Last Updated on November 27, 2023 by Robert C. Hoopes
New Study Shows Actuary Career Combines High Pay, Flexibility, and Low Stress Levels
According to a recent Gallup poll, the majority of U.S. employees prioritize pay and benefits (64%) and work-life balance (61%) when considering a job offer. Striking a perfect balance between these two crucial factors seems like an elusive goal, but for actuaries, it is a reality.
Actuaries are professionals who assess risks for their clients, particularly in insurance companies. By analyzing data related to mortality, accidents, illness, disability, and more, they predict probabilities and provide valuable advice. Not only does this occupation fulfill the critical criteria of pay and work-life balance, but it also offers a host of other attractive features.
A significant advantage of pursuing a career as an actuary is the financial reward it brings. With a median salary of $113,990 per year, actuaries earn a comfortable income. This factor is undoubtedly appealing to the majority of job-seekers who value pay as a key consideration.
Another aspect that makes this profession highly desirable is the level of flexibility it offers. Actuaries have the freedom to work remotely or opt for a hybrid model. In a world where remote work has become increasingly prevalent, the ability to choose where and when to work can greatly enhance work-life balance and overall well-being.
To become an actuary, a bachelor’s degree in mathematics or statistics is usually required. Experience in the field, coupled with knowledge of coding or software, further strengthens an individual’s qualifications. While this may sound like a demanding path, the effort pays off when considering the projected job growth in the field.
The demand for actuaries is expected to increase by an impressive 23% between 2022 and 2032, surpassing the growth rate of other occupations. Several factors contribute to this trend, including climate change, which presents new risks that need to be assessed. As the need for risk assessment rises across industries, the demand for actuaries follows suit.
Apart from the financial and career prospects, actuaries also enjoy a comparatively low-stress work environment. The nature of their job, which involves a 40-hour workweek and job stability, contributes to a stress ranking of 57 out of 100. This ranking underscores the overall satisfaction and well-being experienced by professionals in this field.
In conclusion, the role of an actuary checks all the boxes for job-seekers looking for an ideal career path. With high pay, flexibility, and low stress levels, this profession offers a well-rounded package. As the demand for actuaries continues to grow, individuals considering a career in this field can rest assured that they are making a smart choice.