dcsimg

Actuary

Actuaries play a key role in the insurance industry by designing insurance policies, pension plans, and other financial strategies that ensure plans are maintained on a solid financial platform. They gather and analyze data to determine the probability and likely cost of the occurrence of an event such as death, sickness, injury, disability, or loss of property. They often have a broad knowledge of statistics, finance, and business. Most actuaries are employed in the insurance industry and specialize in either life and health insurance or property and casualty insurance. In life and health insurance, actuaries are actively developing long-term-care insurance and annuity policies. In other financial service industries, actuaries manage credit, determine prices for corporate security offerings, and develop new investment tools. In government, actuaries manage social programs such as Social Security and Medicare. Staff actuaries employed by businesses, as well as consulting actuaries, work on a contract basis.

Insurance

Job Skills

Actuaries need to have knowledge of mathematics, computer spreadsheets and databases, and computer programming languages such as Visual Basic. They must be up-to-date on the most current economic and social trends and legislation. They must also be familiar with relevant trends in health, business, and finance. Actuaries, particularly consulting actuaries, need to have strong interpersonal communication skills.

Income

In 2002, actuaries earned a median annual salary of $69,970. Earnings ranged from the lowest 10%, who earned less than $39,700, and the highest 10%, who earned more than $137,650. Entry-level salaries usually range from $40,396 to $46,991.

Training and Education

For entry-level positions, employers look for applicants with a bachelor's degree in mathematics, actuarial science, statistics, or a bachelor's degree in business with a focus in economics, finance, or accounting. More companies are interested in applicants who, in addition to a strong technical background, also have educational experience in liberal arts and business. Actuaries can obtain full professional status through either the Society of Actuaries (SOA) or the Casualty Actuarial Society (CAS), depending on their area of specialization. The process requires passing four initial exams, and then progressing to either the Associate level or the Fellowship level. Most reach the Associate level within 4 to 6 years, and the Fellowship level within a few more years. Entry-level and beginning actuaries usually rotate through different areas of an organization to gain a broad knowledge, and may eventually advance to administrative and executive positions.

Employment

In 2002, insurance underwriters held about 15,000 jobs. More than 50% were employed by insurance carriers. Others were employed by pension funds and insurance agents and brokers.

Job Outlook

Between 2002 and 2012, the number of actuaries is expected to increase about as fast as the average. Growth will be due to steady demand by the insurance industry, which will continue to need actuaries to help develop, price, and evaluate insurance products. Employment in life insurance is expected to continue to decline, while employment in annuities is expected to increase. Growth in the health-care field, due to increased regulation of managed health-care companies, will create opportunities for actuaries specializing in this field. New positions are also being created to deal with new insurance risks, such as terrorism. Those who pass the difficult and lengthy examination process will have good job opportunity.


Actuary Training

Refine School Matches
Hide filters
  • SUBJECT Clear All

    See More

  • DEGREE

    See More

  • PROGRAM TYPE

  • START TIME

    LOCATION
    Please enter valid US or Canada Zip.
            Results open in new window

            Searching Searching ...

