Actuaries are those who use statistical and mathematical models to determine probabilities, assess risks, and generate forecasts in various fields including accounting, business, economics, marketing, and legislation. Generally, they use their expertise as well as available actuary software to analyze data and provide recommendations for financially-sound business decisions and policies. They are typically employed by insurance companies but they also play crucial roles in the fields of finance, banking, business, and even healthcare.
Outlook of Actuarial Jobs in the United States
In the United States, there were 17,940 employed actuaries during the year 2009. That figure is expected to increase by about 25% by the year 2018. Despite the projected increase of actuary recruitment within the next decade, though, competition for employment is expected to be keen as more and more individuals become qualified for actuarial jobs. For good employment, attending an actuarial seminar is not enough as those with formal education and experience, at least from an actuarial internship, are often preferred.
Of the 17,940 employed actuaries in 2009, about 54% were employed by insurance carriers. The rest were mostly employed by companies offering management, scientific, and technical services (15%); insurance agencies, brokers, and other entities engaged in insurance-related activities (13%); and local government units (2%). Another 9% held management-level actuary positions in various types of companies and enterprises.
Average Salary Rates Offered by Actuarial Recruiters
Actuaries in the US are paid an average of US$97,450 per year, or about US$46.85 per hour. The middle-earning 50% enjoy salary rates totaling US$65,050 to US$120,870 per year while the top-earning 10% are paid wages that amount to over US$158,240 per year. The lowest-earning 10%, composed mostly of those who have joined actuary internship programs and those still learning how to become an actuary, make less than US$51,950 per year.
The highest paid actuaries are employed by business, professional, labor, political and similar organizations. Those employed by any actuarial recruiter in such a field are paid an average of US$125,560 per year. Also among the top-paying types of agencies for actuary jobs are units within the Federal Executive Branch (US$110,740 per year), companies offering management, scientific, and technical consulting services (US$107,970 per year), organizations involved in insurance and employee benefit funds (US$102,490 per year), as well as agencies, brokerages, and other insurance-related activities (US$98,630 per year).
Best US Cities and Towns to Pursue Actuarial Careers
Individuals looking for actuary employment should look into applying for jobs in the cities and towns that are considered to be the top actuary recruiters in the United States. They are:
- Biddeford, Portland, and South Portland in Maine
- Hartford, West Hartford, and East Hartford in Connecticut
- Fort Wayne in Indiana
- Des Moines and West Des Moines in Iowa
- Kansas City in Missouri
On the other hand, those looking to pursue high-paying actuary careers should look into applying for jobs within the highest-paying cities for this occupation. Offering an average of US$140,920 per year to such workers, the city of Appleton in Wisconsin seems to be the best place to apply for actuarial positions. Other high-paying cities for this occupation include Arlington and Fort Worth in Texas (US$136,650 per year); Carlsbad, San Diego, and San Marcos in California (US$136,090 per year); and Allentown, Bethlehem, Easton, and Philadelphia in Pennsylvania (US$123940 to US$126,070 per year).
Reference:
US Bureau of Labor Statistics. Occupational Employment and Wages, May 2009. "15-2011 Actuaries."
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