How To Become An Actuarial Consultant: What It Is and Career Path

What is an actuarial consultant and how to become one

Updated January 8, 2025

4 min read

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.

ScoreActuarial ConsultantUS Average

Salary

7.1

Avg. Salary $91,160

Avg. Salary $59,228

Stability level

6.6

Growth rate 21%

Growth rate 0.3%

Diversity

2.9

Race

American Indian and Alaska Native 0.00%

Asian 16.40%

Black or African American 3.07%

Hispanic or Latino 4.78%

Unknown 2.98%

White 72.78%

Gender

female 34.04%

male 65.96%

Age - 37

Race

American Indian and Alaska Native 3.00%

Asian 7.00%

Black or African American 14.00%

Hispanic or Latino 19.00%

White 57.00%

Gender

female 47.00%

male 53.00%

Age - 37

Stress level

6.6

Stress level is high

7.1 - high

Complexity level

8.7

Complexity level is advanced

7 - challenging

Work life balance

5.8

Work life balance is fair

6.4 - fair

Key steps to become an actuarial consultant

Explore actuarial consultant education requirements

Most common actuarial consultant degrees

Bachelor's

79.6 %

Master's

16.1 %

Associate

1.8 %

Start to develop specific actuarial consultant skills

Skills	Percentages
Project Management	10.93%
Data Analysis	7.94%
Medicaid	7.80%
Financial Analysis	7.20%
Client Relationships	5.13%

Complete relevant actuarial consultant training and internships

Accountants spend an average of 4-10 years on post-employment, on-the-job training. New actuarial consultants learn the skills and techniques required for their job and employer during this time. The chart below shows how long it takes to gain competency as an actuarial consultant based on U.S. Bureau of Labor Statistics data and data from real actuarial consultant resumes.

Research actuarial consultant duties and responsibilities

Utilize SAS to manage and update the modeling dataset for both auto and home products.
Evaluate capitation agreements between provider groups and manage care plans, including commercial and Medicare populations.
Learned and run rate indications.
Train various new associates while transitioning to Medicaid.

Prepare your actuarial consultant resume

When your background is strong enough, you can start writing your actuarial consultant resume.

You can use Zippia's AI resume builder to make the resume writing process easier while also making sure that you include key information that hiring managers expect to see on an actuarial consultant resume. You'll find resume tips and examples of skills, responsibilities, and summaries, all provided by Zippi, your career sidekick.

Choose from 10+ customizable actuarial consultant resume templates

Build a professional actuarial consultant resume in minutes. Browse through our resume examples to identify the best way to word your resume. Then choose from 10+ resume templates to create your actuarial consultant resume.