Actuaries

Detailed Occupation

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2023 Workforce

39.6k

Average Age

38.9

Estimated Job Growth

21.9%

10-year projection

Average Salary

$176,622

Average Male Salary

$185,425

Average Female Salary

$157,341

About

Actuaries are most often employed by the Insurance carriers industry. The average yearly wage for Actuaries was $176,622 in 2023.

The locations that employ the most Actuaries are Capitol West PUMA, CT, Chicago City (West)--West Town & Near West Side PUMA, IL, and Glastonbury, Wethersfield, Rocky Hill & Newington Towns PUMA, CT. The locations with a relatively high concentration of Actuaries are Glastonbury, Wethersfield, Rocky Hill & Newington Towns PUMA, CT, Capitol West PUMA, CT, and Fairfax County (West Central)--Centreville (North & West) & Chantilly (South & West) PUMA, VA.

Photo by Ken Teegardin

Management, business, science, & arts occupations Computer & mathematical occupations Computer, engineering, & science occupations

Employment and salary information for the Actuaries workforce. Actuaries workforce in 2023 was 39,587 people, of which 31.3% were women and 68.7% were men. Actuaries are paid most in Linn County outside Cedar Rapids City PUMA, IA but are relatively concentrated in Glastonbury, Wethersfield, Rocky Hill & Newington Towns PUMA, CT.

Employment Over Time

Metric

Grouping

27,179

Male Workforce

± 4.05k

12,408

Female Workforce

± 2.73k

The Actuaries workforce in 2023 was 39,587 people (31.3% women and 68.7% men). This implies an average annual growth of 54.3% between 2014 (25,648) and 2023 (39,587).

Employment by Location

Level

Metric

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

During 2023, the states that concentrated the best average annual wage were Delaware ($375,297), New Jersey ($216,456), and Connecticut ($213,343).

Yearly Wage Ranking

$176,622

AVERAGE WAGE

#10 in the ranking (2023)

$67,727

NATIONAL AVERAGE WAGE

For all occupations across the US

In 2023, Actuaries earned an average of $176,622, $108,895 more than the average national salary of $67,727

The graph shows the ranking of Actuaries in relation to all Detailed Occupation in 2023.

Wage Distribution

Gender

0.343

WAGE GINI

In 2023, Actuaries had a wage GINI coefficient of 0.343, which is lower than the national average of 0.476. 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 Other professional, scientific & technical services ($302,843).

Occupations by Industries

Metric

Value

39.6k

2023 Workforce

± 4,884

5.64%

1 YEAR GROWTH

± 16.7%

This graphic shows the share of Actuaries employed by various industries. Insurance carriers employs the largest share of Actuaries at 65.4%, followed by Agencies, brokerages, and other insurance related activities with 15.1% and Management, scientific & technical consulting services with 14.6%.

Diversity

Demographic information on Actuaries in the US. The workforce of Actuaries in 2023 was 39,587 people, with 31.3% woman, and 68.7% men. The average age of male Actuaries in the workforce is 39 and of female Actuaries is 38.6, and the most common race/ethnicity for Actuaries is White.

Gender and Age

Metric

The workforce of Actuaries in 2023 was 39,587 people, with 31.3% woman, and 68.7% men.

The age ranges that concentrated the largest workforce were 30 to 34 years (7,664 people), 25 to 29 years (6,635 people), and 35 to 39 years (5,738 people). Among them they concentrated 51% of the total workforce.

Ethnicity

Gender

In 2023, 4% of Actuaries workers were Hispanic and 96% non-Hispanic.

The treemap shows the distribution of Hispanic workers according to their origin, highlighting All Other Spanish/Hispanic/Latino (32.7%), Mexican (30.8)%, and Puerto Rican (14.7)%

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

Races

In 2023, 75.6% of the Actuaries workforce were White, of which 29.3% were women and 70.7% men. Other races that concentrated a significant number of workers were Asian (15%) and Two or More Races (5.22%).

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 2023 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 2023 (counting all academic degrees) were Math & Statistics (15,961 people), Business (13,097 people), and Social Sciences (1,846 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 (27,214 people), Graduate Degree (11,515 people), and Some college (755 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, Reading Comprehension, Critical Thinking.

Projections

Projections on job growth for Actuaries from the Bureau of Labor Statistics. The 10-year national workforce is projected to grow 4.02%, but Actuaries are expected to see a growth of 21.9% over the same period. This occupation is expected to grow more than the national average.

Job Growth

21.9%

Estimated Job Growth

10-year Projection

4.02%

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 4.02%, the average rate of national job growth.