What Does an Actuary Do? A Guide to the Types of Actuaries for 2025

by Imed Bouchrika, Phd

Co-Founder and Chief Data Scientist

Share

The COVID-19 pandemic serves as a stark reminder of how swiftly the world can change, impacting not just public health but also various global sectors. It has caused 6.9 million deaths (World Health Organization, 2023) and a -3.4% dip in the world’s gross domestic product in 2020 (Statista, 2023). This is why the need for professionals adept at mitigating risks is crucial.

Among them are actuaries whose expertise is to navigate complex financial landscapes. The question now is, what does an actuary do? How can I become an actuary? Moreover, why should you consider dedicating your time and effort to this profession? Actuarial careers require years of training, relentless dedication, and a genuine passion for numbers. However, the pursuit of becoming an actuary offers a high return on investment (ROI) that makes it a compelling path to explore.

As an actuary seeking to diversify your skill set and explore new career horizons, and you might be asking yourself, ‘How do I become a business consultant?’ let’s delve into the possibilities. In this guide, we will explore the roles of actuaries, shedding light on their types, salaries, and job outlook. We will also discuss its differences from similar jobs to help aspiring actuaries uncover how their commitment to excellence can yield tremendous financial rewards.

What Does an Actuary Do? Table of Contents

1. What Does an Actuary Do: Responsibilities and Training
2. Actuary Job Outlook and Salary
3. What Does an Actuary Do: Types and Roles
4. Emerging Trends and Technology Shaping the Actuarial Profession
5. Educational Pathways and Degrees for Aspiring Actuaries
6. Certifications for Actuaries
7. How Do Actuarial Education Investments Compare to Alternative Financial Disciplines?
8. Should I Consider Accountancy as an Alternative to Actuarial Science?
9. Actuaries Vs. Similar Jobs
10. Should Actuaries Consider Complementary Accounting Certifications?
11. What Are the Most Effective Exam Preparation Strategies for Aspiring Actuaries?
12. The Financial Implications of Pursuing an Actuarial Career
13. What Are the Career Alternatives for Individuals Interested in Numbers and Financial Analysis?
14. What Essential Soft Skills Do Actuaries Need to Succeed?
15. What Regulatory and Ethical Standards Must Actuaries Uphold?

What Does an Actuary Do: Responsibilities and Training

In 2021, there were 28,300 actuaries in the U.S. workforce (U.S. Bureau of Labor Statistics, 2023a). These professionals harness their statistics proficiency to protect individuals and companies against potential pitfalls. In this section, we will provide an overview of actuary job descriptions, as well as their skills and educational requirements, to help you gain insights into your academic and career pathways.

Responsibilities and Skills

In a nutshell, actuaries manage and prevent risks. They do this by analyzing market trends, industry dynamics, and economic factors. Moreover, having a statistical background, like math degrees for actuaries, helps them determine ways to decrease the effects of undesirable events on their client’s finances.

Aside from crunching numbers and data, their job requires them to collaborate with professionals from various disciplines in decision-making processes. Because of this, actuaries must possess the following skills:

• Communication. They must be able to explain technical concepts clearly to individuals without an actuarial background. Apart from that, they must practice active listening and open communication as they bounce off ideas and strategize plans and proposals. To further their knowledge in the ever-changing field of communication, individuals can look into taking up an associate degree in digital marketing.
• Problem-solving. Part of what an actuary do is to analyze complex scenarios and anticipate the risks to minimize their effects. This involves crafting protocols that their clients must follow to maintain a sound financial position.
• Analytical thinking. This skill helps them to identify patterns in the data they sift through. By compiling information and generating their interpretations, they can ensure the financial well-being of their clients. This is also a required skill when taking other degrees like nonprofit management online.

Education and Training

Meticulous training and ongoing professional development are integral aspects of what does an actuary do. As of 2020, a total of 2,065 degrees in actuarial science were awarded in the U.S. (Data USA, n.d.). You can also take up math, statistics, finance, or economics to enter this profession. Advanced degrees are usually not required. However, individuals who obtained an unrelated baccalaureate degree are encouraged to pursue a master’s degree in actuarial science or math.

