying information by categorizing, estimating, recognizing differences or similarities, and detecting changes in circumstances or events.
? ? ? ? Begin Career Assessment	65%	Providing Consultation and Advice to Others - Providing guidance and expert advice to management or other groups on technical, systems-, or process-related topics.
? ? ? ? Begin Career Assessment	65%	Communicating with People Outside the Organization - Communicating with people outside the organization, representing the organization to customers, the public, government, and other external sources. This information can be exchanged in person, in writing, or by telephone or e-mail.
? ? ? ? Begin Career Assessment	64%	Organizing, Planning, and Prioritizing Work - Developing specific goals and plans to prioritize, organize, and accomplish your work.
? ? ? ? Begin Career Assessment	63%	Establishing and Maintaining Interpersonal Relationships - Developing constructive and cooperative working relationships with others, and maintaining them over time.
? ? ? ? Begin Career Assessment	62%	Estimating the Quantifiable Characteristics of Products, Events, or Information - Estimating sizes, distances, and quantities; or determining time, costs, resources, or materials needed to perform a work activity.
? ? ? ? Begin Career Assessment	61%	Thinking Creatively - Developing, designing, or creating new applications, ideas, relationships, systems, or products, including artistic contributions.
? ? ? ? Begin Career Assessment	58%	Guiding, Directing, and Motivating Subordinates - Providing guidance and direction to subordinates, including setting performance standards and monitoring performance.
? ? ? ? Begin Career Assessment	58%	Developing Objectives and Strategies - Establishing long-range objectives and specifying the strategies and actions to achieve them.
? ? ? ? Begin Career Assessment	57%	Coaching and Developing Others - Identifying the developmental needs of others and coaching, mentoring, or otherwise helping others to improve their knowledge or skills.
? ? ? ? Begin Career Assessment	56%	Documenting/Recording Information - Entering, transcribing, recording, storing, or maintaining information in written or electronic/magnetic form.
? ? ? ? Begin Career Assessment	56%	Monitoring Processes, Materials, or Surroundings - Monitoring and reviewing information from materials, events, or the environment, to detect or assess problems.
? ? ? ? Begin Career Assessment	54%	Developing and Building Teams - Encouraging and building mutual trust, respect, and cooperation among team members.
? ? ? ? Begin Career Assessment	51%	Training and Teaching Others - Identifying the educational needs of others, developing formal educational or training programs or classes, and teaching or instructing others.

Your Assessment Results		CONTEXT \| ATTRIBUTES Importance


? ? ? ? Begin Career Assessment	100%	Indoors, Environmentally Controlled - How often does this job require working indoors in environmentally controlled conditions?
? ? ? ? Begin Career Assessment	100%	Electronic Mail - How often do you use electronic mail in this job?
? ? ? ? Begin Career Assessment	98%	Spend Time Sitting - How much does this job require sitting?
? ? ? ? Begin Career Assessment	90%	Face-to-Face Discussions - How often do you have to have face-to-face discussions with individuals or teams in this job?
? ? ? ? Begin Career Assessment	87%	Telephone - How often do you have telephone conversations in this job?
? ? ? ? Begin Career Assessment	86%	Importance of Being Exact or Accurate - How important is being very exact or highly accurate in performing this job?
? ? ? ? Begin Career Assessment	80%	Work With Work Group or Team - How important is it to work with others in a group or team in this job?
? ? ? ? Begin Career Assessment	74%	Impact of Decisions on Co-workers or Company Results - What results do your decisions usually have on other people or the image or reputation or financial resources of your employer?
? ? ? ? Begin Career Assessment	72%	Structured versus Unstructured Work - To what extent is this job structured for the worker, rather than allowing the worker to determine tasks, priorities, and goals?
? ? ? ? Begin Career Assessment	72%	Freedom to Make Decisions - How much decision making freedom, without supervision, does the job offer?
? ? ? ? Begin Career Assessment	71%	Letters and Memos - How often does the job require written letters and memos?
? ? ? ? Begin Career Assessment	70%	Contact With Others - How much does this job require the worker to be in contact with others (face-to-face, by telephone, or otherwise) in order to perform it?
? ? ? ? Begin Career Assessment	66%	Level of Competition - To what extent does this job require the worker to compete or to be aware of competitive pressures?
? ? ? ? Begin Career Assessment	62%	Time Pressure - How often does this job require the worker to meet strict deadlines?
? ? ? ? Begin Career Assessment	56%	Importance of Repeating Same Tasks - How important is repeating the same physical activities (e.g., key entry) or mental activities (e.g., checking entries in a ledger) over and over, without stopping, to performing this job?
? ? ? ? Begin Career Assessment	52%	Frequency of Decision Making - How frequently is the worker required to make decisions that affect other people, the financial resources, and/or the image and reputation of the organization?
? ? ? ? Begin Career Assessment	51%	Responsibility for Outcomes and Results - How responsible is the worker for work outcomes and results of other workers?
? ? ? ? Begin Career Assessment	79%	Duration of Typical Work Week - Number of hours typically worked in one week.

Work Environment

Actuaries typically work on teams that often include managers and professionals in other fields, such as accounting, underwriting, and finance.

