Actuary Career

Planning and Analysis

 

Actuary

Career Area: Planning and Analysis

Occupation Group: Data Analysis and Mathematics

Salary

Percentile wages tell how much a certain percentage of an overall population in a geographic area or within a given industry or field makes. The percentile wage estimate is the value of a wage below which a certain percent of workers fall.

An example would be the 25th percentile, 25 percent of workers employed in that occupation earn less and 75 percent earn more than the estimated wage value. At the 75th percentile, 75 percent of workers employed in that occupation earn less and 25 percent earn more than the estimated wage value.

A typical Actuary earns the following wages (national and state):

State

The average salary in North Carolina for those pursuing this career is $89,933

*The salaries depicted here are representative of the range of salaries posted in job listings over the past year. Living wage in North Carolina is $30,000.

National

The average salary in the United States for those pursuing this career is $91,164

*The salaries depicted here are representative of the range of salaries posted in job listings over the past year. Living wage in North Carolina is $30,000.

What Does a Professional in this Career Do?

Calculates the financial costs of risk and uncertainty. Uses findings from statistical analysis and mathematical modeling to help businesses and clients minimize the cost of risk and develop business and investment strategies. Uses actuarial analysis of the probability and cost of natural disasters or accidents to develop insurance policies.

Employment Trends

The job demand and job growth statistics shown here were derived from job posts over the past year. Expected job growth projections are extrapolated from year-over-year job post listing history.

Job demand and job growth is expected at the following rates:

Growth
North Carolina334+35.6%
Nationwide19133+22.5%

Skills

A professional in this position typically utilizes the following skills in the course of everyday work in this exciting and challenging field:

Baseline Skills

The following are baseline skills every Actuary is expected to have in order to experience success in this field:

  • Communication Skills: The ability to convey information to another effectively and efficiently.
  • Microsoft Excel: Microsoft Excel is a spreadsheet developed by Microsoft for Windows, macOS, Android and iOS. It features calculation, graphing tools, pivot tables, and a macro programming language called Visual Basic for Applications.
  • Teamwork / Collaboration: A Collaboration is a purposeful relationship in which all parties strategically choose to cooperate in order to achieve shared or overlapping objectives.
  • Microsoft Office: Microsoft Office is an office suite of applications, servers, and services developed by Microsoft.
  • Problem Solving: Problem solving consists of using generic or ad hoc methods, in an orderly manner, for finding solutions to problems.

Specialized Skills

These skills are specific to working in this career:

  • SQL: SQL ( ESS-kew-EL or SEE-kwl, Structured Query Language) is a domain-specific language used in programming and designed for managing data held in a relational database management system (RDBMS), or for stream processing in a relational data stream management system (RDSMS).
  • Financial Reporting: Financial statements (or financial report) is a formal record of the financial activities and position of a business, person, or other entity.
  • Risk Management: Risk management is the identification, assessment, and prioritization of risks (defined in ISO 31000 as the effect of uncertainty on objectives) followed by coordinated and economical application of resources to minimize, monitor, and control the probability and/or impact of unfortunate events or to maximize the realization of opportunities.
  • Insurance Underwriting: Underwriting services are provided by some large specialist financial institutions, such as banks, insurance or investment houses, whereby they guarantee payment in case of damage or financial loss and accept the financial risk for liability arising from such guarantee.
  • Economics: Economics (UK English: , ; US English: , ) is a social science concerned chiefly with description and analysis of the production, distribution, and consumption of goods and services.

Distinguishing Skills

Any Actuary that possesses the following skills will stand out against the competition:

  • Annuities: Working experience of Annuities. An annuity is a financial product that pays out a fixed stream of payments to an individual, primarily used as an income stream for retirees. Annuities are created and sold by financial institutions, which accept and invest funds from individuals and then, upon annuitization, issue a stream of payments at a later point in time.
  • Predictive Models: Predictive modeling uses statistics to predict outcomes.

Salary Boosting Skills

A professional who wishes to excel in this career path may consider developing the following highly valued skills:

  • Stochastic Processes: Working experience of Stochastic Processes, which is a mathematical object usually defined as a collection of random variables. Historically, the random variables were associated with or indexed by a set of numbers, usually viewed as points in time, giving the interpretation of a stochastic process representing numerical values of some system randomly changing over time, such as the growth of a bacterial population, an electrical current fluctuating due to thermal noise, or the movement of a gas molecule.

Education

This career typically requires the following level of education. The numbers presented in the pie charts below were derived from actual job posts over the past year. Not all job postings list education requirements.

.
Education Level%
Bachelor's Degree84%
Master's Degree16%
Doctoral Degree0%

Experience

This position typically requires the following level of experience. The numbers presented in the pie charts below were derived from actual job posts over the past year. Not all job postings list experience requirements.

Experience Required%
0 to 2 years28%
3 to 5 years56%
6 to 8 years9%

Many of the programs offered through NC State are designed for working professionals who need additional credentials to enhance existing work experience.

Students who do not have the expected level of experience may wish to look into internship and employment opportunities.

Common Job Titles

It is possible to find work in this field in positions commonly listed as the following job titles:

  • Actuarial Analyst
  • Actuarial Analyst II - Pharmacy
  • Actuarial Analyst II
  • Actuarial Analyst III - Va, , In, St Louis, - Ps10729
  • Associate Actuary

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