Actuaries
SOC code 15-2011 · O*NET-SOC 15-2011.00 · Considerable preparation needed · Computer and IT
Bright Outlook — O*NET expects rapid growth for this occupation
Actuaries pay
U.S. national figures, May 2025 BLS survey · How we got this number
Median pay
$130,000
a year
Hourly
$62.50
per hour
The solid band is the middle 50% of workers; the bar spans the 10th to 90th percentile.
Average pay
$141,480
$68.02 per hour
Middle 50%
$97,680 – $170,650
25th to 75th percentile
Full spread
$78,570 – $215,100
10th to 90th percentile
People employed
26,670
nationwide
National U.S. figure, May 2025. Local pay can be higher or lower.
- 10th percentile
- $78,570
- $37.77/hr
- 25th percentile
- $97,680
- $46.96/hr
- Median percentile
- $130,000
- $62.50/hr
- 75th percentile
- $170,650
- $82.04/hr
- 90th percentile
- $215,100
- $103.41/hr
Job outlook · federal projection 2024–34
+22%
Growing much faster than average
33,600
jobs in 2024
40,900
projected for 2034
About 7,300 more jobs
U.S. Bureau of Labor Statistics employment projections, 2024–34. Projections describe the broader occupation group and are estimates, not guarantees.
What does an actuary do?
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.
The tasks that matter most day to day
- 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 an actuary
Preparation level: zone 4 — Considerable preparation needed
- Education
- Most of these occupations require a four-year bachelor's degree, but some do not.
- Experience
- A considerable amount of work-related skill, knowledge, or experience is needed for these occupations. For example, an accountant must complete four years of college and work for several years in accounting to be considered qualified.
- Training
- Employees in these occupations usually need several years of work-related experience, on-the-job training, and/or vocational training.
The federal survey did not capture education levels for this specific occupation, so the preparation-level card above is the best guide to the entry route.
Common questions
How much does an actuary earn?
The national median is $130,000 a year. The full range runs from $78,570 at the 10th percentile to $215,100 at the 90th — entry pay sits closer to the lower figure, and experience, licensing and specialisation move you up the range.
Can you become an actuary without a degree?
Not usually — this occupation sits in preparation zone 4, where the typical entry route is most of these occupations require a four-year bachelor's degree, but some do not. The education breakdown above shows what people in the role actually reported.
Is actuary in demand?
Federal projections expect employment to grow by about 22% between 2024 and 2034 — growing much faster than average. Openings also come from people retiring or changing jobs, which the growth figure does not count.
Skills and knowledge you need
Core skills
- Mathematics4.4/5
- Reading Comprehension4.1/5
- Active Listening4.0/5
- Critical Thinking4.0/5
- Writing3.9/5
- Speaking3.9/5
Knowledge areas
- Mathematics4.8/5
- Economics and Accounting4.1/5
- Computers and Electronics3.4/5
- English Language3.1/5
- Administration and Management3.0/5
- Law and Government2.9/5
- Administrative2.7/5
Transferable strengths: Complex Problem Solving, Judgment and Decision Making, Systems Evaluation, Systems Analysis.