How to become an Actuary

Also called: Actuarial analyst, Actuarial consultant, Chief actuary, Insurance actuary, Head of Reserving and Pricing Actuarial, Pricing Actuarial Executive, Reserving Actuarial Executive, Reserving and Pricing Actuarial Manager, Ÿ Actuarial consultant, Ÿ Insurance actuary

Actuary deals with statistical, mathematical and financial calculations mainly involving the probability of future payments or contingencies in pension or insurance plans. He/she evaluates risks, calculates premium rates and constructs tables of probability for contingencies such as mortality, disability, sickness and accidents and prepares contract provisions of insurance and pension plans. He/she determines proper bases and methods for evaluating liabilities of insurance and pension organisations and equitable bases for distributing surplus earnings under profit-sharing insurance and annuity contracts.

Main tasks

• Studying, improving and developing mathematical and actuarial theories and techniques
• Designing and putting into operation pension schemes and life, health, social and other types of insurance systems
• Preparing scientific papers and reports
• Supervising the work of mathematical, operations research analysts and actuarial assistants

Ways in

• University: Mathematics & Statistics degrees

Pay · Outlook · AI and this job

• Median pay: $90,864 a year. The middle half earn $59,844 to $161,808 a year.
• Generative AI could change many tasks in this job, which usually reshapes the work more than it replaces it, by the ILO's global estimate.

Related jobs

• Mathematician
• Operations research analyst
• Statistical officer/Data analyst
• Statistician
• Data scientist

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Questions people ask

How do I become an Actuary?

Ways in include: Mathematics & Statistics degrees.

How much does an Actuary earn in Singapore?

Median full-time pay is $90,864 a year (Ministry of Manpower (via data.gov.sg)). The middle half earn $59,844 to $161,808.

Will AI change the work of an Actuary?

Generative AI could change many tasks in this job, which usually reshapes the work more than it replaces it, by the ILO's global estimate.

Sources

• Ministry of Manpower (via data.gov.sg): Resident Occupational Wages (Occupational Wage Survey) (June 2024 (data.gov.sg update 2026-04-01)), Singapore Open Data Licence v1.0, retrieved 4 October 2026
• International Labour Organization, Generative AI and Jobs: A Refined Global Index of Occupational Exposure (ILO Working Paper 140, Gmyrek et al.) (ILO Working Paper 140, May 2025, Annex Table A1), CC BY 4.0, retrieved 4 October 2026

Updated 4 October 2026