The total duration of a college semester may vary, but it generally takes four years to finish a bachelor’s program. If you’re hesitating to pursue a bachelor’s program and are starting to look at other options like ‘how to become a business analyst with no experience.’ It is best to keep researching more about the role of actuaries.

During this time, you may already take two preliminary actuarial exams to become employment-ready. Your training continues after getting a job, and you will need to accomplish a total of seven actuarial exams to become an associate. To achieve fellowship status, you must complete three or more exams. Overall, it will require six to ten years to take all exams (Be An Actuary, n.d.), and continuing education must be accomplished as well.

Actuary Job Outlook and Salary

Data show that the actuary job outlook is 21%, providing 2,400 annual openings from 2021 to 2031 (BLS, 2023a). With the help of actuarial science or online business degree programs, you can start your career in this field, which not only offers ample job opportunities but also high wages.

Additional information from the BLS (2023b) reveals that the actuary median salary is $127,580 per year. Moreover, the range of their annual wages varies from $71,760 (10% percentile) to $199,300 (90% percentile). These salary figures reflect the value placed on the critical contributions that actuaries bring to organizations. However, keep in mind that income can be affected by various factors, like location, industry, experience, and specialization.

Top-Paying States and Industries for Actuaries

Now that you have a general idea of what does an actuary do, you can consider planning where and in which industry to pursue your practice. Being familiar with this can help you make more informed decisions about your future. For instance, if you are aiming for a relatively high salary, you can consider starting your career in New Hampshire, New York, North Carolina, Connecticut, or Massachusetts, which are the highest-paying states for professionals in this field. Actuaries earn around $160,090 to $144,020 yearly in these states (BLS, 2023b).

Apart from knowing how much do actuaries make, you must also consider the best-paying industries that actuaries can work in to help you decide your area of specialization. Legal services, computer systems designs, credit intermediation, federal executive branch, and accounting, tax preparation, bookkeeping, and payroll services are the leading industries actuaries can flourish in, earning as much as $248,590 to $143,430 yearly (BLS, 2023b).

What Does an Actuary Do: Types and Roles

Becoming an actuary is one of the best business careers in the employment market. They are consistently recognized due to their unique skill set in managing risks and making calculated financial decisions. To further break down the specifics of what does an actuary do, we provide details on the different types and roles of actuaries.

Property and Casualty Insurance Actuaries

One of the most common types of actuaries, a property and casualty insurance actuary develops policies for insured individuals or companies against accidents and losses. They determine the appropriate premium rates for various types of coverage, such as auto, home, and liability insurance. A consultant in this line of work earns around $122,776 per year (Glassdoor, 2023a).

Life Insurance Actuaries

Part of what actuaries do in the field is to ensure the financial sustainability of life insurance companies and design policies that meet the needs of individuals and families in planning for the future. They also study mortality data and life expectancy trends to develop pricing strategies for life insurance products. They take home around $134,502 annually (ZipRecruiter, 2023).

Enterprise Risk Management Actuaries

Defining what does an actuary do in enterprises and corporate settings includes evaluating potential risks that could affect the company, including economic, financial, or geopolitical factors. They then create comprehensive risk management frameworks to protect the client’s financial status and ensure long-term sustainability. A manager in this position has an annual salary of $138,821 (Salary.com, 2023).

Public Sector Actuaries

Their slightly different role entails analyzing demographics, projecting benefits policies, and crafting risk management strategies associated with social insurance programs, public pensions, healthcare financing, and other governmental initiatives. They may either create improved policies for federal programs or regulate the charges of insurance companies. Their annual wages are around $145,171 (FederalPay, 2022).

Health Insurance Actuaries

You might be wondering, where do actuaries work when they are in the insurance industry? Health insurance actuaries draft healthcare coverage and insurance plans. They assess medical costs and health trends, as well as the policyholder’s family background, medical history, and occupation to determine the pricing models. As such, they often find themselves working in hospitals, government health agencies, as well as corporate environments where they stand to earn $190,013 each year (Glassdoor, 2023b).

