Basic Job DetailsActuaries analyze the financial costs of risk and uncertainty. They use math, statistics, and financial theories to evaluate risks that certain events will occur and come up with policies to minimize the risk. Often times actuaries will attend meetings and present information and data collected. Actuaries analyze statistical data, design and administer policies, investments, and other business plans to decrease risk and increase profit. Actuaries often work with insurance and depending on what area of insurance, will have different tasks. Three main types of actuaries are life actuaries, health actuaries and casualty actuaries.
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Earnings and Employment StatisticsAs of 2010, the median annual salary for an actuary is $87,650. Many actuaries are known to earn well over $100,000 a year and some even more than $250,000 a year. An experienced actuary with many years on the job and who has passed all exams can earn more than $400,000 a year. The number of jobs for actuaries as of 2010 was 21,700. Between 2010 and 2020 it is expected to grow by 27%.
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Sources
Bureau of Labor Statistics: Occupational Outlook Handbook
http://www.bls.gov/ooh/Math/Actuaries.htm#tab-1
Be An Actuary: The site dedicated to those interested in being Actuaries
http://beanactuary.org/
http://www.bls.gov/ooh/Math/Actuaries.htm#tab-1
Be An Actuary: The site dedicated to those interested in being Actuaries
http://beanactuary.org/