Best Careers: Actuary

The rundown:

If you studied the role Ben Stiller played in Along Came Polly, you might think the main requirements for a career as an actuary are to be square, safe, and boring. Not so much. Actuaries evaluate the likelihood and consequences of risk. As an actuary, you will most likely work for an insurance provider. Your job is to use statistics and mathematics to estimate the likelihood and cost of claims related to death, illness, injury, or property damage so the insurance company can cover its expenses and stay profitable. Some actuaries work for public or private employers to manage risk for pension plans and programs like Social Security. You might end up helping manage company plans or overseeing risk reductions for employers.

[See a list of The 50 Best Careers.]

The outlook:

Employment opportunities for actuaries should climb quickly over the next decade. Actuaries held 19,700 jobs in 2008, and that figure should grow by 4,200, or more than 21 percent, over the next decade. Insurance industry needs will remain stable, and healthcare and consulting firms will increasingly rely on the skills actuaries possess.

Money:

Median pay for actuaries was about $87,210 in 2009, according to the Labor Department. The lowest-paid 10 percent made less than $51,950, while the highest-paid 10 percent made more than $158,240. New graduates with bachelor's degree in actuarial science can expect starting salaries around $56,000.

Upward mobility:

Actuaries aren't condemned to boring desk jobs. More and more companies are hiring actuaries for management positions and even moving them into executive-level roles, such as chief financial officer.

Activity level:

Pretty low. But your brain will undergo some serious exercises.

[See a list of the best business careers.]

Stress level:

Low. Once you get past the anxiety of certificate exams, your job-related tension tends to be pretty minimal.

Education and preparation:

You'll need to have a bachelor's degree with a strong finance or math concentration. Consider majors in mathematics, statistics, economics, or even a degree in actuarial science, which is offered by about 100 schools. Certification programs offered by the Casualty Actuarial Society and the Society of Actuaries may be covered by employers, and if you pass your exams, it often leads to a pay raise. There is some data suggesting that more employers are now looking for employees who have already passed an initial exam.

Real advice from real people about landing a job as an actuary:

As with many other financial jobs, communications skills are almost as important as mathematical savvy. "Students planning an actuarial career can choose a school that offers an actuarial science major, or if that is not available, take appropriate courses in calculus, probability, statistics, accounting, economics, and finance to be prepared to learn actuarial techniques and applications. In addition, leadership and communication skills are essential for success," says Stuart Klugman, a staff fellow in education at the Society of Actuaries.

Suggested job searches: Actuarial Analyst jobs | Associate Actuary jobs | Senior Actuarial Analyst jobs | Life Actuary jobs