¿How much does an actuary make in the United States?? The salary of an actuary in the United States is $ 97,117 per year on average, but in New York insurance companies they earn up to $ 141,000 annually. Stay to know more about these professionals …
It should be noted that one of the main variants of the salary of an actuary It is the company for which he works, because within the companies that pay these professionals the most, there are salaries of $ 135,000 and $ 118,000 a year respectively.
Another factor that determines the salary earned by an actuary is the years of experience that they have practicing the profession, here are some estimates:
|Years of experience||Annual salary|
|Less than 1 year||$ 60,821|
|1-4 years||$ 76,234|
|5-9 years||$ 104,965|
|10-19 years||$ 148,203|
What is an actuary?
A actuary He is a professional of the actuarial science who analyze the probabilities of risks and the monetary losses that they can imply by using their mathematical and statistical knowledge and usually work for companies that offer life insurances.
If you are a lover of numbers and you are interested in the profession of actuarial science, stay to know more about these types of professionals and why you should choose to become one.
What does an actuary do?
The functions of an actuary consist of the analyzes on the possible uncertain futures or the uncertainty that an event may represent that may cause monetary losses for an entity, company or client, an actuary also analyzes in depth the ways in which a compensation of such risks.
Although actuaries can also be involved in other types of tasks such as the ones I present below:
- Expert witnesses: An actuary may be playing the role of an expert witness when dealing with a claim that is directly related to monetary risks in general terms, as well as insurance company issues.
- Review company policies: Carry out an in-depth review of the policies or contracts of a company, or the documents of a company with the aim of proposing to the company the establishment of terms or strategies that can reduce the risk to which the employees of said company may be exposed.
- Work with statistics: By collecting statistical data, actuaries can predict or draw conclusions regarding the effects that may be related to financial risks for a company.
- Implement strategies to analyze risks: Actuaries may be working together with other professionals, whether they are mathematics or accounting professionals, in order to develop statistical schemes.
- Present reports to companies: Regardless of whether the actuaries are carrying out the data collection and analysis, they must also inform the managers of other companies, the news that these actuaries have been able to find.
Why choose the profession of actuary?
Be a actuary by profession, is one of the best options for a job market with a very promising future, since more and more actuaries are representing a great demand from companies, so if you want to become an actuary, then pursuing a career in finance can be one of your most successful paths.
Not only can obtaining a degree in finance allow you to become an actuary, but also having a degree in accounting or having obtained an actuary degree are other ways to get a job position as an actuary that, despite enjoying your exciting career, will also allow you enjoy one of the highest annual salaries.
If you have a passion for numbers, then you can see yourself working as an actuary for accounting companies or some financial institution, although they are usually performing their duties for insurance companies.
Possessing analytical and communicative skills, computer skills, critical thinking of problem solving, is part of what an actuary should employ in their profession, in addition their work is full time, exercising an average of 40 hours a week.
What is an insurance actuary?
The actuaries who practice in the field of insurance, may have specific specializations, let’s see below the various branches within the field of insurance:
- Health insurance actuaries: They provide support for the development of care for a long period of time and the terms and conditions, as well as health insurance policies, by predicting how much the care provided may cost that is subject to what is agreed in a insurance contract. The prediction that they are going to make can be based on family history, location, as well as occupation.
- Life insurance actuaries: These types of actuaries usually focus, for example, on the risks that a person has of losing their life, advising the life insurance company on how to improve the investment of the company’s earnings.
- Property and Casualty Insurance Actuaries: They give their support in the development of insurance policies to provide protection to insured persons who may be victims of losing property as a result of an accident or natural disaster or other type of event. Although on the other hand they can play an important role in helping companies to develop policies and methodologies to assess risk possibilities in all business sections, which is often called business risk management.
- The actuaries of pensions and retirement benefits: They support companies with the development and implementation of retirement or pension plans.
How to be an actuary?
To become an actuary, it is important that you have a bachelor’s degree, developing many analytical skills in terms of mathematics, especially specializing in actuarial science.
Keep in mind that it can take up to 6 or 7 years to become an actuary, since it not only consists of studying, but also practicing internships to enrich your resume, later you must take exams that are awarded by society of actuaries.
If you want you can pursue the career of actuarial sciences at universities such as:
- Florida State University.
- OHIO State University.
- Pennsylvania State University.
Frequently asked questions
✅What does an actuary work on?
An actuary works on the evaluation and analysis of possible risks and the financial consequences that these could imply. These can work both for insurance companies, as well as for government entities or consulting firms.
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