> Source: https://coursetojob.com/careers/actuary/ — updated 2026-09-26 · language: en > Markdown version of this CourseToJob page for AI agents. The HTML page is canonical. Data licence CC BY 4.0: cite the page URL and the original statistical source. Business and finance # Actuary Degree usually needed Partly regulated Also known as: Actuarial analyst · Actuarial consultant · Actuarial scientist · Pricing actuary Updated September 26, 2026 [How we use data](https://coursetojob.com/methodology/) Quick answer Actuaries use mathematics, statistics and financial theory to measure and manage risk, especially in insurance, pensions and investment. Most have a degree in a highly numerical subject, such as mathematics, actuarial science or statistics, and then pass a long series of professional exams while working. They work for insurers, consultancies, banks, governments and regulators. ## What does an actuary do? - Build statistical models to estimate the chance and cost of events such as illness, accidents, deaths or natural disasters. - Calculate insurance prices and the reserves companies need to pay future claims. - Value pension schemes and advise employers on how much they need to pay in. - Test how organisations would cope with shocks such as market crashes or pandemics. - Check that insurers hold enough capital to meet the rules set by regulators. - Explain complex results clearly to managers, clients and regulators. ### Where do they work? Most actuaries work for life, health and general insurers, reinsurers, and consultancies that advise pension schemes and employers. Others work for banks, investment firms, government actuarial departments, social security agencies and financial regulators. A growing number use their skills in healthcare, data science and climate risk. The work is office-based, and hybrid working is common. Trainees combine a full-time job with study, which makes exam periods demanding. ## What skills do you need? - Probability and statistics - Financial mathematics - Risk modelling - Programming, for example R, Python or SQL - Advanced spreadsheets - Business and economic understanding - Explaining technical results in plain language - Professional judgement and ethics ### Official skills profile (ESCO) Essential skills listed for this occupation in ESCO, the European Commission's multilingual classification of skills and occupations. - [synthesise financial information](https://data.europa.eu/esco/skill/5c99d21a-9d02-4638-9b52-a6ba840dcb0a) - [apply statistical analysis techniques](https://data.europa.eu/esco/skill/382c11ed-20d5-4ae7-b60e-15fec527fa6c) - [produce statistical financial records](https://data.europa.eu/esco/skill/08ee68b2-0a6d-4bdf-a870-a36c0dc8064e) - [perform risk analysis](https://data.europa.eu/esco/skill/1dd23dba-dd00-45ab-abf4-642902538317) - [advise on financial matters](https://data.europa.eu/esco/skill/79c36c91-28a5-44b7-ab9b-7093b2d4b21e) - [analyse market financial trends](https://data.europa.eu/esco/skill/292549e6-08ec-456c-b008-eba7a0a68428) - [provide support in financial calculation](https://data.europa.eu/esco/skill/6bf6b5bd-6658-4338-b0ee-dc143e68e6d3) - [create a financial plan](https://data.europa.eu/esco/skill/56ff27ef-2565-45bf-a70c-f06d78d2a480) - [obtain financial information](https://data.europa.eu/esco/skill/71ae4f64-6505-4b6f-91b9-5acfa5721798) **Essential knowledge:** financial products · actuarial science · statistics ## How do you become an actuary? Most actuaries have a degree in mathematics, actuarial science, statistics, economics, physics or engineering with strong mathematical content. Graduates join an employer as actuarial trainees or analysts and work through the exams of a professional actuarial body. Examples include the Society of Actuaries and the Casualty Actuarial Society in North America, and the Institute and Faculty of Actuaries, which has members in many countries. Qualifying usually takes several years of study alongside full-time work, and many employers give paid study leave. Some accredited degrees give exemptions from early exams. People in other numerical jobs can also start the exams later in their career. 1. **Actuarial science degree.** A degree in actuarial science covers probability, statistics, financial mathematics and insurance. Accredited programmes can give exemptions from some professional exams, which shortens the time to qualify. Internships with insurers or consultancies are important, because graduate hiring is competitive and employers look for proven interest. 2. **Other numerical degree.** Graduates in mathematics, statistics, physics, economics or engineering are widely hired as actuarial trainees. Employers look for strong mathematical ability and, increasingly, programming skills. Some candidates pass one or two professional exams before applying, which shows commitment and makes their application stronger. 3. **Apprenticeship or technician route.