Mathematical Science Occupations

How to become an Actuaries

Also called: Actuarial Analyst, Actuarial Associate, Actuarial Consultant, Actuary, Consulting Actuary, Health Actuary, Life Actuary, Pricing Actuary, Product Development Actuary, Reserving Actuary

Analyze statistical data, such as mortality, accident, sickness, disability, and retirement rates and construct probability tables to forecast risk and liability for payment of future benefits. May ascertain insurance rates required and cash reserves necessary to ensure payment of future benefits.

Main tasks

Analyze data to determine premium rates required and cash reserves and liabilities necessary to ensure payment of future benefits.
Analyze statistical information to estimate mortality, accident, sickness, disability, and retirement rates.
Design, review, and help administer insurance, annuity and pension plans, determining financial soundness and calculating premiums.
Collaborate with programmers, underwriters, accounts, claims experts, and senior management to help companies develop plans for new lines of business or improvements to existing business.
Provide advice to clients on a contract basis, working as a consultant.
Determine, or help determine, company policy, and explain complex technical matters to company executives, government officials, shareholders, policyholders, or the public.
Construct probability tables for events such as fires, natural disasters, and unemployment, based on analysis of statistical data and other pertinent information.
Determine equitable basis for distributing surplus earnings under participating insurance and annuity contracts in mutual companies.

How to become one

Actuaries typically need a bachelor's degree to enter the occupation and must pass a series of exams to become certified. They must have a strong background in mathematics, statistics, and business.

Typical education to start: Bachelor's degree

Read the full guide from the U.S. Bureau of Labor Statistics

Ways in

College: Business & Commerce degrees, Offered by 35 universities in the US

Pay · Outlook · AI and this job

Median pay: $130,000 a year The middle half earn $97,680 to $170,650.
About 31,200 people work in this job now, and about 34,100 are projected by 2035. (+9.2%)
People already use generative AI for some of this work. Microsoft Research rates its AI applicability as medium.

Questions people ask

How do I become an Actuaries?

Actuaries typically need a bachelor's degree to enter the occupation and must pass a series of exams to become certified. They must have a strong background in mathematics, statistics, and business.

How much does an Actuaries earn in the US?

Median full-time pay is $130,000 a year (U.S. Bureau of Labor Statistics). The middle half earn $97,680 to $170,650.

Is an Actuaries a growing career in the US?

Yes. Employment is projected to grow 9% by 2035, from about 31,200 to about 34,100 people (U.S. Bureau of Labor Statistics).

Do you need a degree to become an Actuaries?

Usually. 99% of people in this job hold a bachelor's degree or higher.

Will AI change the work of an Actuaries?

People already use generative AI for some of this work. Microsoft Research rates its AI applicability as medium.

Sources

Microsoft Research: Working with AI: AI applicability by occupation (2025-12-22 (built on O*NET 29.0)), CC BY 4.0, retrieved 2026-10-03
U.S. Bureau of Labor Statistics: Employment Projections (2025-35 (released 2026-08-27)), Public domain (BLS), retrieved 2026-10-03
U.S. Bureau of Labor Statistics: Occupational Outlook Handbook (2025-35 edition (published 2026-08-27)), Public domain (BLS); photographs excluded, retrieved 2026-10-03
U.S. Bureau of Labor Statistics: Occupational Employment and Wage Statistics (May 2025), Public domain (BLS), retrieved 2026-10-03

Updated 2026-10-03

This page includes information from the O*NET 31.0 Database by the U.S. Department of Labor, Employment and Training Administration (USDOL/ETA). Used under the CC BY 4.0 license. O*NET is a trademark of USDOL/ETA.