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Actuarial Science Overview - Preparation - Day In The Life - Earnings - Employment - Career Path Forecast - Professional Organizations


Career Path Forecast
According to the U.S. Department of Labor, Bureau of Labor Statistics, employment of actuaries is expected to increase by 18 percent over the 2014-24 period, which is much faster than the average for all occupations. However, because it is a small occupation, the fast growth will result in only about 4,400 new jobs over the 10-year period. Actuaries will be needed to develop, price, and evaluate a variety of insurance products and calculate the costs of new risks.

 

More actuaries will also be needed to help companies manage their own risk, a practice known as enterprise risk management. Actuaries will help companies avoid, manage, and respond to any potential financial risks across all areas of their business operations. This analysis helps companies adjust their business or investment strategies to achieve economic returns and respond to new financial regulations and requirements.

 

Insurance companies will need actuaries to analyze the large amount of information, such as medical or property data, collected from consumers. The increase in available data will allow insurance companies to better develop new products, set competitive prices, predict consumer behavior, and make more accurate projections of future risks and costs.

 

In addition, health insurance companies will require more actuaries to help evaluate the effects of changing healthcare regulations and guidelines, expand into new insurance markets, and offer products to new customers. However, consolidation among health insurance companies and providers may limit growth in this area.

Job opportunities should be somewhat favorable for applicants interested in an actuarial career. However, competition may grow, because the number of students sitting for actuarial exams has increased in the past few years. Students who have passed at least two actuarial exams and have had an internship while in college should have the best job prospects for entry-level positions.

Note: Some resources in this section are provided by the US Department of Labor, Bureau of Labor Statistics.
 


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