Actuaries

Detailed Occupation

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2020 Workforce

32.5k

Average Age

38.7

Estimated Job Growth

17.7%

10-year projection

Average Salary

$155,072

Average Male Salary

$166,786

Average Female Salary

$133,362

About

Actuaries are most often employed by the Insurance carriers industry. The average yearly wage for Actuaries was $155,072 in 2016. The top 3 most similar occupations to Actuaries by wage are Podiatrists, Petroleum, mining & geological engineers, including mining safety engineers, and Securities, commodities, & financial services sales agents.

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 West Des Moines & Urbandale Cities PUMA, IA, West Hartford, Farmington, Simsbury, Bloomfield, Avon & Canton Towns PUMA, CT, and Cedar Rapids City PUMA, IA. The top 3 locations with a relatively high concentration of Actuaries are West Hartford, Farmington, Simsbury, Bloomfield, Avon & Canton Towns PUMA, CT, Glastonbury, Newington, Wethersfield, Rocky Hill & Marlborough Towns PUMA, CT, and West Des Moines & Urbandale Cities PUMA, IA.

Photo by Ken Teegardin

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

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 Accounting, tax preparation, bookkeeping & payroll services. Actuaries are paid most in Somerset County (North & West) PUMA, NJ but are relatively concentrated in West Hartford, Farmington, Simsbury, Bloomfield, Avon & Canton Towns PUMA, CT.

Wages

Yearly Wage

$155,072

AVERAGE SALARY

± $17,936

In 2020, Actuaries earned an average of $155,072, $99,118 more than than the average national salary of $55,954.

Securities, commodities, & financial services sales agents make somewhat more than Actuaries while Podiatrists make somewhat less. This chart shows the various occupations closest to Actuaries as measured by average annual salary in the US.

Wage Distribution

0.385

WAGE GINI

In 2015, Actuaries had a wage GINI coefficient of 0.385, 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, Agencies, brokerages, and other insurance related activities, Securities, commodities, funds, trusts & other financial investments, Accounting, tax preparation, bookkeeping & payroll services, Nondepository credit & related activities, Banking & related activities, Computer Systems Design, Administration of economic programs & space research, Administration of human resource programs, and Other health care services.

Highest Paying

The highest paying industries for Actuaries, by average wage, are Accounting, tax preparation, bookkeeping & payroll services, Other professional, scientific & technical services , and Management, scientific & technical consulting services.

Industries by Share

32.5k

2020 Workforce

± 4,422

5.8%

1 YEAR GROWTH

± 18.5%

The number of people employed as Actuaries has been growing at a rate of 5.8%, from 30,673 people in 2019 to 32,452 people in 2020.

This graphic shows the share of Actuaries employed by various industries. Insurance carriers employs the largest share of Actuaries at 62.6%, followed by Management, scientific & technical consulting services with 12.6% and Agencies, brokerages, and other insurance related activities with 11.5%.

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 38.7, and the most common race/ethnicity for Actuaries is White (Non-Hispanic).

Composition by Sex

21.1k

MALE WORKFORCE

± 3,564

11.4k

FEMALE WORKFORCE

± 2,618

65% of Actuaries are Male, making them the more common sex in the occupation. This chart shows the sex breakdown of Actuaries.

Race & Ethnicity

Most Common Race or Ethnicity of Actuaries

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

76% of Actuaries are White (Non-Hispanic), making that the most common race or ethnicity in the occupation. Representing 16.1% 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 Sex

38.7

AVERAGE MALE AGE

± 2.06

38.7

AVERAGE FEMALE AGE

± 2.81

The median age of Actuaries is 38.7, and Male employees are generally 0.00839 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.