** In some countries, including the UK, school leavers can join actuarial apprenticeships or study for an actuarial technician qualification while working. These routes can lead to full qualification over time. They are less common than graduate entry, so check what employers offer in your country. ### Degrees that lead to this career - **[Mathematics](https://coursetojob.com/subjects/mathematics/)** — A mathematics degree develops advanced reasoning and problem-solving through pure mathematics, such as algebra and analysis, and applied areas, such as statistics, modelling and computing. 6 linked careers - **[Data science](https://coursetojob.com/subjects/data-science/)** — A data science degree teaches how to collect, clean, analyse and learn from data, combining statistics, programming and machine learning with knowledge of real-world problems. 6 linked careers - **[Economics](https://coursetojob.com/subjects/economics/)** — An economics degree studies how people, businesses and governments make choices with limited resources, and how markets, money and policy affect jobs, prices and growth. 6 linked careers - **[Physics](https://coursetojob.com/subjects/physics/)** — A physics degree explores the laws that govern the universe, from particles and atoms to materials, energy and stars, using mathematics, experiments and computer models. 6 linked careers - **[Accounting and finance](https://coursetojob.com/subjects/accounting-and-finance/)** — An accounting and finance degree teaches how organisations record, report, analyse and manage money, from financial statements and tax to investment and risk. 6 linked careers [Ready to apply? Build a free CV and cover letter with our CV builder](https://coursetojob.co.uk/careers/cv-builder/) ## Do you need a licence to work as an actuary? Actuarial work is partly regulated. The title actuary is usually linked to membership of a professional actuarial body, which sets exams, ethics codes and continuing training. In many countries, certain tasks are required by law to be done by a qualified actuary, such as signing off insurance reserves or pension scheme valuations, sometimes with an extra practising certificate. Some actuarial bodies have mutual recognition agreements. Check the rules of your national actuarial association and your insurance or pensions regulator. ## How much does an actuary earn? ### Pay in the United States - **$130,000** Median annual wage, May 2025 - **$78,570–$215,100** Range from the lowest-paid 10% to the highest-paid 10% - **26.7K** People employed in the US US Bureau of Labor Statistics, Occupational Employment and Wage Statistics, SOC 15-2011, May 2025. National estimates across all industries; excludes the self-employed. ### Earnings of Professionals around the world Most countries do not publish pay for single job titles. The International Labour Organization collects median monthly earnings for broad occupation groups instead. This career belongs to ISCO-08 major group 2, "Professionals". The table covers the whole group, which includes actuary and many other occupations. | Country | Local currency a month | PPP$ a month | vs all employees | Year | | --- | --- | --- | --- | --- | | [Netherlands](https://coursetojob.com/countries/netherlands/) | €6,217 | 8,102 | +22% | 2025 | | [Germany](https://coursetojob.com/countries/germany/) | €5,315 | 7,389 | +41% | 2022 | | [France](https://coursetojob.com/countries/france/) | €5,314 | 7,255 | +43% | 2025 | | [Switzerland](https://coursetojob.com/countries/switzerland/) | CHF 7,600 | 7,133 | +27% | 2025 | | [Ireland](https://coursetojob.com/countries/ireland/) | €6,252 | 6,917 | +56% | 2025 | | [Spain](https://coursetojob.com/countries/spain/) | €4,153 | 6,832 | +57% | 2025 | | [United States](https://coursetojob.com/countries/united-states/) | $6,673 | 6,673 | +49% | 2025 | | [Italy](https://coursetojob.com/countries/italy/) | €3,716 | 5,762 | +19% | 2025 | | [Sweden](https://coursetojob.com/countries/sweden/) | €4,398 | 5,491 | +13% | 2025 | | [United Kingdom](https://coursetojob.com/countries/united-kingdom/) | £3,501 | 4,991 | +29% | 2025 | | [Türkiye](https://coursetojob.com/countries/turkiye/) | TRY 60,000 | 3,381 | +100% | 2025 | | [South Africa](https://coursetojob.com/countries/south-africa/) | ZAR 17,000 | 2,292 | +209% | 2020 | | [Brazil](https://coursetojob.com/countries/brazil/) | R$5,000 | 1,937 | +127% | 2025 | | [India](https://coursetojob.com/countries/india/) | ₹32,000 | 1,613 | +113% | 2025 | | [Philippines](https://coursetojob.com/countries/philippines/) | ₱30,417 | 1,466 | +100% | 2024 | | [Mexico](https://coursetojob.com/countries/mexico/) | MX$14,745 | 1,304 | +68% | 2025 | | [Egypt](https://coursetojob.com/countries/egypt/) | EGP 5,000 | 719 | +10% | 2024 | | [Indonesia](https://coursetojob.com/countries/indonesia/) | IDR 2,759,817 | 537 | +23% | 2023 | | [Pakistan](https://coursetojob.com/countries/pakistan/) | PKR 34,640 | 530 | +34% | 2025 | | [Nigeria](https://coursetojob.com/countries/nigeria/) | NGN 50,000 | 188 | 0% | 2024 | Source: ILOSTAT, median monthly earnings of employees, latest year available. PPP$ adjusts for price differences between countries so figures can be compared. "vs all employees" compares the group's median with the median for all occupations in the same country. ## Career progression 1. Actuarial trainee or analyst 2. Part-qualified or associate actuary 3. Qualified actuary (fellow) 4. Senior or lead actuary 5. Chief actuary or partner ## Job outlook Actuaries are needed wherever long-term financial risk has to be measured, so insurance, pensions and healthcare provide steady demand. New areas such as climate risk, cyber risk and longer life expectancy are widening the work. Data science and AI tools are changing how models are built, and data scientists now compete for some analytical tasks. However, regulated sign-off roles still require qualified actuaries. The profession is small and entry is competitive, but qualified actuaries are usually in steady demand. ## Questions about becoming an actuary **How long does it take to become an actuary?** Becoming a fully qualified actuary usually takes several years after your degree, because you study for professional exams while working full time. The exact time depends on the actuarial body, your exemptions and how quickly you pass. Many people first reach an associate level and then continue towards fellowship, the full qualification, over the following years. **Are actuarial exams hard?** Yes, they are widely seen as very demanding. They cover advanced mathematics, statistics, finance and business applications, and each exam needs many weeks of study. It is common to fail some exams and retake them. Good time management, study support from your employer and steady practice make a big difference. **What degree do you need to be an actuary?** Most actuaries studied mathematics, actuarial science, statistics, economics, physics or engineering. The degree subject matters less than strong mathematical ability, because the professional exams are highly numerical. An accredited actuarial science degree can give exemptions from some exams, but graduates in other numerical subjects are also widely hired. **Can actuaries work in other countries?** Often yes, but it depends on your qualification and the local rules. Some actuarial bodies have mutual recognition agreements, so members can join another body with little or no extra study. Regulated roles, such as signing off insurance reserves, may require local membership or a practising certificate. International insurers and consultancies sometimes support moves between offices. ## Related careers - **[Statistician](https://coursetojob.com/careers/statistician/)** — Statisticians collect, analyse and interpret data to answer questions and support decisions. Degree required - **[Financial analyst](https://coursetojob.com/careers/financial-analyst/)** — Financial analysts study financial data, markets and company performance to help businesses and investors make decisions about money. Degree usually needed - **[Data scientist](https://coursetojob.com/careers/data-scientist/)** — Data scientists use statistics, programming and machine learning to find patterns in data and help organisations make decisions or build data-driven products. Degree usually needed - **[Accountant](https://coursetojob.com/careers/accountant/)** — Accountants prepare, check and explain financial information so that organisations pay the right tax, follow the law and make better decisions. Degree usually needed ## Sources 1. [US Bureau of Labor Statistics — Occupational Employment and Wage Statistics](https://www.bls.gov/oes/) — SOC 15-2011, national estimates, May 2025 2. [ILOSTAT — Median monthly earnings of employees by occupation](https://ilostat.ilo.org/data/) — ISCO-08 major groups, latest year per country 3. [European Commission — ESCO occupation profile](https://data.europa.eu/esco/occupation/068c2787-58ff-468e-bbb6-c4e5dd6ee482) — ESCO code 2120.1 **How to cite this page:** CourseToJob (2026). How to become an actuary: degrees, skills and salary. https://coursetojob.com/careers/actuary/ (accessed September 26, 2026) [Report a data or content issue](mailto:hello@elitedigitalagency.io?subject=Data%20issue%3A%20https%3A%2F%2Fcoursetojob.com%2Fcareers%2Factuary%2F) ## Key facts - **Occupation group:** Professionals (ISCO-08 2120) - **ESCO:** [actuarial consultant](https://data.europa.eu/esco/occupation/068c2787-58ff-468e-bbb6-c4e5dd6ee482) (2120.1) - **US occupation code (SOC):** 15-2011 - **Degree:** Degree usually needed - **Regulation:** Partly regulated - **US median pay:** $130,000 (2025) - **Official names in this language:** actuarial consultant · actuary · consulting actuaries · actuarial advisor · insurance actuaries **On this page** 1. What does an actuary do? 2. What skills do you need? 3. How do you become an actuary? 4. How much does an actuary earn? 5. 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