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Actuaries

Actuaries
Quick Facts : Actuaries*
2010 Median Pay$87,650
Entry Level EducationBachelor's degree
Work Experience in Related OccupationNone
Number of Jobs, 201221,700
Job Outlook27% (Faster than average)
Employment Change5,800


Actuaries are responsible for the financial costs of risk and uncertainty for an organization. Using mathematics, statistics, and financial theory they determine risks in the case of a damaging event. They help businesses and clients come up with policies that minimize the cost of these risks.

What Actuaries Do

  • Compile statistical data and other pertinent information for further analysis
  • Estimate the probability and likely economic cost of an event such as death, sickness, an accident, or a natural disaster
  • Design, test, and administer insurance policies, investments, pension plans, and other business strategies to minimize risk and maximize profitability
  • Produce charts, tables, and reports that explain their calculations and proposals
  • Explain their findings and proposals to company executives, government officials, shareholders, and clients

Work Environment

Most actuaries work full time in an office setting. Actuaries who work as consultants often work longer hours and frequently travel to meet with clients.
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Job Outlook

Employment of actuaries is expected to increase by 27 percent from 2010 to 2020 with the largest employment growth for actuaries is expected in consulting services.
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Pay

The median annual wage of actuaries was $87,650 in May 2010.
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Actuaries*
Average Annual Salary, May 2010

Actuaries

87650

Finance Occupations

59143.0435

All Jobs in the U.S.

52312.5223
Actuaries*
Percent Change in Employment

Actuaries

26.7281

Finance Occupations

18.39732977618342

All Jobs in the U.S.

15.767561808929724

Becoming a Actuaries

Actuaries need a bachelor's degree and must pass a series of exams to become certified professionals. Students complete coursework in economics, applied statistics, and corporate finance, which are all required for professional certification.
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