Emerging Trends and Technology Shaping the Actuarial Profession

The actuarial field is undergoing significant transformation, driven by advancements in technology and evolving industry demands. Staying informed about these trends is crucial for actuaries who wish to maintain their competitive edge and continue adding value to their organizations.

Use of Advanced Analytics and Artificial Intelligence

One of the most notable trends reshaping the actuarial profession is the integration of advanced analytics and artificial intelligence (AI). While actuaries traditionally rely on statistical tools to evaluate risks, AI has introduced more sophisticated predictive models. Machine learning algorithms, for example, help actuaries analyze vast datasets more efficiently, uncover complex patterns, and predict outcomes with greater accuracy. By embracing these tools, actuaries can improve decision-making processes and provide deeper insights for their clients or organizations.

Automation in Risk Assessment

Automation is streamlining many repetitive tasks in actuarial processes, such as data cleansing and preliminary risk evaluations. Software solutions equipped with robotic process automation (RPA) perform routine operations faster, freeing up actuaries to focus on strategic and analytical tasks. This technological shift enhances productivity while reducing the likelihood of human error in critical calculations.

Adoption of Blockchain Technology

Blockchain, renowned for its application in cryptocurrencies, is increasingly gaining traction in the actuarial and insurance sectors. By offering secure and transparent data storage solutions, blockchain reduces fraud risks and simplifies claims processing. For actuaries, this technology provides more reliable datasets, enabling accurate risk assessments and pricing models.

Focus on Cyber Risk and ESG Metrics

As industries become more digitalized, cyber risks have emerged as a pressing concern for organizations. Actuaries are now specializing in quantifying and mitigating cyber-related risks, creating new demand for expertise in this area. Similarly, the rise of environmental, social, and governance (ESG) metrics presents new challenges and opportunities. Actuaries are increasingly tasked with assessing the long-term financial impact of ESG factors, such as climate change, on businesses and economies.

Expanding Opportunities in Non-Traditional Roles

Traditionally associated with insurance and pension industries, actuaries are now venturing into sectors like technology, healthcare, and enterprise risk management. Companies outside of conventional actuarial domains are leveraging their expertise to navigate uncertainties, optimize financial outcomes, and create sustainable business models. This diversified demand broadens career opportunities for actuaries, proving the adaptability and relevance of their skill set.

Continuous Upskilling as a Professional Imperative

With the brisk pace of innovation, lifelong learning has become indispensable for actuaries. Staying updated on new programming languages like Python and R, acquiring skills in data visualization, and understanding market-specific software tools are critical for maintaining professional competence. Participation in workshops, certifications, and seminars focused on emerging technology ensures actuaries remain at the forefront of their field.

These trends underscore the evolving dynamics of actuarial science, where the fusion of traditional expertise and modern technology creates exciting new possibilities. For those looking to build a strong foundation in a related field, pursuing an accelerated associate's degree in accounting can be a practical step toward robust career growth and making an enduring impact on the industries they serve.

Educational Pathways and Degrees for Aspiring Actuaries

Becoming an actuary requires a strong educational foundation in mathematics, statistics, and financial theory. While there is no one-size-fits-all path to entering this career, there are key degrees and educational steps that can significantly enhance your chances of success. Here's an overview of the typical educational journey for aspiring actuaries:

Bachelor's Degree

The first step to becoming an actuary is earning a bachelor’s degree in a relevant field. Most actuarial candidates major in mathematics, statistics, finance, or economics. A degree in one of these subjects will provide you with the essential skills in probability, calculus, and risk management that are fundamental to actuarial work. Some universities also offer specialized actuarial science programs, which combine these subjects and tailor the coursework specifically to actuarial exams and professional skills.

Earning Certifications and Passing Exams

While a degree provides the foundation, actuaries must also pass a series of professional exams to obtain certification. The exams are administered by organizations such as the Society of Actuaries (SOA) or the Casualty Actuarial Society (CAS). These exams are rigorous and require deep knowledge of probability, financial mathematics, and actuarial models. Aspiring actuaries typically begin studying for their exams during their university years and continue after graduation.

