FAQ
Actuary FAQ
Answers to the most common questions about working as an actuary.
Straight answers to the questions people ask most about becoming an actuary: pay, training time, degrees, certifications and whether it’s a good career.
9 questions about actuaries
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.
Is actuary a good career?
It can be, depending on your goals. Employment is projected to change +9.2% from 2025–35 (much faster than average), with about 1,500 openings each year. Upsides include much faster-than-average growth; a common challenge is that years of hard exams.
What skills does an actuary need?
Key technical skills include probability and statistics, financial math, modeling, and programming. Employers also value persistence, communication, and attention to detail.
What certifications are available for actuaries?
Common credentials include ASA or FSA, ACAS or FCAS, Enrolled Actuary, and Preliminary exams. Requirements vary by state and employer.
Still deciding?
Try the Actuary fit quiz, compare with Insurance Underwriter, or explore Actuary training.
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.