An actuarial analyst who works in the insurance industry uses the statistics process to calculate the probability and cost of certain events, such as accidents, death and damages properties, and analysis data. An actuarial Analyst often is employed by the insurance industry and specializes in a particular area, such as health or life insurance. Therefore, you will work with insurance professionals such as market research analysts and businesses. You will be in charge of performing statistical modeling, presenting your findings to the senior management, and data analysis. You are also in charge of compiling important data and writing reports.

Depending on your area of specialization or where you are working, you may be involved in pension plans, designing investments, and helping to lower insurance premiums by reducing their risk exposure. You will estimate the likelihood of catastrophic events, such as pandemics, earthquakes, and terrorist attacks.

An outstanding knowledge of mathematics, written and oral communication skills, strong analytical and problem-solving skills, general knowledge of finance and business are all essential skills. The average salary of an actuarial Analyst annually is $108,000. A bachelor's degree in Statistics or other related fields will get you the job.

What Does an Actuarial Analyst Do

There are certain skills that many actuarial analysts have in order to accomplish their responsibilities. By taking a look through resumes, we were able to narrow down the most common skills for a person in this position. We discovered that a lot of resumes listed computer skills, math skills and analytical skills.

Learn more about what an Actuarial Analyst does

How To Become an Actuarial Analyst

If you're interested in becoming an actuarial analyst, one of the first things to consider is how much education you need. We've determined that 80.8% of actuarial analysts have a bachelor's degree. In terms of higher education levels, we found that 15.6% of actuarial analysts have master's degrees. Even though most actuarial analysts have a college degree, it's impossible to become one with only a high school degree or GED.

Actuarial Analyst Career Paths

Average Salary for an Actuarial Analyst

Actuarial Analysts in America make an average salary of $75,593 per year or $36 per hour. The top 10 percent makes over $103,000 per year, while the bottom 10 percent under $55,000 per year.
Average Actuarial Analyst Salary
$75,593 Yearly
$36.34 hourly
$55,000
10 %
$75,000
Median
$103,000
90 %

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Actuarial Analyst Education

Actuarial Analyst Majors

Actuarial Analyst Degrees

Bachelors

80.8 %

Masters

15.6 %

Associate

2.1 %

Top Colleges for Actuarial Analysts

1. University of Notre Dame

Notre Dame, IN • Private

In-State Tuition
$53,391
Enrollment
8,568

2. Carnegie Mellon University

Pittsburgh, PA • Private

In-State Tuition
$55,465
Enrollment
6,483

3. University of Pennsylvania

Philadelphia, PA • Private

In-State Tuition
$55,584
Enrollment
10,764

4. University of California - Los Angeles

Los Angeles, CA • Private

In-State Tuition
$13,226
Enrollment
31,568

5. Northwestern University

Evanston, IL • Private

In-State Tuition
$54,568
Enrollment
8,451

6. Columbia University in the City of New York

New York, NY • Private

In-State Tuition
$59,430
Enrollment
8,216

7. Boston University

Boston, MA • Private

In-State Tuition
$53,948
Enrollment
17,238

8. Johns Hopkins University

Baltimore, MD • Private

In-State Tuition
$53,740
Enrollment
5,567

9. New York University

New York, NY • Private

In-State Tuition
$51,828
Enrollment
26,339

10. Lehigh University

Bethlehem, PA • Private

In-State Tuition
$52,930
Enrollment
5,030

Top Skills For an Actuarial Analyst

The skills section on your resume can be almost as important as the experience section, so you want it to be an accurate portrayal of what you can do. Luckily, we've found all of the skills you'll need so even if you don't have these skills yet, you know what you need to work on. Out of all the resumes we looked through, 17.6% of actuarial analysts listed data analysis on their resume, but soft skills such as computer skills and math skills are important as well.

Choose From 10+ Customizable Actuarial Analyst Resume templates

Zippia allows you to choose from different easy-to-use Actuarial Analyst templates, and provides you with expert advice. Using the templates, you can rest assured that the structure and format of your Actuarial Analyst resume is top notch. Choose a template with the colors, fonts & text sizes that are appropriate for your industry.

