Actuaries

Detailed Occupation

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2021 Workforce

34.7k

Average Age

39.3

Estimated Job Growth

17.7%

10-year projection

Average Salary

$163,100

Average Male Salary

$171,761

Average Female Salary

$145,755

About

Actuaries are most often employed by the Insurance carriers industry. The average yearly wage for Actuaries was $163,100 in 2021.

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, West Des Moines & Urbandale Cities PUMA, IA, and Glastonbury, Newington, Wethersfield, Rocky Hill & Marlborough Towns PUMA, CT.

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 2021 was 34,721 people, of which 33.3% were women and 66.7% were men. 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.

Employment Over Time

Metric

Grouping

23,157

Male Workforce

± 3.74k

11,564

Female Workforce

± 2.64k

The Actuaries workforce in 2021 was 34,721 people (33.3% women and 66.7% men). This implies an average annual growth of 35.6% between 2014 (25,606) and 2021 (34,721).

Employment by Location

Level

Metric

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

During 2021, the states that concentrated the best average annual wage were Alabama ($288,005), Connecticut ($208,017), and New Jersey ($201,990).

Yearly Wage Ranking

$163,100

AVERAGE WAGE

#9 in the ranking (2021)

$59,596

NATIONAL AVERAGE WAGE

For all occupations across the US

In 2021, Actuaries earned an average of $163,100, $103,504 more than the average national salary of $59,596

The graph shows the ranking of Actuaries in relation to all Detailed Occupation in 2021.

Wage Distribution

Gender

0.362

WAGE GINI

In 2021, Actuaries had a wage GINI coefficient of 0.362, 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 General medical and surgical hospitals, and specialty (except psychiatric and substance abuse) hospitals ($281,404).

Occupations by Industries

Metric

Value

34.7k

2021 Workforce

± 4,574

6.99%

1 YEAR GROWTH

± 17.7%

This graphic shows the share of Actuaries employed by various industries. Insurance carriers employs the largest share of Actuaries at 71%, followed by Management, scientific & technical consulting services with 16.2% and Agencies, brokerages, and other insurance related activities with 12.9%.

Diversity

Demographic information on Actuaries in the US. The workforce of Actuaries in 2021 was 34,721 people, with 33.3% woman, and 66.7% men. The average age of male Actuaries in the workforce is 39.1 and of female Actuaries is 39.7, and the most common race/ethnicity for Actuaries is White.

Gender and Age

Metric

The workforce of Actuaries in 2021 was 34,721 people, with 33.3% woman, and 66.7% men.

The age ranges that concentrated the largest workforce were 30 to 34 years (6,435 people), 25 to 29 years (5,801 people), and 35 to 39 years (4,657 people). Among them they concentrated 49.1% of the total workforce.

Ethnicity

Gender

In 2021, 3.1% of Actuaries workers were Hispanic and 96.9% non-Hispanic.

The treemap shows the distribution of Hispanic workers according to their origin, highlighting Mexican (72.4%) and Puerto Rican (27.6)%

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

Races

In 2021, 76.3% of the Actuaries workforce were White, of which 30.7% were women and 69.3% men. Other races that concentrated a significant number of workers were Asian (16.6%) and Black (3.56%).

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 2021 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 2021 (counting all academic degrees) were Math & Statistics (14,321 people), Business (10,445 people), and Social Sciences (1,971 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 (23,255 people), Graduate Degree (10,700 people), and Some college (675 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.