Master’s and Specialized Degrees

Although a bachelor’s degree is sufficient for entering the field, some actuaries pursue a master’s degree in actuarial science or a related field to gain more specialized knowledge and enhance career prospects. These advanced degrees can be particularly useful for those seeking roles in management, consultancy, or other high-level positions. For those who wish to explore broader business management skills, the easiest management degree may be a great option, as it can help develop leadership and organizational capabilities while still focusing on the core skills required for actuarial roles.

Internships and Practical Experience

In addition to formal education and certification, internships provide critical real-world experience. Many actuarial firms and insurance companies offer internship opportunities to students, which allow them to gain hands-on experience with data analysis, risk modeling, and other actuarial tasks. Internships not only strengthen a resume but also help aspiring actuaries build professional networks in the industry.

Continuing Education and Professional Development

Actuaries are expected to engage in lifelong learning to maintain their certifications. Continuing education is essential, as the field is constantly evolving with new financial models, risk management strategies, and software tools. Many professional associations offer workshops, webinars, and courses to keep actuaries updated on the latest developments.

Certifications for Actuaries

To become an actuary, you need specific certifications that demonstrate your expertise in assessing financial risk. Here are the main certifications required for an actuarial career:

• Associate of the Society of Actuaries (ASA): The ASA certification covers topics like probability, financial mathematics, and risk management. It’s an entry-level credential that requires passing a series of exams, completing coursework, and gaining relevant experience.
• Fellow of the Society of Actuaries (FSA): The FSA certification is an advanced credential for actuaries looking to specialize in areas like health, life insurance, or pensions. After earning the ASA, actuaries must pass additional exams and complete modules focusing on their chosen specialty.
• Associate of the Casualty Actuarial Society (ACAS): The ACAS certification is geared toward actuaries working in property and casualty insurance, covering areas like auto, homeowners, and liability insurance. Candidates must pass a series of exams that focus on risk analysis and insurance principles.
• Fellow of the Casualty Actuarial Society (FCAS): FCAS is the highest level in the Casualty Actuarial Society and focuses on deeper topics like financial reporting, advanced modeling, and regulatory issues. Actuaries with this certification typically work in specialized roles within property and casualty insurance.
• Certified Enterprise Risk Analyst (CERA): The CERA certification is for actuaries interested in risk management across different industries. It focuses on identifying and managing enterprise risks, including financial and operational challenges.

How Do Actuarial Education Investments Compare to Alternative Financial Disciplines?

When evaluating the financial commitment for an actuarial career, potential actuaries must consider the cumulative costs of exam fees, study materials, and ongoing professional development. This investment, although considerable, is balanced by long-term returns and strong job stability. In contrast, alternative financial pathways may offer different cost structures and timelines. For instance, prospective students in related fields sometimes explore digital options such as pursuing an cost of online accounting degree, which can present a more affordable entry point without compromising career viability. Comparing these educational investments enables informed decision-making that aligns financial planning with long-term career objectives.

Should I Consider Accountancy as an Alternative to Actuarial Science?

While actuaries focus on quantifying and mitigating risks through complex mathematical models, accountancy encompasses broader financial practices including auditing, tax planning, and regulatory compliance. This discipline demands a combination of analytical rigor and business acumen suited for those who appreciate diverse financial responsibilities. For professionals weighing their career options, exploring why choose a career in accountancy can provide insights into distinct certification paths, industry demands, and long-term growth prospects that differ from the actuarial field.

Actuaries Compared to Similar Jobs

Identifying what does an actuary do can help differentiate their role from related occupations within the financial and risk management fields. While the tasks and responsibilities of these professionals overlap, actuaries bring a unique blend of expertise to the table. Knowing the difference between an actuary from other jobs can aid you in choosing the best program and career to focus on.

