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What is an Actuarial Consultant

Actuarial consultants provide financial advice to their clients to help inform their financial decision-making. They do this by communicating their analysis in a clear, non-technical way, ensuring their clients fully understand implications, and bearing in mind any limitations that may apply to their clients. They utilize a wide array of statistics, contingency plans, and large amounts of data to formulate a plan best suited to each client. Actuarial consultants earn a median sum of $81,000 annually or $39 per hour.



Actuarial consultants complete risk and cost analysis to determine financial uncertainties using the skills of a statistician, economist, and probabilities forecaster. They help clients choose the proper insurance, pension, and investing plans to meet their goals, and they work with insurance companies or with clients in the investment world. They spend an ample amount of time crunching numbers and running hypothetical scenarios containing current trends.



Actuarial consultants typically have a bachelor's degree in finance, economics, statistics, business, or other related fields. They are expected to pass an extensive series of examinations before becoming actuarial consultants. Also, actuarial consultants hoping to excel in the field often pursue a higher academic degree.

There is more than meets the eye when it comes to being an Actuarial Consultant. For example, did you know that they make an average of $41.09 an hour? That's $85,470 a year!

Between 2018 and 2028, the career is expected to grow 20% and produce 5,000 job opportunities across the U.S.

What Does an Actuarial Consultant Do

There are certain skills that many Actuarial Consultants 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 Analytical skills, Communication skills and Computer skills.

Learn more about what an Actuarial Consultant does

How To Become an Actuarial Consultant

If you're interested in becoming an Actuarial Consultant, one of the first things to consider is how much education you need. We've determined that 79.6% of Actuarial Consultants have a bachelor's degree. In terms of higher education levels, we found that 16.1% of Actuarial Consultants have master's degrees. Even though most Actuarial Consultants have a college degree, it's impossible to become one with only a high school degree or GED.

Choosing the right major is always an important step when researching how to become an Actuarial Consultant. When we researched the most common majors for an Actuarial Consultant, we found that they most commonly earn Bachelor's Degree degrees or Master's Degree degrees. Other degrees that we often see on Actuarial Consultant resumes include Associate Degree degrees or Diploma degrees.

You may find that experience in other jobs will help you become an Actuarial Consultant. In fact, many Actuarial Consultant jobs require experience in a role such as Actuarial Analyst. Meanwhile, many Actuarial Consultants also have previous career experience in roles such as Actuarial Assistant or Actuary.

What is the right job for my career path?

Tell us your goals and we'll match you with the right jobs to get there.

And if you’re looking for a job, here are the five top employers hiring now:

  1. Ernst & Young Jobs (7)
  2. Milliman Jobs (39)
  3. Deloitte Jobs (15)
  4. New York Life Insurance Jobs (6)
  5. JPMorgan Chase & Co. Jobs (8)
Average Salary
$85,470
Average Salary
Job Growth Rate
20%
Job Growth Rate
Job Openings
12,761
Job Openings
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Actuarial Consultant Career Paths

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Average Salary for an Actuarial Consultant

Actuarial Consultants in America make an average salary of $85,470 per year or $41 per hour. The top 10 percent makes over $158,000 per year, while the bottom 10 percent under $45,000 per year.
Average Salary
$85,470
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Choose From 10+ Customizable Actuarial Consultant Resume templates

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

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Actuarial Consultant Demographics

Actuarial Consultant Gender Distribution

Male
Male
66%
Female
Female
34%

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

  • Among Actuarial Consultants, 34.0% of them are women, while 66.0% are men.

  • The most common race/ethnicity among Actuarial Consultants is White, which makes up 81.1% of all Actuarial Consultants.

  • The most common foreign language among Actuarial Consultants is Spanish at 30.8%.

