Actuaries

Detailed Occupation

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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

About

Actuaries are most often employed by the Insurance carriers industry. The average yearly wage for Actuaries was $155,072 in 2020.

The locations that employ the most Actuaries are West Des Moines & Urbandale Cities PUMA, IA, West Hartford, Farmington, Simsbury, Bloomfield, Avon & Canton Towns PUMA, CT, and Cedar Rapids City PUMA, IA. The locations with a relatively high concentration of Actuaries are West Hartford, Farmington, Simsbury, Bloomfield, Avon & Canton Towns PUMA, CT, Glastonbury, Newington, Wethersfield, Rocky Hill & Marlborough Towns PUMA, CT, and West Des Moines & Urbandale Cities PUMA, IA.

Photo by Ken Teegardin

Management, business, science, & arts occupations Computer & mathematical occupations Computer, engineering, & science occupations

Employment and salary information for the Actuaries workforce. Actuaries workforce in 2020 was 32,452 people, of which 35% were women and 65% were men. Actuaries are paid most in Hartford County (North) PUMA, CT but are relatively concentrated in West Hartford, Farmington, Simsbury, Bloomfield, Avon & Canton Towns PUMA, CT.

Employment Over Time

Metric

Grouping

21,079

Male Workforce

± 3.56k

11,373

Female Workforce

± 2.62k

The Actuaries workforce in 2020 was 32,452 people (35% women and 65% men). This implies an average annual growth of 26.7% between 2014 (25,606) and 2020 (32,452).

Employment by Location

Level

Metric

This map shows the states in the United States shaded by average wage for Actuaries.

During 2020, the states that concentrated the best average annual wage were Alabama ($264,753), New York ($198,586), and New Jersey ($195,642).

Yearly Wage Ranking

$155,072

AVERAGE WAGE

#9 in the ranking (2020)

$55,954

NATIONAL AVERAGE WAGE

For all occupations across the US

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

The graph shows the ranking of Actuaries in relation to all Detailed Occupation in 2020.

Wage Distribution

Gender

0.375

WAGE GINI

In 2020, Actuaries had a wage GINI coefficient of 0.375, which is lower 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).

The graphic shows the distribution of average salaries by buckets for Actuaries compared to the entire workforce in the country.

Industry

Information on the industries that employ Actuaries and on wages 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 ($319,779).

Occupations by Industries

Metric

Value

32.5k

2020 Workforce

± 4,422

5.8%

1 YEAR GROWTH

± 18.5%

This graphic shows the share of Actuaries employed by various industries. Insurance carriers employs the largest share of Actuaries at 72.2%, followed by Management, scientific & technical consulting services with 14.5% and Agencies, brokerages, and other insurance related activities with 13.3%.

Diversity

Demographic information on Actuaries in the US. The workforce of Actuaries in 2020 was 32,452 people, with 35% woman, and 65% men. 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.

Gender and Age

Metric

The workforce of Actuaries in 2020 was 32,452 people, with 35% woman, and 65% men.

The age ranges that concentrated the largest workforce were 30 to 34 years (6,246 people), 25 to 29 years (5,823 people), and 35 to 39 years (4,039 people). Among them they concentrated 50.2% of the total workforce.

Ethnicity

Gender

In 2020, 2.61% of Actuaries workers were Hispanic and 97.4% non-Hispanic.

The treemap shows the distribution of Hispanic workers according to their origin, highlighting Mexican (61.7%) and Puerto Rican (38.3)%

You can review this information by gender using the selectors above.

Races

In 2020, 77.6% of the Actuaries workforce were White, of which 32.7% were women and 67.3% men. Other races that concentrated a significant number of workers were Asian (16.2%) and Black (3.53%).

Education & Skills

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 the most specialized major according to RCA in 2020 were Math & Statistics.

Among the necessary skills for Actuaries, Mathematics stands, but the revealed comparative advantage (RCA) shows that Actuaries need more than the average amount of Programming.

Majors

ACS PUMS data only shows the major for bachelor's degrees. However, we can filter the data based on highest degree obtained.

Type of Majors

Degree

The most common majors achieved by Actuaries in 2020 (counting all academic degrees) were Math & Statistics (13,787 people), Business (9,198 people), and Social Sciences (1,898 people).

You can review this information for different academic grades by modifying the option selected in the selector above.

Education Levels

Metric

The main educational levels achieved by the Actuaries workers were Bachelors Degree (21,781 people), Graduate Degree (9,860 people), and Some college (650 people).

The graphic shows the Actuaries workforce by gender and educational level.

Skills

Chart

Value

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, Judgment and Decision Making.

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.