In the realm of job preferences, a 2022 Gallup poll indicates that 64% of U.S. employees consider pay and benefits crucial when evaluating job offers. A nearly equal percentage, 61%, prioritize work-life balance and well-being, a trend influenced by the rise of remote work. Actuaries emerge as a fitting career choice for many, boasting a median salary of $113,990 per year and the potential for hybrid or fully remote work arrangements, as reported by the Bureau of Labor Statistics.
Actuaries specialize in assessing risks for their clients, often within the domain of insurance. Utilizing data related to mortality, accidents, illness, disability, and more, they construct probability models for various scenarios, providing informed advice. The role typically demands a bachelor’s degree in mathematics or statistics, along with coding or software proficiency.
Actuaries “typically need to know how to code or know software,” says Vicki Salemi, career expert at Monster, adding that they also need soft skills and communication skills to be able to “analyze and interpret this data and deliver it.”
Besides the attractive salary and flexibility, actuarial positions are in high demand. The Bureau of Labor Statistics projects a remarkable 23% growth in actuary employment from 2022 to 2032, considered “much faster than average.” Factors contributing to this growth may include climate-related changes, prompting the need for risk assessment concerning events like tornadoes, floods, and hurricanes.
“There might be more of a need to assess what the risk would be like, say, for tornadoes, floods, hurricanes, etc.”
An additional allure of the actuarial profession is its relatively low-stress level, rated at 57 according to the Labor Department’s Occupational Information Network stress tolerance scale. Factors such as a standard 40-hour workweek and job stability contribute to this ranking. Vicki Salemi, a career expert at Monster, deems the role a “winner” based on its overall profile, emphasizing its alignment with key job priorities and favorable industry projections.