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What They Do

Actuaries Career Video

Insider Info

An actuary is a person who calculates insurance risks and premiums. Actuaries use their knowledge of math and statistics to plan insurance and pension programs that are financially stable.

Actuaries may specialize in life and health insurance, employee benefits, pensions, auto and fire insurance, liability insurance and workers' compensation.

For example, some actuaries help insurance companies predict the number of customers who will be injured, and how much the company will have to pay in claims.

Most actuaries work in large urban centers, at the headquarters of insurance companies. The biggest employers of actuaries are life insurance companies, but banks may become another big employer as they move into the insurance business.

Actuaries also work for property, casualty and health insurance companies. Many actuaries are self-employed as consultants. They may also work in association with insurance agents and brokers. A small number of actuaries work for government or in education.

Actuaries generally work a 40-hour workweek. There are few physical requirements, other than the ability to sit at a desk for prolonged hours. Those working as consulting actuaries may have to travel.

Just the Facts

Want a quick overview of what this career is about?Check out Just the Facts for simple lists of characteristics.

At a Glance

Figure out how much it would cost to take a risk

  • Most actuaries work for life insurance companies
  • You can work as a self-employed consultant
  • Start with a degree in mathematics or actuarial science