Actuaries

Detailed Occupation

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2022 Workforce

37.5k

Average Age

39.1

Estimated Job Growth

23%

10-year projection

Average Salary

$173,211

Average Male Salary

$181,384

Average Female Salary

$156,056

About

Actuaries are most often employed by the Insurance carriers industry. The average yearly wage for Actuaries was $173,211 in 2022.

The locations that employ the most Actuaries are Chicago City (West)--West Town & Near West Side PUMA, IL, Capitol West PUMA, CT, and Polk County (West) PUMA, IA. The locations with a relatively high concentration of Actuaries are Dakota County (Northwest)--Eagan, West St. Paul & Mendota Heights Cities PUMA, MN, Glastonbury, Wethersfield, Rocky Hill & Newington Towns PUMA, CT, and Capitol West PUMA, CT.

Photo by Ken Teegardin

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Employment

Employment and salary information for the Actuaries workforce. Actuaries workforce in 2022 was 37,470 people, of which 32.3% were women and 67.7% were men. Actuaries are paid most in Chester County (East Central)--West Chester Borough PUMA, PA but are relatively concentrated in Dakota County (Northwest)--Eagan, West St. Paul & Mendota Heights Cities PUMA, MN.

Employment Over Time

Metric

Grouping

25,378

Male Workforce

± 3.91k

12,092

Female Workforce

± 2.7k

The Actuaries workforce in 2022 was 37,470 people (32.3% women and 67.7% men). This implies an average annual growth of 46.1% between 2014 (25,648) and 2022 (37,470).

Employment by Location

Level

Metric

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

During 2022, the states that concentrated the best average annual wage were Delaware ($358,473), Alabama ($248,499), and Connecticut ($217,740).

Yearly Wage Ranking

$173,211

AVERAGE WAGE

#10 in the ranking (2022)

$64,683

NATIONAL AVERAGE WAGE

For all occupations across the US

In 2022, Actuaries earned an average of $173,211, $108,528 more than the average national salary of $64,683

The graph shows the ranking of Actuaries in relation to all Detailed Occupation in 2022.

In 2022, Actuaries had a wage GINI coefficient of 0.349, 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 ($281,026).

Occupations by Industries

Metric

Value

37.5k

2022 Workforce

± 4,752

7.72%

1 YEAR GROWTH

± 17%

This graphic shows the share of Actuaries employed by various industries. Insurance carriers employs the largest share of Actuaries at 69.9%, followed by Management, scientific & technical consulting services with 15.9% and Agencies, brokerages, and other insurance related activities with 14.3%.

Diversity

Demographic information on Actuaries in the US. The workforce of Actuaries in 2022 was 37,470 people, with 32.3% woman, and 67.7% men. The average age of male Actuaries in the workforce is 39 and of female Actuaries is 39.4, and the most common race/ethnicity for Actuaries is White.

Gender and Age

Metric

The workforce of Actuaries in 2022 was 37,470 people, with 32.3% woman, and 67.7% men.

The age ranges that concentrated the largest workforce were 30 to 34 years (6,957 people), 25 to 29 years (6,533 people), and 35 to 39 years (5,001 people). Among them they concentrated 49.7% of the total workforce.

Ethnicity

Gender

In 2022, 3.32% of Actuaries workers were Hispanic and 96.7% non-Hispanic.

The treemap shows the distribution of Hispanic workers according to their origin, highlighting Mexican (52.3%), Puerto Rican (26.2)%, and All Other Spanish/Hispanic/Latino (21.5)%

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

Races

In 2022, 75.4% of the Actuaries workforce were White, of which 29.8% were women and 70.2% men. Other races that concentrated a significant number of workers were Asian (15.8%) and Two or More Races (4.45%).

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 2022 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 2022 (counting all academic degrees) were Math & Statistics (14,942 people), Business (12,157 people), and Social Sciences (1,969 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 (25,237 people), Graduate Degree (11,395 people), and Some college (727 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 2.84%, but Actuaries are expected to see a growth of 23% over the same period. This occupation is expected to grow more than the national average.

Job Growth

23%

Estimated Job Growth

10-year Projection

2.84%

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 2.84%, the average rate of national job growth.