Actuaries do what???

What my friends think I do meme. What I really do: spiderman sitting behind a desk meme.

Actuaries use math and statistics to estimate the financial risk of certain events, such as fires and floods. They then use this information to help businesses, like insurance companies, figure out how to minimize financial costs should these events occur.

So you're considering the actuary career, but how do you know if this is right for you?

What Do They Do?

  • Collect, interpret, and determine accuracy of large amounts of data

  • Use modelling software to determine trends in data

  • Determine the probability of certain events happening in the future

  • Calculate the amount of money companies must invest in the present to cover future costs

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Quiz

Where would actuaries likely be employed?

But Will It Pay The Bills?

American flag In the U.S., the average salary for actuaries is $95,718 USD.

Canadian flag In Canada, the average salary for actuaries is $94,413 CAD.

Compensation may vary depending on years of experience, industry, geographic region, and responsibilities.

You May Like This Career If...

You love math. Actuaries have specialized math knowledge which includes financial math, statistics, probability, and more!

You have great problem-solving skills. Actuaries apply their specialized knowledge to help businesses lower financial risks.

You have strong computer skills. Actuaries must formulate spreadsheets, use programming languages, and master statistical analysis programs.

Kermit the frog in front of a red curtain waving around, caption says

You May Not Like This Career If...

You don't like math. Actuaries use math, including probability and statistics, daily.

You don't like sitting at a computer all day. Actuaries typically work in an office environment with eyes on a computer screen.

You don't like to take exams. Actuaries must pass a series of professional exams to be recognized as a credentialed actuary.

You want a work-life balance. Many aspiring actuaries work full-time and study for professional exams.

Confused girl with images of math equations

Which Individual Would Be A Good Fit For This Career?

Girl with red hair and pink shirt (cartoon) Emma

  • Has great communication skills

  • Aced all her math courses in school

  • Loves to find trends in data

Boy with backwards red baseball hat and blue shirt (cartoon) Nick

  • Loves to read and write poetry

  • Shares blog posts on home gardening

  • Doesn't like to sit for long periods of time

Girl with dark hair and pink hat with white pom pom and pink shirt (cartoon) Cassie

  • Gets extremely nervous during exams

  • Loves to paint animals

  • Tries to keep technology use at a minimum

Quiz

Who would be a good fit for an actuarial career?

Take Action

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This Byte has been authored by

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Andreea Sandu

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