Quick answer: Actuaries use mathematics, statistics and financial theory to measure risk, mostly for insurers, pension funds, consultancies and governments. In the United States, actuaries earned a median salary of $130,000 in May 2025, according to the Bureau of Labor Statistics (BLS), and employment is projected to grow 9% from 2025 to 2035, much faster than average. The career is built on a series of professional exams: reaching associate level can take up to 7 years, and fellowship several more. Most actuaries start with a bachelor’s degree in mathematics, statistics, actuarial science or another analytical field.
Actuarial science is one of the best-paid careers you can enter with a bachelor’s degree and no postgraduate study. Pay rises steadily with every exam you pass, the work is intellectually demanding but office-based, and the qualification is respected around the world. The trade-off is discipline: most actuaries study for exams for years while working full time.
Actuary Careers at a Glance (United States)
| Median pay (May 2025) | $130,000 per year / $62.50 per hour |
| Jobs (2025) | 31,200 |
| Growth (2025–35) | 9%, much faster than average |
| Openings per year | About 1,500 |
| Entry education | Bachelor’s degree in maths, actuarial science, statistics or similar |
| Credentials | Professional exams; associate level can take up to 7 years |
Pay by Industry (US, May 2025)
| Industry | Median annual pay |
|---|---|
| Finance and insurance | $131,450 |
| Management of companies and enterprises | $129,810 |
| Government | $129,650 |
| Professional, scientific and technical services | $124,130 |
What Actuaries Actually Do
- Life and health insurance: price policies, estimate future claims and set reserves.
- Property and casualty (general) insurance: price motor, home, commercial and catastrophe risk.
- Pensions and retirement: value pension obligations and advise on funding.
- Enterprise risk management: model company-wide risks for insurers and banks.
- Consulting and data science: apply actuarial modelling to new areas, including climate risk and analytics.
The Main Actuarial Bodies Worldwide
| Region | Professional body | Credentials |
|---|---|---|
| United States & Canada (life, health, pensions) | Society of Actuaries (SOA) | ASA, then FSA |
| United States & Canada (property & casualty) | Casualty Actuarial Society (CAS) | ACAS, then FCAS |
| United Kingdom and many Commonwealth countries | Institute and Faculty of Actuaries (IFoA) | Associate, then Fellow |
| India | Institute of Actuaries of India (IAI) | Associate, then Fellow |
| Australia | Actuaries Institute | Associate, then Fellow |
Many bodies have mutual recognition agreements, which is one reason actuaries can move between countries more easily than many other professionals.
Step-by-Step Career Path
- Build a strong maths foundation: probability, statistics, calculus and financial mathematics.
- Pass your first exams while studying. Students who pass one or two exams before graduating are far more attractive to employers.
- Get an entry-level actuarial analyst role or internship. Many employers pay for exams and give study leave.
- Keep passing exams while working. Each pass usually brings a raise.
- Qualify as an associate, then choose a specialty and work toward fellowship.
Skills That Make You Stand Out
- Programming in Excel/VBA, R, Python or SQL
- Communicating complex risk to non-specialists
- Business understanding of insurance and finance products
- Data science and predictive modelling, increasingly valued by insurers
The Fine Print
- The exams are hard. Pass rates for many papers are well below half. Persistence is the main success factor.
- It takes years. Associate status can take up to 7 years and fellowship several more.
- Location matters. The biggest job markets are in insurance hubs such as New York, Chicago, Hartford, London, Toronto, Sydney, Singapore, Mumbai and Gurugram.
Is Becoming an Actuary Worth It?
For people who enjoy maths and can commit to long-term study, it is one of the most rewarding professions available: high pay, strong job security, global mobility and a respected title. It is less suited to people who want quick results, as the exam journey is long. A practical approach is to attempt one or two early exams before committing fully, to test whether the study style suits you.
Frequently Asked Questions
How much does an actuary earn?
In the US, the median salary was $130,000 in May 2025. Pay rises with exams passed and seniority.
How long does it take to become an actuary?
Associate level can take up to 7 years, and fellowship typically several more.
Do I need a master’s degree?
No. A bachelor’s degree in maths, actuarial science, statistics or a related subject is the usual starting point.
Is the actuarial profession growing?
Yes. The BLS projects 9% growth from 2025 to 2035, much faster than average.
Can I work abroad as an actuary?
Yes. Many actuarial bodies recognise each other’s qualifications, which helps with international moves.
Official sources: US Bureau of Labor Statistics, Occupational Outlook Handbook: Actuaries, at bls.gov; Society of Actuaries (soa.org); Casualty Actuarial Society (casact.org); Institute and Faculty of Actuaries (actuaries.org.uk); Institute of Actuaries of India (actuariesindia.org). This site is not affiliated with these organisations and never charges any fee for job information.