Actuary With Economics Degree: Career Path, Salary, and Opportunities

Can You Become an Actuary With an Economics Degree?

Yes, an economics degree is a strong foundation for becoming an actuary. Many aspiring actuaries major in mathematics, statistics, or actuarial science, but economics provides essential skills in quantitative analysis, financial modeling, and risk assessment—all crucial for actuarial work.

If you hold an economics degree and want to work as an actuary, you will need to pass actuarial exams and gain relevant experience. This guide explains how to transition into an actuarial career, the skills needed, salary expectations, and where to find job opportunities.

Why Economics Graduates Make Strong Actuaries

Actuarial science requires a combination of analytical skills, financial acumen, and problem-solving abilities. An economics degree covers many of the fundamental skills needed in the actuarial field, including:

• Mathematical Proficiency – Economic models involve advanced calculus, probability, and statistics, which align with actuarial exam requirements.
• Risk Assessment – Economic principles help actuaries evaluate market risks, insurance liabilities, and financial forecasting.
• Financial and Statistical Analysis – Courses in microeconomics, macroeconomics, and econometrics provide a solid background in working with large datasets and economic trends.
• Decision-Making and Modeling – Many actuaries build financial models to assess insurance risks, pension liabilities, and investment returns, which overlaps with economic modeling techniques.

Steps to Becoming an Actuary With an Economics Degree

If you hold an economics degree and want to transition into actuarial work, follow these key steps:

1. Pass Actuarial Exams

To become a certified actuary, you must pass a series of actuarial exams through either:

• The Society of Actuaries (SOA) (for life, health, pensions, and investments)
• The Casualty Actuarial Society (CAS) (for property and casualty insurance)

Since economics graduates may not have taken specific actuarial science courses, self-study or preparatory courses in probability and financial mathematics will be essential. The first two exams—Probability (P) and Financial Mathematics (FM)—are ideal starting points.

2. Gain Relevant Work Experience

Most employers prefer actuarial candidates with internships or entry-level experience in related fields. Consider roles in:

• Insurance companies – Risk analysis, underwriting, or claims modeling
• Consulting firms – Pension valuation, financial forecasting, or employee benefits modeling
• Investment firms – Asset management, financial risk assessment, or data analysis
• Government agencies – Regulatory analysis, economic forecasting, or public finance

3. Learn Actuarial Software and Tools

Many actuaries use industry-specific tools such as:

• Excel (Advanced Functions, VBA) – Essential for building actuarial models
• R and Python – Used for statistical analysis and automation
• SQL – Helps with managing large datasets
• SAS and Prophet – Common in insurance risk modeling

4. Network and Connect With Actuarial Professionals

Joining actuarial organizations and attending industry events can help you find mentors, gain insights, and secure job opportunities. Consider joining:

• Society of Actuaries (SOA)
• Casualty Actuarial Society (CAS)
• Actuarial networking groups on LinkedIn
• r/actuary on Reddit

Salary Expectations for an Actuary With an Economics Degree

Actuaries earn competitive salaries, and earnings increase significantly with experience and exam progress. In the U.S., actuarial salaries vary based on location, certification level, and industry.

• Entry-Level (0-2 years, 1-2 exams passed) – $65,000 to $85,000
• Mid-Level (Associate-level certification, 3-7 years of experience) – $100,000 to $150,000
• Senior-Level (Fellow-level certification, 10+ years of experience) – $175,000+

Industries Hiring Actuaries With Economics Backgrounds

An economics degree provides flexibility to work in different actuarial fields, including:

1. Insurance

• Health Insurance – Risk modeling for medical costs
• Life Insurance – Mortality analysis and premium pricing
• Property & Casualty Insurance – Auto, home, and business insurance risk evaluation

2. Pension and Retirement Planning

• Pension valuation and funding projections
• Employee benefits and retirement savings strategies

3. Financial and Investment Analysis

• Portfolio risk management
• Asset and liability modeling for banks and investment firms

4. Government and Regulatory Roles

• Social Security and public pension actuarial work
• Financial risk analysis for regulatory agencies

Where to Find Actuarial Jobs With an Economics Degree

If you’re looking for actuarial jobs, Acturhire is a specialized job board dedicated to actuarial professionals. Employers on Acturhire actively seek candidates with strong quantitative backgrounds, including economics graduates.

Other job search platforms include:

• SOA & CAS Career Centers
• Indeed and Glassdoor
• Company career pages (insurance firms, consulting firms, banks, and pension funds)

FAQs: Becoming an Actuary With an Economics Degree

1. Can I become an actuary without a degree in actuarial science?
Yes. Many actuaries start with degrees in economics, mathematics, statistics, or finance. Passing actuarial exams and gaining work experience is more important than your major.

2. How long does it take to become an actuary?
Most actuaries take 4-7 years to complete the exams while working. Employers often support exam progress by covering costs and providing study time.

3. Which actuarial exams should I take first?
Start with Exam P (Probability) and Exam FM (Financial Mathematics). These are foundational and cover core actuarial principles.

4. Do economics majors have an advantage in actuarial science?
Yes. Economics majors have strong quantitative skills and are familiar with financial modeling, risk analysis, and statistical methods, making the transition smoother.

5. Where can I find entry-level actuarial jobs?
Check Acturhire, actuarial career centers, and company job boards for openings. Internships and networking also help secure entry-level roles.

Final Thoughts

An economics degree provides a strong pathway into actuarial science, especially for those with solid analytical skills and an interest in financial risk analysis. By passing actuarial exams, gaining relevant experience, and leveraging industry connections, you can build a successful actuarial career.

If you're searching for actuarial roles suited to economics graduates, explore job listings on Acturhire to find your next opportunity.

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