Actuaries

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Total Workforce

31.3k

Average Age

38.4

Estimated Job Growth

22.5%

10-year projection

Average Salary

$150,680

Average Male Salary

$161,583

Average Female Salary

$129,482

About

Employment

Diversity

Education

Skills

Growth Projections

About

Actuaries are most often employed by the Insurance carriers & related activities industry. The average yearly wage for Actuaries was $150,680 in 2016. The top 3 most similar occupations to Actuaries by wage are Architectural & engineering managers, Securities, commodities, & financial services sales agents, and Economists.

Photo by Ken Teegardin

Management, business, science, & arts occupationsComputer & mathematical occupationsComputer, 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 & related activities 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 Hartford County (North) PUMA, CT.

Wages

Yearly Wage

$150,680

AVERAGE SALARY

± $19,026

In 2017, Actuaries earned an average of $150,680, $98,615 more than than the average national salary of $52,065.

Architectural & engineering managers make somewhat more than Actuaries while Securities, commodities, & financial services sales agents 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

0.391

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).

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Wage by Location

HIGHEST PAYING PUMAS

  1. Hartford County (North) PUMA, CT

  2. West Hartford, Farmington, Simsbury, Bloomfield, Avon & Canton Towns PUMA, CT

  3. West Hartford, Farmington, Simsbury, Bloomfield, Avon & Canton Towns PUMA, CT

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

PUMAs with a Relatively High Concentration of Actuaries

  1. Jersey City (North) PUMA, NJ

  2. Hartford County (North) PUMA, CT

  3. West Hartford, Farmington, Simsbury, Bloomfield, Avon & Canton Towns PUMA, CT

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

Most Common

The most common industries employing Actuaries, by number of employees, are Insurance carriers & related activities, Management, scientific & technical consulting services, and Securities, commodities, funds, trusts & other financial investments.

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Highest Paying

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

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Industries by Share

31.3k

2017 Workforce

± 4,342

9.85%

1 YEAR GROWTH

± 18.3%

The number of people employed as Actuaries has been growing at a rate of 9.85%, from 28,482 people in 2016 to 31,288 people in 2017.

This graphic shows the share of Actuaries employed by various industries. Insurance carriers & related activities employs the largest share of Actuaries at  77.4%, followed by Management, scientific & technical consulting services with 12.6% and Securities, commodities, funds, trusts & other financial investments with 2.89%.

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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 37.8, and the most common race/ethnicity for Actuaries is White.

Gender Composition

20.7k

MALE WORKFORCE

± 3,529

10.6k

FEMALE WORKFORCE

± 2,531

66% 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

  2. Asian

  3. Black

76.6% of Actuaries are White, making that the most common race or ethnicity in the occupation. Representing 20.4% of Actuaries, Asian 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

± 2.24

37.8

AVERAGE FEMALE AGE

± 2.78

The median age of Actuaries is 38.4, and Male employees are generally 0.907 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.

MOST COMMON MAJORS

  1. Math & Statistics

  2. Business

  3. Social Sciences

MOST SPECIALIZED MAJORS

  1. Math & Statistics

  2. Physical Sciences

  3. Social Sciences

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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, Judgment and Decision Making, and Critical Thinking. The revealed comparative advantage (RCA) shows that Actuaries need more than the average amount of Programming, Mathematics, and Operations Analysis.

Radar Distribution

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Bar Chart

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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 7.4%, 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

7.4%

NATIONAL AVERAGE

This line chart shows the 10-year projected employment growth (from 2016 to 2026) for Actuaries. This profession is expected to grow faster than 7.4%, the average rate of national job growth.

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