Actuaries held about 30,000 jobs in 2022. The largest employers of actuaries were as follows:

Finance and insurance	80%
Professional, scientific, and technical services	12
Management of companies and enterprises	4
Government	3

Actuaries typically work on teams that often include managers and professionals in other fields, such as accounting, underwriting, and finance.

Although actuaries usually work in an office setting, those who work for consulting firms may need to travel to meet with clients.

Work Schedules

Most actuaries work full time, and some work more than 40 hours per week.

Getting Started

How to Become an Actuary

Actuaries need a bachelor’s degree and must pass a series of exams to become certified professionals.

To enter the occupation, actuaries typically need a bachelor’s degree in mathematics, actuarial science, statistics, or some other analytical field. Students must complete coursework in subjects such as economics, applied statistics, and corporate finance and must pass a series of exams to become certified.

Education

Actuaries need a strong background in mathematics, statistics, and business. Typically, actuaries have an undergraduate degree in mathematics, business, actuarial science, or some other analytical field.

To become certified, students must complete coursework in subjects such as economics, statistics, and corporate finance. Coursework in computer science, especially programming languages, and the ability to use and develop spreadsheets, databases, and statistical analysis tools also is important.

Because the different types of practice areas include health, life, pension, and casualty, internships may be helpful for students deciding on which actuarial track to pursue.

Licenses, Certification, and Registrations

Two professional organizations—the Casualty Actuarial Society (CAS) and the Society of Actuaries (SOA)—offer two levels of certification: associate and fellow.

The CAS certifies actuaries who work in the property and casualty field, which includes automobile, homeowners, commercial, and workers’ compensation insurance.

The SOA certifies actuaries who work in life insurance, health insurance, retirement benefits, investments, and finance.

Both credentials require candidates to complete coursework in economics, finance, and mathematical statistics while in college. Candidates also must pass a series of exams and take seminars on professionalism.

Many employers expect prospective hires to have passed at least one or two of these certification exams before graduation.

It may take up to 7 years for an actuary to earn the associate-level certification because of the lengthy preparation required. After becoming associates, actuaries typically take several more years to earn fellowship status. Both the CAS and the SOA have a continuing education requirement.

The SOA offers fellowship certification in five separate tracks: life and annuities, group and health benefits, retirement benefits, quantitative finance and investments, and corporate finance/enterprise risk management. Unlike the SOA, the CAS does not offer specialized study tracks for fellowship certification.

Pension actuaries typically must be licensed by the U.S. Department of Labor and U.S. Department of the Treasury’s Joint Board for the Enrollment of Actuaries. Licensed pension actuaries, known as enrolled actuaries, must meet certain experience requirements and pass exams administered through the SOA.

Training

Entry-level actuaries typically start out as trainees. They are usually on teams with experienced actuaries who serve as mentors. Trainees begin work on basic tasks, such as compiling data, and take on more complex duties, such as conducting research and writing reports, as they gain experience. Trainees also may work in other departments, such as marketing, underwriting, and product development, to learn how actuaries fit into all aspects of a company.

Most employers support their actuaries throughout the certification process. For example, employers may pay the cost of exams and study materials or provide paid time to study. Employees may receive raises or bonuses for each exam that they pass.

Advancement

Advancement usually depends on job performance and the number of actuarial exams passed. For example, actuaries who achieve fellowship status often supervise the work of other actuaries and provide input to senior management. Actuaries with a broad knowledge of risk management and how it applies to business may advance to become top executives, such as chief risk officers or chief financial officers.

Contacts for More Information

For more information about actuaries, visit

American Academy of Actuaries

For more information about actuaries in property and casualty insurance, visit

Casualty Actuarial Society

For more information about actuaries in life and health insurance, retirement benefits, investments, and finance/enterprise risk management, visit

Society of Actuaries

For more information about how to become an actuary, visit

Be an Actuary

For more information about pension actuaries and their licensing requirements, visit

American Society of Pension Professionals and Actuaries

U.S. Department of Labor and U.S. Department of the Treasury’s Joint Board for the Enrollment of Actuaries

Similar Occupations

This table shows a list of occupations with job duties that are similar to those of actuaries.

Occupation	Job Duties	Entry-Level Education	Median Annual Pay, May 2022
Accountants and Auditors	Accountants and auditors prepare and examine financial records.	Bachelor's degree	$78,000
Budget Analysts	Budget analysts help public and private organizations plan their finances.	Bachelor's degree	$82,260
Cost Estimators	Cost estimators collect and analyze data in order to assess the time, money, materials, and labor required to make a product or provide a service.	Bachelor's degree	$71,200
Data Scientists	Data scientists use analytical tools and techniques to extract meaningful insights from data.	Bachelor's degree	$103,500
Economists	Economists conduct research, prepare reports, and evaluate issues related to monetary and fiscal policy. They also may collect and analyze statistical data.	Master's degree	$113,940
Financial Analysts	Financial analysts guide businesses and individuals in decisions about expending money to attain profit.	Bachelor's degree	$96,220
Insurance Underwriters	Insurance underwriters evaluate insurance applications and decide whether to approve them.	Bachelor's degree	$76,230
Mathematicians and Statisticians	Mathematicians and statisticians analyze data and apply computational techniques to solve problems.	Master's degree	$99,960
Personal Financial Advisors	Personal financial advisors provide advice to help individuals manage their money and plan for their financial future.	Bachelor's degree	$95,390
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