• Actuaries vs. Financial Analysts. Now that you know the answer to the question “what is an actuary?" it is easier to compare them to financial analysts who are in charge of guiding companies and individuals in making the most out of their investments. Instead of solely studying risks, financial analysts analyze trends in stocks or bonds and provide recommendations that will increase their clients’ profits.
• Actuaries vs. Statisticians. The capabilities of statisticians are similar to actuary skills, however, statisticians focus mostly on data collection and the creation of data analysis models. They also design polls or surveys, test their validity, and summarize the results for easier interpretation.
• Actuaries vs. Management Analysts. These analysts help companies improve their profitability and efficiency by providing strategies for organizational changes, corporate structures, and revenue and expenditure plans. Meanwhile, an actuary studies trends across industries and tries to predict and prevent risks that could affect a company’s profits.
• Actuaries vs. Accountants. Differentiating what does an actuary do from an accountant’s job is simple. Accountants handle financial records and ensure that companies or individuals pay their taxes. They also go over their client’s books and check for anomalies. On the other hand, actuaries plan out what to do in case of risks.

When comparing annual wages, these professions generally fall within a similar range, except for accountants whose earnings tend to be below $100,000. For instance, the average salary of a business management degree graduate working as a management analyst is $104,660 (BLS, 2023c). In addition to income, they work in the same settings, such as in banks, accounting firms, government agencies, and corporate offices. However, actuaries are mostly known to fill positions in the insurance market, which is expected to grow up to $9.8 trillion by 2027 (BCC Research, 2022).

Should Actuaries Consider Complementary Accounting Certifications?

Integrating additional financial expertise can enhance an actuary’s strategic insight and broaden career opportunities. In particular, pursuing complementary certifications such as becoming a CPA may offer a dual perspective on financial analysis and regulatory compliance. This additional credential not only deepens understanding of accounting practices but also supports sophisticated risk assessments, enabling professionals to navigate complex financial landscapes with greater agility and cross-disciplinary proficiency.

What Are the Most Effective Exam Preparation Strategies for Aspiring Actuaries?

Crafting a targeted study plan is essential to successfully pass the series of professional actuarial exams. Candidates are encouraged to identify exam-specific focus areas, utilize a blend of self-study materials and instructor-led courses, and actively participate in study groups to clarify complex statistical concepts. Supplementing traditional study methods with digital tools—such as interactive online practice modules—can enhance comprehension and retention. Additionally, some professionals integrate advanced academic options, like affordable masters in finance online programs, to deepen both quantitative and analytical proficiencies required for rigorous exam content. Regular assessment through mock exams and adherence to a strict study schedule further supports steady progress toward certification while minimizing exam-day uncertainties.

The Financial Implications of Pursuing an Actuarial Career

Becoming an actuary requires a significant investment of time, effort, and finances. From undergraduate education to obtaining certifications, understanding the financial implications is essential for evaluating the return on investment (ROI) of this career.

Educational Costs

The journey to becoming an actuary typically starts with earning a bachelor’s degree in actuarial science, mathematics, finance, or a related field. Tuition costs for such programs vary widely depending on the institution. On average:

• In-state public universities: $10,000–$15,000 per year.
• Private universities: $30,000–$50,000 per year.

Additional costs include study materials and fees for actuarial exams. Each exam costs between $250 and $500, and aspiring actuaries often take study courses or purchase preparation materials, which can add another $1,000–$2,000 per exam.

Starting Salaries

Despite the initial financial commitment, actuarial careers offer some of the highest starting salaries among financial and mathematical professions. According to the Bureau of Labor Statistics, entry-level actuaries earn a median annual salary of $72,000–$85,000, depending on location and industry. For comparison, the average finance major salary is approximately $55,000, demonstrating the actuarial field’s strong ROI.

Long-Term Earnings Potential

As actuaries pass more exams and gain experience, their salaries grow significantly:

• Associate Actuaries: $100,000–$150,000 annually.
• Fellow Actuaries: $150,000–$250,000 annually, with top earners exceeding $300,000.

