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Business OperationsTop JobColorado Talent Pipeline Report-aligned occupation with strong annual openings, growth, and wage signals.

Actuary

Analyze statistical data, such as mortality, accident, sickness, disability, and retirement rates and construct probability tables to forecast risk and liability for payment of future benefits. May ascertain insurance rates required and cash reserves necessary to ensure payment of future benefits.

Annual openings

64

BLS median wage

$120,440

Typical education

Bachelor's degree

10-year growth

+10%

Career requirements

What does this career require?

The education, credentials, and on-the-job competencies Colorado employers expect for this role.

Typical education

Bachelor's degree

Credential requirement

No credential is required initially, but you will need to pass the Casualty Actuarial Society or Society of Actuaries exam after you get a job. Having passed one or two of the initial exams before employment is valued.

Work experience

No previous work experience is required, though having an internship during college as an actuary or in the industry you want to work in is an important part of getting your first job.

Employer competency information

Feedback from Actuaries identified the following competencies as being critical to success

  • Math and Data Analysis — Completing calculations and data analysis in the context of the company's business.
  • Curiosity and Critical Thinking — The job is a mix of science and art and requires analyzing a problem and determining the right questions to ask to find the answers.
  • Communication — Explaining complicated concepts and math to people that don't need to understand the details you know.
  • Working Independently and Managing Time — You will balance work with studying for exams on your own.
Learn about actuarial jobs and careers, understand how to become an actuary, and find career and education support at Be An Actuary.
Mathematicians and math teachers can move to this occupation. Being able to use data analysis skills (perhaps using a programming language such as Python) and passing one of the Actuarial exams is valued for career changers.
While many actuaries work in insurance, they are also needed by companies that determine product pricing in the face of uncertain risks.

Is this work a fit?

What the work actually feels like

How people in this career tend to spend their time, the interests it draws on, and a look at a typical day.

Automation exposure

Low exposure

Tasks here lean on judgement and people skills that are hard to automate.

A typical day

  1. Ascertain premium rates required and cash reserves and liabilities necessary to ensure payment of future benefits.
  2. Collaborate with programmers, underwriters, accounts, claims experts, and senior management to help companies develop plans for new lines of business or improvements to existing business.
  3. Analyze statistical information to estimate mortality, accident, sickness, disability, and retirement rates.
  4. Determine, or help determine, company policy, and explain complex technical matters to company executives, government officials, shareholders, policyholders, or the public.
  5. Construct probability tables for events such as fires, natural disasters, and unemployment, based on analysis of statistical data and other pertinent information.
  6. Provide advice to clients on a contract basis, working as a consultant.