Actuaries

Detailed Occupation

Add Comparison
2020 Workforce
32.5k
Average Age
38.7
Estimated Job Growth
17.7%
10-year projection
Average Salary
$155,072
Average Male Salary
$166,786
Average Female Salary
$133,362

Employment

Information on the businesses and industries that employ Actuaries and on wages and locations for those in the field. Insurance carriers is the industry that employs the most Actuaries, both by share and by number, though the highest paid industry for Actuaries, by average wage, is Accounting, tax preparation, bookkeeping & payroll services. Actuaries are paid most in Somerset County (North & West) PUMA, NJ but are relatively concentrated in West Hartford, Farmington, Simsbury, Bloomfield, Avon & Canton Towns PUMA, CT.

Wages

Yearly Wage

$155,072
AVERAGE SALARY
± $17,936

In 2020, Actuaries earned an average of $155,072, $99,118 more than than the average national salary of $55,954.

Securities, commodities, & financial services sales agents make somewhat more than Actuaries while Podiatrists make somewhat less. This chart shows the various occupations closest to Actuaries as measured by average annual salary in the US.

View Data
Save Image
Add Data to Cart

Wage Distribution

0.385
WAGE GINI

In 2015, Actuaries had a wage GINI coefficient of 0.385, which is lower than than the national average of 0.478. In other words, wages are distributed more evenly for Actuaries (shown in red) than for the overall labor force (shown in gray).

View Data
Save Image

Wage by Location

This map shows the Public Use Microdata Areas (PUMAs) in the United States shaded by average annual wage for Actuaries.

View Data
Save Image
Add Data to Cart

Spatial Concentration

This map displays which Public Use Microdata Areas (PUMAs) in the United States have a relatively high population of Actuaries.

View Data
Save Image
Add Data to Cart

Industries

View Data
Save Image
Add Data to Cart
View Data
Save Image
Add Data to Cart

Industries by Share

32.5k
2020 Workforce
± 4,422
5.8%
1 YEAR GROWTH
± 18.5%

The number of people employed as Actuaries has been growing at a rate of 5.8%, from 30,673 people in 2019 to 32,452 people in 2020.

This graphic shows the share of Actuaries employed by various industries. Insurance carriers employs the largest share of Actuaries at  62.6%, followed by Management, scientific & technical consulting services with 12.6% and Agencies, brokerages, and other insurance related activities with 11.5%.

View Data
Save Image
Add Data to Cart

Diversity

Demographic information on Actuaries in the US. The average age of male Actuaries in the workforce is 38.7 and of female Actuaries is 38.7, and the most common race/ethnicity for Actuaries is White (Non-Hispanic).

Composition by Sex

21.1k
MALE WORKFORCE
± 3,564
11.4k
FEMALE WORKFORCE
± 2,618

65% of Actuaries are Male, making them the more common sex in the occupation. This chart shows the sex breakdown of Actuaries.

View Data
Save Image
Add Data to Cart

Race & Ethnicity

Most Common Race or Ethnicity of Actuaries
  1. White (Non-Hispanic)
  2. Asian (Non-Hispanic)
  3. Black (Non-Hispanic)

76% of Actuaries are White (Non-Hispanic), making that the most common race or ethnicity in the occupation. Representing 16.1% of Actuaries, Asian (Non-Hispanic) is the second most common race or ethnicity in this occupation. This chart shows the racial and ethnic breakdown of Actuaries.

View Data
Save Image

Age by Sex

38.7
AVERAGE MALE AGE
± 2.06
38.7
AVERAGE FEMALE AGE
± 2.81

The median age of Actuaries is 38.7, and Male employees are generally 0.00839 years older than than their Female counterparts.

View Data
Save Image
Add Data to Cart

Education

Data on higher education choices for Actuaries from The Department of Education and Census Bureau. The most common major for Actuaries is Math & Statistics but a relatively high number of Actuaries hold a major in Math & Statistics.

Majors

ACS PUMS data only shows the major for bachelor's degrees. However, we can filter the data based on highest degree obtained.
View Data
Save Image
Add Data to Cart

Skills

Data on the critical and distinctive skills necessary for Actuaries from the Bureau of Labor Statistics. Actuaries need many skills, but most especially Mathematics, Critical Thinking, and Judgment and Decision Making. The revealed comparative advantage (RCA) shows that Actuaries need more than the average amount of Programming, Mathematics, and Operations Analysis.

View Data
Save Image
Add Data to Cart

Bar Chart

View Data
Save Image
Add Data to Cart

Projections

Projections on job growth for Actuaries from the Bureau of Labor Statistics. The 10-year national workforce is projected to grow 3.71%, but Actuaries are expected to see a growth of 17.7% over the same period. This occupation is expected to grow more than the national average.

Job Growth

17.7%
Estimated Job Growth
10-year Projection
3.71%
National Growth
10-year Projection

This line chart shows the projected 10-year growth in the number of jobs for Actuaries. This profession is expected to grow more than than 3.71%, the average rate of national job growth.

View Data
Save Image