Specialization also plays a critical role. Actuaries in enterprise risk management or health insurance tend to earn higher salaries compared to those in traditional life insurance roles.

Career Advancement

The actuarial profession offers stable and lucrative career advancement opportunities. Employers often cover the cost of exams and provide paid study time, reducing the financial burden of professional development. The combination of high salaries, employer support, and job security makes the actuarial field one of the most financially rewarding careers.

Comparing ROI to Similar Professions

While becoming an actuary requires substantial commitment, the financial rewards are comparable or superior to those of similar professions, such as statisticians or financial analysts. For instance, financial analysts have a median annual salary of $95,570, but their career growth often plateaus without additional certifications or advanced degrees. By contrast, actuaries enjoy continued salary growth through exams and certifications.

What Are the Career Alternatives for Individuals Interested in Numbers and Financial Analysis?

For individuals who enjoy working with numbers and are interested in financial analysis, but may not be suited for or interested in the actuarial profession, there are several alternative career paths to consider. These careers often overlap with the skills and knowledge required to be an actuary, but may offer different work environments, responsibilities, or growth opportunities. Some of these alternatives include careers in accounting, where one could explore the accountant salary to understand the financial implications of this profession. Other options might involve working as a financial analyst, data scientist, or management consultant, each leveraging strong analytical and problem-solving skills. Understanding these career alternatives can help individuals make informed decisions about their professional development and choose a path that best aligns with their interests, skills, and career aspirations.

What Essential Soft Skills Do Actuaries Need to Succeed?

Actuarial roles demand more than advanced quantitative proficiency. Professionals must adeptly communicate intricate risk assessments to non-technical stakeholders, ensuring that data insights translate into strategic decisions. Collaboration with cross-disciplinary teams is vital, making interpersonal skills and the ability to foster productive dialogue indispensable. Moreover, strong problem-solving capabilities, effective time management, and adaptability enhance an actuary’s capacity to navigate dynamic market conditions and regulatory shifts. For foundational studies that combine analytical rigor with skill development, exploring easy associate degrees can further support the cultivation of these soft skills.

What Regulatory and Ethical Standards Must Actuaries Uphold?

In today’s dynamic financial landscape, actuaries must rigorously adhere to evolving regulatory requirements and ethical frameworks that safeguard public trust and professional integrity. They are tasked with ensuring that risk assessment models and actuarial methods comply with both governmental mandates and industry-specific standards. This involves transparently disclosing methodologies, managing conflicts of interest, and protecting sensitive client data, thereby reinforcing accountability. Additionally, engagement in ethics training and periodic compliance reviews remains critical to staying ahead of legal changes. For those exploring related financial disciplines, understanding the distinct regulatory environments can provide valuable context on best practices—consider how to become an accountant for broader industry perspectives.

Actuaries: Facing Uncertainties with Their Commitment to Professional Development

In this guide, our team provided details on what does an actuary do, as well as valuable information regarding their types, annual salaries, job outlook, and difference from related occupations to help you map out your career pathway. Aspiring actuaries must be prepared to face a demanding journey to reap rewards that are well worth the effort.

More importantly, however, it is their commitment to professional development that makes them experts and revered in their field. Now more than ever, their services are indispensable in safeguarding the financial well-being of individuals and organizations and ensuring a secure future in the face of uncertainties.

If you’re interested in exploring alternative job options, check out our post on ‘How do I become business consultant?’

Key Insights

• High Demand and Growth: The actuary job outlook is very promising with a 21% growth rate projected from 2021 to 2031, which is much faster than the average for all occupations.
• High Salary Potential: Actuaries have a high earning potential with a median annual salary of $127,580. Top earners in the field can make up to $199,300 per year.
• Diverse Opportunities: Actuaries can work in various sectors, including insurance, healthcare, government, and enterprise risk management. Each sector offers unique roles and responsibilities.
• Critical Skills: Key skills for actuaries include communication, problem-solving, and analytical thinking. These skills are essential for interpreting data, forecasting risks, and making strategic decisions.
• Educational Pathway: Becoming an actuary typically requires a bachelor’s degree in actuarial science, mathematics, statistics, finance, or a related field. Passing a series of professional exams is also necessary to achieve associate and fellowship status.
• Comparison with Similar Professions: Actuaries are often compared with financial analysts, statisticians, management analysts, and accountants. While there are overlaps, actuaries uniquely focus on risk management and financial security.

