If you’re looking for a career that’s both challenging and rewarding, an actuarial science degree with a focus in mathematics can help get you there. This kind of work involves analyzing and determining financial consequences that come from certain risks, such as investments. However, there are several kinds of career paths available in this field. The following are some of the jobs you can do when you study actuarial mathematics.
An actuary applies statistics, math, and financial theory to determine the financial costs associated with risks. Actuaries can work in different types of work environments, although many of them work in insurance. According to the Bureau of Labor Statistics (BLS), the median pay for actuaries is $108,350 per year, although some earn over $193,600 annually. The job outlook is projected to rise 18 percent by 2029, which is much higher than average. This indicates that there should be plenty of job opportunities available for actuaries in the coming years.
Auditors are responsible for preparing and analyzing financial statements and records in order to find potential risks and opportunities. They also present the results of these analyses to businesses and recommend solutions, as needed. According to BLS, the median pay for auditors comes in at $71,550 per year, but some earn over $124,450 per year. The job outlook for auditors through 2029 is growth of 4 percent—about as fast as the average job outlook across all careers.
Actuarial consultants provide companies with risk assessment services, including insight into estimated financial consequences. These consultants can work with several kinds of clients, such as banks, insurance companies, and government agencies. Their work might involve evaluating the financial risks associated with mergers and acquisitions or determining prices for insurance policies. According to BLS, actuarial consultants average around $108,350 per year, with some making over $193,600 per year. At 18 percent, the job growth outlook for actuarial consultants is much faster than average through 2029.
Insurance actuarial analysts evaluate data in order to price and create insurance policies. This involves factoring in several data points. These data points differ depending on the type of insurance being offered, such as auto insurance, life insurance, or medical insurance. According to BLS, insurance actuarial analysts average $108,350 per year, with some earning $193,600 or more per year. The job growth outlook through 2029 for insurance actuarial analysts is 18 percent.
Investment analysts or financial analysts determine the risks of making investments for businesses and individuals. This involves keeping up to date on business and economic trends, as well as evaluating historical and current financial information. These analysts can work in different environments, including banks and insurance companies. According to BLS, the median pay for investment analysts is $81,590 per year. Some earn more than $156,150 a year. The projected job outlook for investment analysts through 2029 is 5 percent growth.
Market research analysts are responsible for analyzing market conditions for certain products or services. They keep track of sales and marketing trends, determine how effective marketing programs and campaigns are, and use statistics to examine relevant data. According to BLS, the median pay for market research analysts is $63,790 per year, although salaries can range from $34,350 to over $122,630 per year. The job outlook for market research analysts through 2029 is 18 percent, which is much faster growth than average.
Operations research analysts use complex mathematics, statistics, and analytical methods to assist businesses and other organizations with decision making and problem solving. These analysts are responsible for identifying issues in business or other fields, analyzing relevant data, and coming up with solutions. According to BLS, the median pay for operations research analysts is $84,810 per year, with some making over $140,790 per year. The job growth for operations research analysts through 2029 is expected to be much higher than average at 25 percent.
Personal financial advisors are responsible for assisting individuals with financial management and planning. This involves helping clients determine financial goals, explaining different types of financial services, and recommending financial investments. Although salaries can range from $42,950 to over $208,000 per year, personal financial advisors currently average $87,850 per year. The job growth outlook through 2029 for personal financial advisors is 4 percent.
Postsecondary teachers with an Actuarial Science degree are able to share their knowledge in mathematics, statistics, and other relevant areas of study. These educators come up with curriculum plans, help students learn certain skills, and assess student progress. According to BLS, the median pay for postsecondary teachers is $79,540 per year, with some earning over $174,960 per year. The job outlook for postsecondary teachers increases by 9 percent through 2029.
Risk analysts evaluate potential risks associated with current and upcoming projects for businesses. They also determine factors that could have a negative impact on a company, such as operation risks or compliance risks. According to BLS, risk analysts have median pay of roughly $81,590 per year, although salaries can range from $47,230 to over $156,150 per year. The job outlook for risk analysts through 2029 comes in at 5 percent.
Insurance underwriters determine whether or not to offer insurance coverage to applicants after evaluating their information and assessing potential risks. They are also responsible for determining the terms and amounts of insurance coverage based on this information. According to BLS, underwriters have a median pay of $70,020 per year, although some earn over $124,320 per year. The job outlook from 2019 to 2029 for underwriters is -6 percent. While this represents a decline, there is churn in the market as underwriters pursue other career opportunities or retire. There are still job opportunities available for those who want to pursue this career path.
If you’re considering a major in actuarial math, contact Geneva College for more information. Our online college offers a Christ-centered degree program where you can earn a Bachelor of Science in Actuarial Mathematics.
Opinions expressed in the Geneva Blog are those of its contributors and do not necessarily represent the opinions or official position of the College. The Geneva Blog is a place for faculty and contributing writers to express points of view, academic insights, and contribute to national conversations to spark thought, conversation, and the pursuit of truth, in line with our philosophy as a Christian, liberal arts institution.
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