Actuaries
Description OES Code: 25313
Actuaries use math and statistics to put a price tag on future unanticipated events such as fire, sickness, disability, and death. This information allows Actuaries to design and evaluate insurance, annuity, and pension plans. Actuaries specialize in either life and health insurance, or in property and casualty insurance.

Wages, California
Entry-Level Hourly Wage $22.51
25th Percentile $26.21
50th Percentile $35.10
75th Percentile $53.54

Wages by California County
• OES Survey
• CCOIS Survey

Hours & Benefits
Actuaries work a five-day week, averaging 35 to 40 hours. Common benefits include paid sick leave, vacation and holidays. Actuaries also receive medical, dental and vision insurance, and retirement plans.

Employment Trends by California County

Working Conditions
Most actuaries are based in headquarters offices and work in office environments common to banks and insurance companies. Independent Actuaries work in their own offices, but are likely to spend much of their time in the field with clients. All do some traveling to visit clients and branch offices, and to attend Actuarial Society and other professional meetings.

Advancement
Actuaries with extensive work experience who successfully complete a series of professional examinations develop a broad knowledge of business practices that allow them to easily promote into general management and executive leadership positions.

Getting the Job & Other Information
Direct application to employers remains one of the most effective job search methods. Private firms are listed in the Yellow Pages under actuaries and insurance.

For a list of current job listing, browse CalJOBS or America's Job Bank.

Education and Training
Most employers require a bachelor's degree in mathematics or statistics, preferably with a specialty in actuarial science. Some companies will accept a major in economics or business administration if the applicant has a strong background in calculus and statistics. Courses in insurance law, economics, accounting, computer science, speech, and effective writing are also helpful.

High school students should take advanced math and computer science courses.

It usually takes five to ten years to complete the series of ten exams required for the full professional status as a an Actuary. Actuarial students should take the first two or three exams while still in college to qualify for higher starting salaries.

Skills & Other Requirements
* Mathematical reasoning, especially knowledge of calculus, statistics and probability theory
* Critical thinking
* Information gathering and organizing
* Judgment and decision making
* Problem solving
* Project management
* Computer Science, including spreadsheets, statistical analysis, and database manipulation

References
California Occupational Guide #318

Related Occupations: Insurance Underwriters, #55, Insurance Adjusters, Examiners, & Investigators, #67

Training: California Training and Education Providers (CTEP)