How much do actuaries get paid? (Estimated)
An actuary is a business professional who deals with the financial impact of risk and uncertainty. Actuaries work for insurance companies, banks, consulting firms, healthcare organizations, governmental agencies, and other businesses that deal with risk on a daily basis.
An actuary uses statistical analysis to figure out probable outcomes based on past events. For example, an actuary may be asked to help set health insurance premiums for a large company. The actuary would have access to past claims data, which he or she can use to forecast the probability that each of the employees will file a claim in the coming year.
An actuary’s job is important because risks are inherent in every business deal and financial transaction. Without actuaries, insurers could not determine how much to charge customers or companies for insurance premiums. Businesses could not calculate their risks and losses based on past events. In every decision that involves risk, an actuary is needed to help make the best decisions possible.
In general, actuaries are business professionals who use mathematics and statistics to calculate probable outcomes of future events. How much money an actuary makes is largely dependent on which industry he or she works in and how many years of experience they have. However, based on data from the United States Bureau of Labor Statistics (BLS), all actuaries can expect to make a median salary between $60,000 and $120,000 per year.
How much money an actuary makes is largely dependent on which industry he or she works in and how many years of experience they have. However, according to the United States Bureau of Labor Statistics (BLS), people with these job titles are likely to make a median salary between $60,000 and $120,000 per year :
- · Actuary
- · Health/life insurance underwriter
- · Insurance loss investigator
- · Claims adjuster, property and casualty insurance
- · Underwriter in the medical office
The level of education required varies depending on the type of actuarial work. According to the BLS, some occupations only require an associate’s degree, but most professionals with these job titles need at least a bachelor’s degree:
- · Actuary
- · Investment counselor
- · Financial analyst
- · Operations research analyst
- · Biometrician (used to be called operations research analyst)
If you are currently working toward an undergraduate degree, the best courses to take are mathematics, statistics, economics, finance and accounting. The BLS reports that an actuary’s job requires good communication skills in order to “communicate complex mathematical or statistical concepts to business leaders.”
Self-discipline is also an important quality for actuaries because their work schedule varies depending on the type of employment they have. They may need to work long hours and nights in some cases, but they also may only need to work during traditional business hours.
In most cases, an actuary’s career is rewarding because the profession has a positive outlook. The BLS predicts that employment for actuaries will grow 10 percent from 2012 to 2022. This growth rate is due to the increasing number of businesses operating in the United States and at least 40 percent of all actuaries work for insurance companies.
An actuary’s career is rewarding because the profession has a positive outlook. The BLS predicts that employment for actuaries will grow 10 percent from 2012 to 2022, which is faster than the average growth rate of 7 percent for all jobs. Also, at least 40 percent of all actuaries work for insurance companies.
- · Public adjuster
- · Insurance agent
- · Claims adjuster for public or private compensation
In conclusion, actuaries are needed to calculate risk for businesses and financial institutions. Because the profession is so closely tied to insurance, it typically pays well. However, because an actuary must have a college degree and years of experience, becoming one does require a significant investment in time and money.