FAQ

1. What educational background is required to become an actuary? To become an actuary, you typically need a bachelor’s degree in actuarial science, mathematics, statistics, finance, or a related field. Advanced degrees are not usually required, but passing a series of professional actuarial exams is necessary.
2. What is the job outlook for actuaries? The job outlook for actuaries is very positive, with a projected growth rate of 21% from 2021 to 2031. This high demand is driven by the increasing need for risk management and financial planning services.
3. What is the average salary for actuaries? The median annual salary for actuaries is $127,580. Salaries can range from $71,760 at the lower end to $199,300 at the higher end, depending on factors like location, industry, experience, and specialization.
4. What skills are essential for actuaries? Essential skills for actuaries include strong communication abilities, problem-solving skills, and analytical thinking. These skills help actuaries interpret data, forecast risks, and make strategic financial decisions.
5. How do actuaries compare to similar professions like financial analysts or statisticians? Actuaries primarily focus on managing and mitigating risks, whereas financial analysts guide investment decisions, statisticians focus on data collection and model creation, management analysts improve organizational efficiency, and accountants handle financial records and taxes. Actuaries often work in insurance, which differentiates them from these other roles.
6. What is the process for obtaining actuarial certification? The certification process involves passing a series of professional exams administered by actuarial organizations such as the Society of Actuaries (SOA) or the Casualty Actuarial Society (CAS). It typically requires passing seven exams to become an associate and additional exams for fellowship status, taking about six to ten years in total.
7. What industries offer the highest salaries for actuaries? The top-paying industries for actuaries include legal services, computer systems design, credit intermediation, the federal executive branch, and accounting services. Actuaries in these industries can earn annual salaries ranging from $143,430 to $248,590.

References:

• BCC Research. (2022, October). Global insurance industry market. https://www.bccresearch.com/market-research/finance/insurance-industry-market.html
• Be An Actuary. (n.d.). Answers to your frequently asked questions. Retrieved July 10, 2023, from https://www.beanactuary.org/what-is-an-actuary/fast-facts-about-actuaries
• Data USA. (n.d.). Actuarial science. Retrieved July 10, 2023, from https://datausa.io/profile/cip/actuarial-science
• Glassdoor. (2023a, June 14). How much does a property and casualty actuarial consultant make? https://www.glassdoor.com/Salaries/property-and-casualty-actuarial-consultant-salary-SRCH_KO0,42.htm
• Glassdoor. (2023b, June 14). How much does an actuary (healthcare) make? https://www.glassdoor.com/Salaries/actuary-healthcare-salary-SRCH_KO0,18.htm
• Salary.com. (2023, June 26). Enterprise risk manager salary in the United States. https://www.salary.com/research/salary/posting/enterprise-risk-manager-salary
• Statista. (2023, January 17). Impact of the coronavirus pandemic on the global economy Statistics & facts. https://www.statista.com/topics/6139/covid-19-impact-on-the-global-economy
• U.S. Bureau of Labor Statistics. (2023a, February 6). Actuaries. Occupational Outlook Handbook. https://www.bls.gov/ooh/math/actuaries.htm
• U.S. Bureau of Labor Statistics. (2023b, April 25). Occupational employment and wages, May 2022 Actuaries. Occupational Employment and Wage Statistics. https://www.bls.gov/oes/current/oes152011.htm
• U.S. Bureau of Labor Statistics. (2023c, April 25). Occupational employment and wages, May 2022 Management analysts. Occupational Employment and Wage Statistics. https://www.bls.gov/oes/current/oes131111.htm
• World Health Organization. (2023, July 5). WHO coronavirus (COVID-19) dashboard. Retrieved July 10, 2023, from https://covid19.who.int