Actuaries

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2019 Workforce

33.2k

Average Age

Estimated Job Growth

17.7%

10-year projection

Average Salary

$146,463

Average Male Salary

$160,131

Average Female Salary

$126,469

About

Actuaries are most often employed by the Insurance carriers industry. The average yearly wage for Actuaries was $146,463 in 2016. The top 3 most similar occupations to Actuaries by wage are Aircraft pilots & flight engineers, Personal financial advisors, and Petroleum, mining & geological engineers, including mining safety engineers.

Actuaries are part of the Computer & mathematical occupations, along with Computer systems analysts, Information security analysts, Computer and information research scientists, Computer support specialists, Computer network architects, and 11 more.

The top 3 locations that employ the most Actuaries are Des Moines City PUMA, IA, Lake View & Lincoln Park PUMA, IL, and West Hartford, Farmington, Simsbury, Bloomfield, Avon & Canton Towns PUMA, CT. The top 3 locations with a relatively high concentration of Actuaries are Des Moines City PUMA, IA, Fort Wayne City (South) PUMA, IN, and West Hartford, Farmington, Simsbury, Bloomfield, Avon & Canton Towns PUMA, CT.

Photo by Ken Teegardin

Management, business, science, & arts occupations Computer & mathematical occupations Computer, engineering, & science occupations

Information on the businesses and industries that employ Actuaries and on wages and locations for those in the field. Insurance carriers is the industry that employs the most Actuaries, both by share and by number, though the highest paid industry for Actuaries, by average wage, is Management, scientific & technical consulting services. Actuaries are paid most in Hartford County (North) PUMA, CT but are relatively concentrated in Des Moines City PUMA, IA.

Wages

Yearly Wage

$146,463

AVERAGE SALARY

± $16,864

In 2019, Actuaries earned an average of $146,463, $90,939 more than than the average national salary of $55,524.

Aircraft pilots & flight engineers make somewhat more than Actuaries while Personal financial advisors make somewhat less. This chart shows the various occupations closest to Actuaries as measured by average annual salary in the US.

Wage Distribution

0.405

WAGE GINI

In 2015, Actuaries had a wage GINI coefficient of 0.405, which is lower than than the national average of 0.478. In other words, wages are distributed more evenly for Actuaries (shown in red) than for the overall labor force (shown in gray).

Wage by Location

HIGHEST PAYING PUMAS

This map shows the Public Use Microdata Areas (PUMAs) in the United States shaded by average annual wage for Actuaries.

Spatial Concentration

PUMAs with a Relatively High Concentration of Actuaries

This map displays which Public Use Microdata Areas (PUMAs) in the United States have a relatively high population of Actuaries.

Industries

Most Common

The most common industries employing Actuaries, by number of employees, are Insurance carriers, Management, scientific & technical consulting services, and Agencies, brokerages, and other insurance related activities.

Highest Paying

The highest paying industries for Actuaries, by average wage, are Management, scientific & technical consulting services, Nondepository credit & related activities, and Securities, commodities, funds, trusts & other financial investments.

Industries by Share

33.2k

2019 Workforce

± 4,471

−3.42%

1 YEAR GROWTH

± 19.6%

The number of people employed as Actuaries has been declining at a rate of −3.42%, from 34,338 people in 2018 to 33,164 people in 2019.

This graphic shows the share of Actuaries employed by various industries. Insurance carriers employs the largest share of Actuaries at 59.9%, followed by Management, scientific & technical consulting services with 17.6% and Agencies, brokerages, and other insurance related activities with 8.59%.

Diversity

Demographic information on Actuaries in the US. The average age of male Actuaries in the workforce is 38.7 and of female Actuaries is 37, and the most common race/ethnicity for Actuaries is White (Non-Hispanic).

Gender Composition

19.7k

MALE WORKFORCE

± 3,446

13.5k

FEMALE WORKFORCE

± 2,849

59.4% of Actuaries are Male, making them the more common gender in the occupation. This chart shows the gender breakdown of Actuaries.

Race & Ethnicity

Most Common Race or Ethnicity of Actuaries

White (Non-Hispanic)
Asian (Non-Hispanic)
Black (Non-Hispanic)

77.6% of Actuaries are White (Non-Hispanic), making that the most common race or ethnicity in the occupation. Representing 12.2% of Actuaries, Asian (Non-Hispanic) is the second most common race or ethnicity in this occupation. This chart shows the racial and ethnic breakdown of Actuaries.

Age by Gender

38.7

AVERAGE MALE AGE

± 2.01

AVERAGE FEMALE AGE

± 2.6

The median age of Actuaries is 38, and Male employees are generally 1.64 years older than than their Female counterparts.

Education

Data on higher education choices for Actuaries from The Department of Education and Census Bureau. The most common major for Actuaries is Math & Statistics but a relatively high number of Actuaries hold a major in Math & Statistics.

Majors

ACS PUMS data only shows the major for bachelor's degrees. However, we can filter the data based on highest degree obtained.

MOST COMMON MAJORS

MOST SPECIALIZED MAJORS

Skills

Data on the critical and distinctive skills necessary for Actuaries from the Bureau of Labor Statistics. Actuaries need many skills, but most especially Mathematics, Critical Thinking, and Judgment and Decision Making. The revealed comparative advantage (RCA) shows that Actuaries need more than the average amount of Programming, Mathematics, and Operations Analysis.

Radar Distribution

Bar Chart

Projections

Projections on job growth for Actuaries from the Bureau of Labor Statistics. The 10-year national workforce is projected to grow 3.71%, but Actuaries are expected to see a growth of 17.7% over the same period. This occupation is expected to grow more than the national average.

Job Growth

17.7%

Estimated Job Growth

10-year Projection

3.71%

National Growth

10-year Projection

This line chart shows the projected 10-year growth in the number of jobs for Actuaries. This profession is expected to grow more than than 3.71%, the average rate of national job growth.