For example, actuaries who achieve fellowship status often supervise the work of other actuaries and provide advice to senior management. (The average growth rate for all occupations is 7 percent.) Advancement Advancement depends largely on job performance and the number of actuarial exams passed. The projected percent change in employment from 2016 to 2026: 22% (Much faster than average) Beginning actuaries may spend time working in other departments, such as marketing, underwriting, and product development, to learn all aspects of the companys work and how actuarial work applies to each one. At first, they perform basic tasks, such as compiling data, but as they gain more experience, they may conduct research and write reports. They are typically on teams with more experienced actuaries who serve as mentors. Training Required Most entry-level actuaries start out as trainees. Typically, an actuary has an undergraduate degree in mathematics, actuarial science, statistics, or some other analytical field. Education Required Actuaries must have a strong background in mathematics, statistics, and business. 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. Some actuaries are considered consultants and provide advice to clients on a contract basis. At the state level, actuaries may examine and regulate the rates charged by insurance companies. In the federal government, actuaries may evaluate proposed changes to Social Security or Medicare or conduct economic and demographic studies to project future benefit obligations. They help top executives determine how much risk the business is willing to take, and they develop strategies to respond to these issues.Īctuaries also work in the public sector. Enterprise risk actuaries identify any risks, including economic, financial, and geopolitical risks that may affect a companys short-term or long-term objectives.
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