            Matching School Ads
            BA/Sports and Recreation Management - Entrepreneurship
            • Associate’s, Bachelor’s, and Master’s degrees available in a wide range of fields.
            • Flexible online programs offered in Psychology, Criminal Justice, Education, and more.
            • Assigned Financial Services Advisors to help answer student financial questions.
            • Servicemembers and their spouses can apply for the Ashford Military Grant to reduce tuition for all undergraduate courses.
            • Online Courses
            • Financial Aid
            • Transferable Credits
            B.S. in Applied Management
            • Which career path will you take – Business, Nursing, Education, Psychology? Something else? GCU offers more than 100 majors to get you started!
            • Colangelo College of Business: Features more than 25 programs from the bachelor through the master's level, including several high-demand MBA programs and an accelerated accounting degree.
            • College of Nursing and Health Care Professions: Rich 25-year history providing outstanding health care and nursing degree programs, including an RN to BSN program & master's in nursing degrees.
            • College of Education: Whether you are looking to start or advance your career as a teacher or administrator, GCU offers bachelor’s and master’s in education degrees in key areas.
            • College of Humanities and Social Sciences: Provides a job focused education and features a variety of programs from counseling and psychology to justice studies, history and English literature.
            • Does something else interest you? GCU also offers programs in Doctoral Studies; Theology; Science, Engineering & Technology; and Fine Arts & Production. Speak with an enrollment counselor today!
            • Accredited
            • Online Courses
            • Flexible Scheduling
            • Accelerated Programs
            • Financial Aid
            • Transferable Credits
            Business Administration - Associate
            • Average class size is 25, allowing for more one-on-one time with instructors.
            • Has a 97% employment rate among available graduates.
            • All  graduates receive Lifetime Employment  Assistance—free and forever.
            • Michigan's largest independent college.
            • Most instructors are working professionals in the fields they teach.
            • Programs are continuously updated to ensure classes are career-relevant and in sync with what's needed in the industry
            Show more [+]
            • Accredited
            • Online Courses
            • Flexible Scheduling
            • Accelerated Programs
            • Financial Aid
            • Transferable Credits
            Master of Business Administration, Aviation Management
            • Helps students advance their education with a graduate degree, including a Doctor of Education, Executive MBA, and more.
            • Home of the Harold D. Buckingham Graduate School, which offers flexible study options for master’s programs in business, management, and nursing.
            • Students may choose online or on-campus programs to better accommodate their work or personal schedules.
            • Programs are designed to help students take what they learn in class and apply it at work the next day.
            Show more [+]
            • Online Courses
            Master of Science in Finance

            Johns Hopkins University Carey Business School has brought the philosophy of business with humanity in mind to a part time format. Now offering several degrees to the part-time student, students can now become business leaders at this nationally recognized institution in as little as 2.5 years.

            • Online Courses
            Business Office Administration (8-Month Diploma Program)
            UEI College , Bakersfield
            • Dedicated to providing  career training since 1975.
            • Has 13 campus locations in Southern California and a campus in Morrow, GA.
            • Provides flexible class times including weekends.
            • Offers curriculum that ranges from 8 month diploma programs to 16-month Associate of Applied Science degree programs.
            • Has admissions professionals available to help students decide which diploma or degree program they should pursue.
            • Gives job placement assistance strengthened by relationships with local employers.
            Show more [+]
            • Accredited
            • Flexible Scheduling
            • Financial Aid
            • Transferable Credits
            Business Management
            Platt College , Anaheim
            • A Los Angeles-based private college offering programs in medical sciences, legal studies, and graphic design since 1985.
            • Has weekend programs, including certified  veterinary technology, nurse assistant, and hemodialysis technician.
            • Showcases visual communication students’ artwork and design through campus magazine.
            • 3 campuses in Southern California.
            • Accredited by the Accrediting Commission of Career Schools and Colleges (ACCSC).
            Show more [+]
            • Accredited
            • Flexible Scheduling
            • Accelerated Programs
            • Financial Aid
            • Transferable Credits
            Online MBA
            • Ranked the 4th top Up-and-Coming School in 2015 by U.S. News & World Report.
            • Ranked among the Best Online Graduate Business Programs in 2015 by U.S. News & World Report.
            • Offers over 60 online degree programs in business, communications, data science, and more.
            • Provides financial aid to students who qualify. 
            • Grants online students and campus students the same degree.  
            • Accredited by the New England Association of Schools and Colleges (NEASC) and Association to Advance Collegiate Schools of Business (AACSB).
            Show more [+]
            • Accredited
            • Online Courses
            • Accelerated Programs
            • Financial Aid
            • Transferable Credits
            • Ranked among the Best Online Bachelor's Programs in 2014 by U.S. News & World Report.
            • Implements a one-to-one teaching model, partnering one student with one faculty member in each course.
            • 100% of faculty members hold doctoral degrees.
            • No physical residency requirements, allowing students to pursue their degree online.
            • Committed to innovation, diversity, excellence, and accountability since its founding in 1996.
            • Offers several programs in business, education, psychology, and more.
            Show more [+]
            • Online Courses
            • Financial Aid
            • Transferable Credits
            Certificate - Business Administration (Management)
            • Many programs require externships, allowing students to gain real-world experience.
            • Approved A+ rating from the Better Business Bureau (BBB) since 1984.
            • Offers 22 accelerated, career-focused program options including business administration, medical assisting, and more.
            • Regionally accredited by the Western Association of Schools and Colleges (WASC).
            • 11 campuses across California, with an online division as well.
            Show more [+]
            • Financial Aid