What Does an Actuary Do? Duties, Pay & Outlook

What does an actuary do?

Actuaries analyze the financial costs of risk and uncertainty using mathematics, statistics and financial theory. The median pay is $130,000 per year (BLS, May 2025), most people train for about Several years of exams while working, and employment is projected to grow +9.2% from 2025–35.

Pay data: BLS OEWS, May 2025 · Outlook: BLS 2025–35 · Checked October 15, 2026

Median pay
$130,000
$62.50/hour · May 2025
Job growth
+9.2%
2025–35, much faster than average
Openings per year
1,500
Average, 2025–35
Typical entry education
Bachelor's degree
BLS classification
Time to train
Several years of exams while working
Typical program length
U.S. jobs
31,200
Employment, 2025

What actuaries do

Actuaries put numbers on risk. They estimate how likely events like death, illness, accidents and disasters are, price insurance products, set reserves, value pension plans and advise companies on financial decisions. Most work for insurers and consulting firms.

Actuaries need a bachelor’s degree and must pass a long series of professional exams over several years. BLS projects much faster than average growth.

Typical duties

Analyze risk data
Price insurance products
Set reserves
Value pension plans
Build models
Present findings
Study for professional exams

Work environment and schedule

Actuaries work in offices, and many work remotely.

Schedule: Full time, with study time for exams.

A day in the life

8:30 AMReview claims experience.
10:00 AMUpdate a pricing model.
11:30 AMMeet underwriting about rates.
1:00 PMCalculate reserves.

See a full day in the life of an actuary →

Actuary salary

Half of actuaries earned more than $130,000 and half earned less in May 2025. Pay ranged from about $78,570 for the lowest 10% to $215,100 for the top 10%.

$78,57010th$130,000Median$215,10090th

Full actuary pay scale and hourly rates →

How to become an actuary

Earn a math-heavy bachelor’s
Pass early exams
Land an internship
Join as an analyst
Earn associate and fellow credentials

A bachelor’s degree in math, statistics, actuarial science or a related field, plus professional exams.

Step-by-step guide to becoming an actuary →

Skills and tools

Technical skills

Probability and statistics
Financial math
Modeling
Programming
Insurance knowledge

People skills

Persistence
Communication
Attention to detail
Business sense

All actuary skills and tools →

Pros and cons

Pros

Much faster-than-average growth
High pay
Low unemployment
Remote options

Cons

Years of hard exams
Desk-heavy work
Pressure on assumptions
Studying while working

Certifications and licenses

ASA or FSA: Society of Actuaries.
ACAS or FCAS: Casualty Actuarial Society.
Enrolled Actuary: Pension credential.
Preliminary exams: Probability and financial math.

Career path

Actuarial Analyst: Entry.
Associate (ASA/ACAS): Credentialed.
Fellow (FSA/FCAS): Full credential.
Chief Actuary: Lead actuarial work.

Learn the job before day one

Our Actuary training (10 hours, $89.99) covers the role, 15+ key terms, step-by-step procedures such as plan your path through actuarial exams and estimate claims not yet reported, safety and how to land your first job.

View Actuary training Is this career right for me?

Insurance Underwriter

Decide whether to insure people and businesses, and on what terms.

$81,370
Moderate on-the-job training

Statistician

Design studies and analyze data to answer questions in health, business and science.

$105,650
2 years after a bachelor’s

Financial Risk Specialist

Measure and manage the risks that could cost an organization money.

$117,330
Entry-level with strong quantitative skills

Data Scientist

Turn data into insights and predictions that guide decisions.

$120,230
4–6 years

Compare: Actuary vs. Insurance Underwriter · Actuary vs. Statistician · Actuary vs. Financial Risk Specialist · Actuary vs. Data Scientist

Actuary FAQ

How long does it take to become a fellow?

Often 7 to 10 years of exams while working.

Is the field growing?

Yes, BLS projects much faster than average growth.

Do I need an actuarial degree?

No, math or statistics degrees work too.

How much does an actuary make?

The median annual wage for actuaries was $130,000 ($62.50 per hour) in May 2025, according to the U.S. Bureau of Labor Statistics. The lowest 10% earned less than $78,570 and the highest 10% earned more than $215,100.

How long does it take to become an actuary?

Most people need about Several years of exams while working of training. A bachelor’s degree in math, statistics, actuarial science or a related field, plus professional exams.

Do you need a degree to be an actuary?

Usually, yes. BLS lists a bachelor's degree as the typical entry-level education, although skills, certifications and experience can sometimes substitute.

Sources

U.S. Bureau of Labor Statistics, BLS Occupational Employment and Wage Statistics (OEWS), May 2025, SOC 15-2011 (Actuaries).
U.S. Bureau of Labor Statistics, BLS Employment Projections, Table 1.2 (2025–35).
O*NET OnLine summary for Actuaries (U.S. Department of Labor).
BLS Occupational Outlook Handbook.

Reviewed by the Career Education Institute Curriculum Team. Pay figures are national estimates; local pay varies. See our editorial policy.

Actuary