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.
SOC: 15-2011.00
Common Job Titles
Actuarial Analyst
Actuary
Consulting Actuary
Pricing Actuary
What You'll Need to Succeed
AI-generated
Key competencies for this occupation at a glance
KnowledgeAnalyze mortality, accident, sickness, disability, and retirement statistical data using advanced mathematical and statistical methods to forecast risk and liability.
Advanced
KnowledgeConstruct probability tables and predictive models to forecast payment of future benefits, applying actuarial principles.
Advanced
KnowledgeDevelop actuarial models and financial forecasting systems using programming languages such as Python, R, and SQL in collaboration with data science teams.
Advanced
KnowledgeSynthesize multidisciplinary data sources including economic, demographic, and financial information to create comprehensive risk assessments and strategic recommendations.
Advanced
KnowledgeEvaluate insurance rates and cash reserves requirements to ensure financial viability of benefit payment obligations, considering regulatory compliance.
Proficient
KnowledgeAssess complex actuarial scenarios and risk portfolios applying judgment and critical thinking to support strategic business decisions.
Proficient
KnowledgeInterpret complex actuarial findings and risk assessments for non-technical stakeholders, executives, and regulatory bodies.
Proficient
KnowledgeEvaluate actuarial assumptions and methodologies against regulatory standards ensuring compliance with insurance laws and accounting principles.
Proficient
MindsetIntegrate client needs with actuarial recommendations when providing consultation and advice to insurance companies, pension funds, and government agencies.
Proficient
KnowledgeDemonstrate mastery of specialized actuarial software platforms and data analysis tools including Excel, SAS, Power BI, and proprietary actuarial systems to process large datasets efficiently.
Proficient
Wage Data According to the Bureau of Labor Statistics
Annual wage data for Actuaries (2024)
Estimated Total Employment (U.S.)
28,340
Wage Distribution by Percentile
Line chart of annual wages by percentile. U.S. is the solid line. 10th percentile: U.S. $75,240. 25th percentile: U.S. $90,970. 50th percentile: U.S. $125,770. 75th percentile: U.S. $164,860. 90th percentile: U.S. $206,430. Use the left and right arrow keys to move between percentiles.
U.S.
Metric
U.S.
10% of workers earn the following or less
$75,240
10% of workers earn the following or more
$206,430
Workers on average earn
$134,990
+ indicates wage is at or above the BLS reporting cap ($239,200/year)
Skills & Requirements
Key competencies for this occupation, ranked by importance
Mathematics4.9/5
Computers and Electronics4.0/5
Economics and Accounting3.8/5
English Language3.7/5
Law and Government3.0/5
Skills & Requirements: Knowledge
Tools & Technology
Equipment and software commonly used in this occupation
