If you’re considering a career as an actuary, you’re probably wondering:
"What are the job prospects for actuaries?"
Here’s the short answer: The future looks bright. Actuarial jobs are in high demand, with a projected growth rate of 22% from 2023 to 2033, adding around 2,200 new jobs each year. Compare that to the average 7-8% growth for most occupations, and it’s clear that actuaries are in a great spot.
But it’s not just about the numbers. Actuaries have one of the most stable, high-paying, and respected careers in finance, insurance, and consulting. In this guide, we’ll break down the job prospects for actuaries, where the industry is headed, and how you can position yourself to land one of these roles.
Are Actuary Jobs in Demand?
Yes, actuarial jobs are in high demand. According to the U.S. Bureau of Labor Statistics (BLS), the actuarial field will grow by 22% from 2023 to 2033, nearly triple the growth rate of most occupations.
Here’s what’s driving this demand:
- Increased Risk from Climate Change
- Natural disasters are more frequent and severe, causing insurance companies to ramp up their actuarial teams.
- Actuaries help insurers price disaster coverage (like hurricane or wildfire insurance) and prepare for worst-case scenarios.
- Rising Demand for Cybersecurity Insurance
- As cyberattacks grow, more companies are purchasing cybersecurity insurance. Actuaries assess the financial impact of these attacks and help insurers create policies for cyber risk.
- Healthcare and Medical Cost Forecasting
- With medical costs rising, healthcare companies need actuaries to forecast costs and set premiums for health insurance plans.
- Actuaries are essential in setting insurance rates under laws like the Affordable Care Act (ACA).
- Growth in Pension and Retirement Planning
- As the population ages, the demand for pension planning and retirement forecasting has increased.
- Actuaries ensure pensions are properly funded, helping companies and governments prepare for retiree payouts.
- Increased Focus on Enterprise Risk Management (ERM)
- Companies are hiring more actuaries to assess business risks beyond insurance, like financial risk, supply chain disruptions, and market volatility.
Where Are Actuary Jobs Available? (Top Industries & Locations)
Actuary jobs aren’t just limited to insurance companies. Actuaries are needed in consulting, finance, healthcare, and even tech. Here’s where you’ll find them:
Top Industries Hiring Actuaries
- Insurance (Life, Health, Property, Casualty)
- Consulting (Aon, Willis Towers Watson, Deloitte)
- Government (Medicare, Social Security, public pension plans)
- Healthcare (Predicting medical costs for health insurance)
- Corporate Risk Management (Enterprise Risk Management roles at large corporations)
Top Locations for Actuary Jobs
Some states have more actuarial opportunities than others, largely due to the presence of major insurance companies and consulting firms.
- New York: A financial hub with insurance firms, consulting firms, and reinsurers.
- Illinois: Home to Chicago, where many large consulting firms are headquartered.
- Pennsylvania: Several major insurance companies are based here.
- California: Actuaries here often work in health insurance and corporate risk management.
- Texas: Growth in healthcare and tech has driven demand for actuaries in Austin and Dallas.
If you’re looking for remote actuarial jobs, that’s also possible. Many consulting firms offer hybrid or fully remote roles.
How Competitive Are Actuary Jobs?
With only 30,200 actuary jobs in the U.S., you might think it’s tough to land a role—but here’s the thing: employers are hungry for skilled actuaries.
While demand is high, entry-level competition can still be fierce, especially for roles at top firms like Aon, Deloitte, and Willis Towers Watson. Here’s how you can stand out:
- Pass Your Exams Early
- For entry-level roles, passing at least 2 exams (P & FM) makes you stand out.
- The more exams you pass, the stronger your resume looks. Candidates with 3+ exams are considered for higher-paying roles.
- Get an Internship
- An internship is practically a must-have. Companies want to see real-world experience before offering a full-time role.
- You can find internships at insurance companies, consulting firms, and government agencies.
- Master Tech Skills
- Actuaries with skills in Excel, R, Python, and SQL are in high demand.
- Highlight these skills on your resume and showcase them on LinkedIn.
- Network With Recruiters and Hiring Managers
- Connect with recruiters from firms like DW Simpson and SC International.
- Use Acturhire to apply for jobs directly.
How Much Do Actuaries Make? (Salary Outlook)
The salary prospects for actuaries are one of the best reasons to enter the field. Here’s a breakdown of how much actuaries earn at different experience levels:
- Entry-Level Actuary (0-2 exams passed): $65,000 - $75,000/year
- Actuarial Analyst (2-3 exams passed): $75,000 - $95,000/year
- Mid-Level Actuary (3-5 exams passed): $90,000 - $120,000/year
- Senior Actuary (FSA or FCAS certification): $150,000 - $250,000/year
If you become a fully qualified Fellow of the Society of Actuaries (FSA) or Fellow of the Casualty Actuarial Society (FCAS), you can earn over $250,000/year in top roles like consulting partner or chief actuary.
What’s the Career Path for Actuaries?
Actuaries follow a clear, structured career path. Here’s what it looks like:
- Actuarial Intern – Get hands-on experience at an insurance company, consulting firm, or government agency.
- Actuarial Analyst – Your first full-time role. You’ll support senior actuaries and continue passing exams.
- Associate (ASA or ACAS) – After passing about 5-6 exams, you achieve "Associate" status. Your salary jumps significantly.
- Fellow (FSA or FCAS) – After passing 7-10 exams, you become a fully credentialed actuary. This is where the big paydays begin.
- Senior Roles (Chief Actuary, Consulting Partner, ERM Leader) – After years of experience, you can take on leadership roles, where pay and influence are at their highest.
Future of Actuary Jobs: Is It a Safe Bet?
With automation and AI affecting so many industries, you might wonder if actuary jobs are at risk of being replaced. But here’s the good news:
AI can crunch numbers, but it can’t replace human judgment. Actuaries don’t just analyze risk—they interpret it, communicate it, and make ethical decisions based on it. This human oversight is something AI simply can’t do.
Instead of being replaced, actuaries are using AI to enhance their efficiency, automating routine calculations while focusing on big-picture risk strategy.
Bottom Line: Actuaries are here to stay.
FAQs About Actuary Job Prospects
1. Are actuaries in demand?
Yes, actuarial jobs are growing 22% from 2023 to 2033, adding 2,200 new jobs annually.
2. Are actuary jobs competitive?
Entry-level competition is strong, but if you pass 2 exams and get an internship, you’ll stand out.
3. Can AI replace actuaries?
No, AI enhances actuary jobs, but it can’t replace the need for human judgment and oversight.
4. How much do actuaries make?
- Entry-level: $65,000 - $75,000/year
- Mid-level: $90,000 - $120,000/year
- Senior roles: $150,000 - $250,000/year
Final Thoughts: Actuary Job Prospects
If you want a career that’s stable, high-paying, and future-proof, actuarial science is a top choice. With 22% job growth expected through 2033, the demand for actuaries is only increasing.
Ready to explore actuarial roles? Check out Acturhire, the best job board for actuaries, and start your journey today. 🚀
