Because risk plays a role in nearly every aspect of business and society, actuaries enjoy a wide range of job opportunities and long-term career security.
Key Industries for Actuaries
- Insurance: The insurance industry depends on actuaries. We calculate costs, set policyholder premiums, and assess the financial impact of risks like hurricanes and other catastrophes.
- Private Corporations: Businesses rely on our risk evaluations to shape their strategic decisions. With our expertise highly valued at the executive level, many actuaries also advance into leadership roles.
- Consulting: As consultants, whether part of a large firm or working independently, we advise companies on pension plans, employee benefits, asset and liability management, and overall risk strategy.
- Government: Actuaries play a vital role in managing public programs, ensuring compliance with regulatory laws, and overseeing financial stability at the state and federal levels.
Actuaries are essential in any field that requires risk modeling and financial forecasting. Some examples include:
- Financial Services: Banking, investment management, and risk assessment
- Transportation: Shipping, air travel, and safety regulation
- Energy: Utilities, oil, gas, and infrastructure planning
- Environmental Sectors: Climate change analysis and sustainability efforts
Wherever risks need to be understood and quantified, actuaries provide the expertise needed to make informed decisions.
Industries with the Highest Levels of Employment for Actuaries
| Industry | Employment | Percent of industry employment | Hourly mean wage | Annual mean wage |
| Insurance Carriers | 13,560 | 1.11 | $63.10 | $131,260 |
| Agencies, Brokerages, and other Insurance Related Activities | 4,820 | 0.36 | $64.53 | $134,230 |
| Management, Scientific, and Technical Consulting Services | 2,970 | 0.16 | $65.07 | $135,340 |
| Management of Companies and Enterprises | 1,090 | 0.04 | $57.92 | $120,470 |
| Accounting, Tax Preparation, Bookkeeping, and Payroll Services | 510 | 0.05 | $79.43 | $165,220 |
Source: Bureau of Labor Statistics, U.S. Department of Labor, Occupational Employment and Wage Statistics