Originally Answered: What is the employment outlook for actuarial science?
Employment of actuaries is expected to
increase by 27 percent from 2010 to 2020,
faster than the average for all occupations.
The largest employment growth for
actuaries is expected in consulting services.
Employment of actuaries in the insurance
industry is expected to grow by 25 percent
because actuaries will be needed to develop,
price, and evaluate a variety of insurance
products and calculate the costs of new
risks. In health insurance, more actuaries
will be needed to evaluate the effects that
new healthcare laws, such as changes in
coverage and expansion of customer pools,
pose to insurance companies and to
develop new products in response. Changes
in healthcare laws will also boost demand
for consulting actuaries who evaluate
healthcare plans for companies.
More actuaries will be needed in property
and casualty insurance to evaluate the risks
posed to property by the effects of climate
Demand is not expected to be as strong for
actuaries who specialize in life insurance.
Consolidation in the industry is expected to
limit the number of new jobs.
Rapid employment growth of 58 percent is
expected in consulting services from a
continuing need to evaluate and manage
employee benefit plans for employers and to
do contract work for insurers. In addition,
more industries are expected to use
consulting actuaries to assess risks across
all areas of business, a practice known as
enterprise risk management.
Actuaries should expect strong competition
for most jobs. Actuaries are a small field, and
the relatively high pay and comfortable
working conditions make being an actuary
a desirable career. Students who have
passed at least one actuarial exam and have
had an internship while in college should
have the best job prospects for entry-level
Employment projections data for
Occupational Title Actuaries
SOC Code 15-2011
Employment, 2010 21,700
Projected Employment, 2020 27,500
Percent Change, 2010-20 27
Numeric Change, 2010-20 5,800
Employment by Industry [XLS]
SOURCE: U.S. Bureau of Labor Statistics,
Employment Projections program