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Actuarial Consultant Education

Actuarial Consultant Majors

Actuarial Consultant Degrees

Bachelors

79.6 %

Masters

16.1 %

Associate

1.8 %

Top Colleges for Actuarial Consultants

1. University of Notre Dame

Notre Dame, IN • Private

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

2. Columbia University in the City of New York

New York, NY • Private

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

3. Carnegie Mellon University

Pittsburgh, PA • Private

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

4. Emory University

Atlanta, GA • Private

In-State Tuition
$51,306
Enrollment
6,975

5. Georgia Institute of Technology

Atlanta, GA • Private

In-State Tuition
$12,424
Enrollment
15,201

6. University of Pennsylvania

Philadelphia, PA • Private

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

7. University of Michigan - Ann Arbor

Ann Arbor, MI • Private

In-State Tuition
$15,262
Enrollment
30,079

8. University of California - Los Angeles

Los Angeles, CA • Private

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

9. University of California, Berkeley

Berkeley, CA • Private

In-State Tuition
$14,184
Enrollment
30,845

10. Boston University

Boston, MA • Private

In-State Tuition
$53,948
Enrollment
17,238
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Online Courses For Actuarial Consultant That You May Like

Introduction to Actuarial Science
edX (Global)

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...

Fundamentals of Insurance - 1
udemy
4.2
(668)

Fundamentals of Insurance - 1...

Planning for Risk & Retirement
edX (Global)

Planning for Risk, Retirement and Investment is made possible by the Brian and Sheila Jellison Family Foundation. The Planning for Risk, Retirement & Investment course is designed for individuals to build financial literacy, one of the most pressing needs Americans face today. Financial decisions made by individuals impact the larger community in significant ways with pervasive cost due to financial mistakes. A recent study by the Financial Industry Regulatory Authority (FINRA) reveals over...

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Top Skills For an Actuarial Consultant

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, 20.6% of Actuarial Consultants listed Communication on their resume, but soft skills such as Analytical skills and Communication skills are important as well.

Best States For an Actuarial Consultant

Some places are better than others when it comes to starting a career as an Actuarial Consultant. The best states for people in this position are New York, Missouri, Rhode Island, and Maine. Actuarial Consultants make the most in New York with an average salary of $116,987. Whereas in Missouri and Rhode Island, they would average $109,347 and $108,862, respectively. While Actuarial Consultants would only make an average of $107,063 in Maine, 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. Maine

Total Actuarial Consultant Jobs:
193
Highest 10% Earn:
$175,000
Location Quotient:
5.98
Location Quotient is a measure used by the Bureau of Labor Statistics (BLS) to determine how concentrated a certain industry is in a single state compared to the nation as a whole. You can read more about how BLS calculates location quotients here

2. New York

Total Actuarial Consultant Jobs:
257
Highest 10% Earn:
$187,000
Location Quotient:
0.82
Location Quotient is a measure used by the Bureau of Labor Statistics (BLS) to determine how concentrated a certain industry is in a single state compared to the nation as a whole. You can read more about how BLS calculates location quotients here

3. Rhode Island

Total Actuarial Consultant Jobs:
21
Highest 10% Earn:
$176,000
Location Quotient:
0.71
Location Quotient is a measure used by the Bureau of Labor Statistics (BLS) to determine how concentrated a certain industry is in a single state compared to the nation as a whole. You can read more about how BLS calculates location quotients here
Full List Of Best States For Actuarial Consultants

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Top Actuarial Consultant Employers

We've made finding a great employer to work for easy by doing the hard work for you. We looked into employers that employ Actuarial Consultants and discovered their number of Actuarial Consultant opportunities and average salary. Through our research, we concluded that Mercer was the best, especially with an average salary of $98,848. Milliman follows up with an average salary of $129,213, and then comes MetLife with an average of $114,400. In addition, we know most people would rather work from home. So instead of having to change careers, we identified the best employers for remote work as an Actuarial Consultant. The employers include CVS Health, UnitedHealth Group, and DW Simpson

Most Common Employers For Actuarial Consultant

RankCompanyZippia ScoreAverage Actuarial Consultant SalaryAverage Salary
1
1.Celent
$143,190
2$129,253
3$129,213
4$127,363
5$124,179
6$122,232