Actuaries

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2019 Workforce
33.2k
Average Age
38
Estimated Job Growth
22.5%
10-year projection
Average Salary
$146,463
Average Male Salary
$160,131
Average Female Salary
$126,469

Employment

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.

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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).

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Wage by Location

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

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Spatial Concentration

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

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Industries

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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%.

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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.

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Race & Ethnicity

Most Common Race or Ethnicity of Actuaries
  1. White (Non-Hispanic)
  2. Asian (Non-Hispanic)
  3. 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.

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Age by Gender

38.7
AVERAGE MALE AGE
± 2.01
37
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.

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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.
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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.

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Growth Projections

Projections on wages and job growth for Actuaries from the Bureau of Labor Statistics. The ten-year national workforce is projected to grow 6.85%, but Actuaries are expected to see a growth of 22.5% over the same period. This occupation is expected to grow higher than the national average.

Job Growth

22.5%
ESTIMATED GROWTH
6.85%
NATIONAL AVERAGE

This line chart shows the 10-year projected employment growth (from 2018 to 2028) for Actuaries. This profession is expected to grow faster than 6.85%, the average rate of national job growth.

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