Actuaries

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Total Workforce

34.3k

Average Age

39.7

Average Salary

$153,261

Average Male Salary

$160,244

Average Female Salary

$141,588

About

Actuaries are most often employed by the Insurance carriers industry. The average yearly wage for Actuaries was $153,261 in 2016. The top 3 most similar occupations to Actuaries by wage are Securities, commodities, & financial services sales agents, Architectural & engineering managers, and Personal financial advisors.

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 Tampa City (South) PUMA, FL and Louisville/Jefferson County (North Central) PUMA, KY. The top 3 locations with a relatively high concentration of Actuaries are Tampa City (South) PUMA, FL and Louisville/Jefferson County (North Central) PUMA, KY.

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 Accounting, tax preparation, bookkeeping & payroll services. Actuaries are paid most in Hartford County (North) PUMA, CT but are relatively concentrated in Tampa City (South) PUMA, FL.

Wages

Yearly Wage

$153,261

AVERAGE SALARY

± $16,239

In 2018, Actuaries earned an average of $153,261, $99,372 more than than the average national salary of $53,888.

Securities, commodities, & financial services sales agents 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

0.391

WAGE GINI

In 2017, Actuaries had a wage GINI coefficient of 0.391, which is lower than than the national average of 0.479. 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, Agencies, brokerages, and other insurance related activities, and Management, scientific & technical consulting services.

Highest Paying

The highest paying industries for Actuaries, by average wage, are Accounting, tax preparation, bookkeeping & payroll services, Management, scientific & technical consulting services, Management, scientific & technical consulting services, Insurance carriers, Insurance carriers & related activities, and Securities, commodities, funds, trusts & other financial investments.

Industries by Share

34.3k

2018 Workforce

± 4,549

9.75%

1 YEAR GROWTH

± 17.5%

The number of people employed as Actuaries has been growing at a rate of 9.75%, from 31,288 people in 2017 to 34,338 people in 2018.

This graphic shows the share of Actuaries employed by various industries. Insurance carriers employs the largest share of Actuaries at 60.6%, followed by Agencies, brokerages, and other insurance related activities with 13% and Management, scientific & technical consulting services with 12.2%.

Diversity

Demographic information on Actuaries in the US. The average age of male Actuaries in the workforce is 39 and of female Actuaries is 40.9, and the most common race/ethnicity for Actuaries is White (Non-Hispanic).

Gender Composition

21.5k

MALE WORKFORCE

± 3,598

12.9k

FEMALE WORKFORCE

± 2,783

62.6% 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)
Two or More Races (Non-Hispanic)

74.7% of Actuaries are White (Non-Hispanic), making that the most common race or ethnicity in the occupation. Representing 16.3% 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

AVERAGE MALE AGE

± 2.08

40.9

AVERAGE FEMALE AGE

± 2.72

The median age of Actuaries is 39.7, and Male employees are generally 1.9 years younger 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 degree-majorss. However, we can filter the data based on highest degree-majors 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.