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Actuarial Analyst Demographics

Actuarial Analyst Gender Distribution

Male
Male
61%
Female
Female
39%

After extensive research and analysis, Zippia's data science team found that:

  • Among actuarial analysts, 38.9% of them are women, while 61.1% are men.

  • The most common race/ethnicity among actuarial analysts is White, which makes up 75.7% of all actuarial analysts.

  • The most common foreign language among actuarial analysts is Spanish at 24.3%.

Online Courses For Actuarial Analyst That You May Like

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Introduction to Actuarial Science
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You may have heard of actuarial science, or you might even know an actuary, but do you know what an actuary does? During the course you’ll hear from a wide variety of actuaries about their careers. And don’t be scared that the course will be “just a whole lot of mathematics”. Together, we will go beyond the math to learn how actuaries approach problems relating to risk, using examples from: Finance Investments Banking Insurance You will learn how actuarial science applies mathematical and...

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How to create a startup or existing company financial model from scratch and carry out the DCF Valuation...

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Learn comprehensive financial modeling, forecasting and business valuation techniques for Finance professionals...

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Best States For an Actuarial Analyst

Some places are better than others when it comes to starting a career as an actuarial analyst. The best states for people in this position are Washington, New York, Maine, and Connecticut. Actuarial analysts make the most in Washington with an average salary of $95,096. Whereas in New York and Maine, they would average $93,858 and $89,440, respectively. While actuarial analysts would only make an average of $89,337 in Connecticut, you would still make more there than in the rest of the country. We determined these as the best states based on job availability and pay. By finding the median salary, cost of living, and using the Bureau of Labor Statistics' Location Quotient, we narrowed down our list of states to these four.

1. Washington

Total Actuarial Analyst Jobs:
578
Highest 10% Earn:
$130,000
Location Quotient:
1.29

2. New York

Total Actuarial Analyst Jobs:
1,032
Highest 10% Earn:
$127,000
Location Quotient:
1.31

3. Connecticut

Total Actuarial Analyst Jobs:
269
Highest 10% Earn:
$121,000
Location Quotient:
1.32
Full List Of Best States For Actuarial Analysts

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Top Actuarial Analyst Employers

Most Common Employers For Actuarial Analyst

Rank  Company  Average Salary  Hourly Rate  Job Openings  
1AIG$98,568$47.3981
2Palo Alto Networks$93,954$45.1726
3Aetna$91,003$43.7522
4Zurich$87,993$42.3039
5Insurance Incorporated$86,016$41.3555
6The Hartford$85,489$41.1035
7Blue Shield of California$85,329$41.0224
8Blue Cross Blue Shield of Michigan$85,167$40.9523
9Harvard Pilgrim$83,050$39.9351
10Highmark$82,590$39.7131

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Becoming an Actuarial Analyst FAQs

How long does it take to become an actuarial analyst?

It takes 7 to 10 years to become an actuarial analyst. This time includes the time necessary to achieve the educational credentials and the time needed to pass the many exams needed to become an actuarial analyst.

Is an actuarial analyst an actuary?

No, an actuarial analyst is not an actuary. A person does not become an actuary until they have taken the right exams and become fully credentialed. An actuarial analyst is working to be an actuary but has not completed all of the exams required for certification.

Is an actuary a stressful job?

No, being an actuary is not a stressful job. Working as an actuary pays well, it's low stress, and it's a mentally stimulating and challenging career. There are not many disadvantages in the day-to-day work as an actuary.

Is being an actuarial analyst hard?

Yes, being an actuarial analyst is hard. The hardest part about being an actual analyst is balancing work with studying for the series of 10 exams you must take to become certified.

Passing exams is about doing whatever it takes to pass. For some people, it takes 200 hours of studying. For others, it might take 400. And, of course, even if you study enough, you might fail.

Is it hard to become an actuarial analyst?

Yes, it's hard to become an actuarial analyst. The actuarial analyst is considered an entry-level position in the exciting world of becoming an actuary. To be considered for this position, most candidates must pass around 3 to 4 of the ten exams required for certification.

What is the highest-paid actuary?

The highest-paid actuary works in casualty insurance. The average salary for a casualty insurance actuary is $556,000 a year. Following in close second are actuaries in life insurance, which average $528,000 a year. Health insurance actuaries average $423,000 a year, and pension actuaries make approximately $364,000 a year.

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