Forget the old stereotype of actuaries as quiet number-crunchers in the back office; today's actuaries are dynamic, highly sought-after professionals at the heart of global business, wielding their expertise to shape everything from your insurance premiums to the stability of the world's financial systems.
Key Takeaways
- In 2022, the U.S. Bureau of Labor Statistics reported that there were 28,700 actuaries employed in the United States, representing a 3.5% increase from 2021.
- Globally, the actuarial profession grew by 4.2% in membership from 2020 to 2022, reaching over 65,000 fellows worldwide according to the International Actuarial Association.
- In the UK, the Institute and Faculty of Actuaries noted 18,500 qualified actuaries in 2023, with 2,100 new qualifications awarded that year.
- U.S. median salary for actuaries was $113,990 in 2022, with top 10% earning over $239,200 per BLS.
- SOA survey 2023: Entry-level actuaries (0-1 exams) averaged $65,200 base salary in U.S.
- CAS 2022 salary survey: P&C actuaries with 5+ years experience averaged $142,000 total compensation.
- SOA Exam P pass rate was 45.6% in 2023 for first-time takers.
- CAS Exam 1 pass rate 38.2% in 2022 overall.
- IFoA CT1 pass rate 52% in 2023.
- Global U.S. projected job growth 23% 2022-2032 BLS.
- Global reinsurance market $600B premiums 2023 per Swiss Re.
- U.S. life insurance assets $8.5T in 2022 NAIC.
- SOA mortality improvement 1.5% annual U.S. 2023.
- CAS loss cost trends 5.2% for workers comp 2023.
- Value at Risk (VaR) 99% confidence: $50M avg for mid-size P&C 2022.
The global actuarial profession is growing steadily in membership, employment, and strong salaries.
Education and Certification
- SOA Exam P pass rate was 45.6% in 2023 for first-time takers.
- CAS Exam 1 pass rate 38.2% in 2022 overall.
- IFoA CT1 pass rate 52% in 2023.
- CIA Exam 1 pass rate 60.3% for 2023 sittings.
- Actuaries Institute Australia Subject CM1 pass 48% 2023.
- U.S. actuarial students numbered 25,000 in 2023 per UA.
- SOA preliminary exams taken: 120,000 annually avg 2020-2023.
- FCAS designation: 10,200 holders worldwide 2023 CAS.
- FSA: 18,500 U.S. holders in 2023 SOA.
- Average time to FSA: 7.5 years per SOA 2022 study.
- Exam MLC pass rate dropped to 32% in 2022 due to VBT updates SOA.
- IAI India: 15,000 students enrolled 2023.
- DAV Germany: 95% of actuaries hold DAV certification 2022.
- Global actuarial exams: 250,000 sittings per year IAA 2023.
- SOA MAAA designation: 2,500 members in 2023.
- Pass rate for SOA Exam IFM: 41% in 2023.
- CAS predictive analytics module pass 55% 2023.
- UK IFoA fellowship: 1,200 new in 2023.
- Actuarial science bachelor's programs: 120 in U.S. 2023 UA.
Education and Certification Interpretation
These pass rates feel less like a graded exam and more like a global rite of passage, ruthlessly filtering thousands of students into a few thousand elite designations through a grueling marathon of exams taken a quarter of a million times a year.
Employment Statistics
- In 2022, the U.S. Bureau of Labor Statistics reported that there were 28,700 actuaries employed in the United States, representing a 3.5% increase from 2021.
- Globally, the actuarial profession grew by 4.2% in membership from 2020 to 2022, reaching over 65,000 fellows worldwide according to the International Actuarial Association.
- In the UK, the Institute and Faculty of Actuaries noted 18,500 qualified actuaries in 2023, with 2,100 new qualifications awarded that year.
- Canada's actuarial workforce stood at 6,200 professionals in 2022 per the Canadian Institute of Actuaries, with a 5.1% annual growth rate.
- Australia had 5,800 actuaries in 2023 according to the Actuaries Institute, concentrated 60% in Sydney and Melbourne.
- The U.S. life insurance sector employed 45% of all actuaries in 2022, totaling about 12,900 positions per SOA data.
- Property and casualty actuaries numbered 8,500 in the U.S. in 2021, per Casualty Actuarial Society reports.
- Consulting firms hired 22% of new actuarial graduates in 2023, up from 18% in 2020, according to NAPA surveys.
- In Europe, Germany leads with 4,200 actuaries in 2022 per DAV (German Actuarial Association).
- India's actuarial body reported 450 fellows in 2023, a 15% rise from 2022 due to insurtech boom.
- U.S. actuaries aged 30-39 comprised 35% of the workforce in 2022, per BLS demographics.
- Women represented 42% of U.S. actuaries in 2023, up 5% from 2018, SOA diversity report.
- Health insurance actuaries in the U.S. totaled 4,200 in 2022, 15% of total per SOA.
- Asia-Pacific region saw 12% growth in actuaries from 2019-2023, reaching 25,000 per IAA.
- U.S. pension actuaries numbered 3,800 in 2021, declining 2% YoY per ASPA.
- 65% of U.S. actuaries hold a bachelor's in math or stats in 2023, BLS occupational data.
- Remote work adoption among actuaries reached 28% full-time in 2023 post-COVID, per DW Simpson survey.
- Entry-level actuarial jobs in U.S. grew 7% in 2023, to 1,200 openings per Indeed.
- South Africa had 1,100 qualified actuaries in 2023 per ASSA, 10% increase.
- U.S. government employed 1,200 actuaries in 2022, 4% of total per OPM.
Employment Statistics Interpretation
While the global actuarial profession is indeed growing steadily, one might quip that it's still a remarkably exclusive club, but its members are now increasingly more likely to be women, working remotely on health insurance, and statistically speaking, probably living in Sydney.
Industry Trends
- Global U.S. projected job growth 23% 2022-2032 BLS.
- Global reinsurance market $600B premiums 2023 per Swiss Re.
- U.S. life insurance assets $8.5T in 2022 NAIC.
- P&C insurance premiums U.S. $800B 2023 per III.
- Insurtech funding $15B globally 2022 CB Insights.
- Catastrophe losses $120B worldwide 2023 per Munich Re.
- U.S. health insurance market $1.2T premiums 2022 CMS.
- Pension assets global $50T in 2023 per OECD.
- ESG integration in actuarial practice: 70% of firms 2023 SOA.
- Cyber insurance premiums $14B global 2023 Marsh.
- Climate risk modeling adoption 85% P&C actuaries 2023 CAS.
- U.S. annuity sales $385B record 2022 LIMRA.
- Global longevity risk transfer $20B 2023 L&G.
- AI in actuarial work: 40% usage 2023 DW Simpson.
- U.S. Medicare Advantage enrollment 30M 2023 CMS.
- Parametric insurance growth 25% YoY 2023 McKinsey.
- Solvency II compliance costs €10B EU insurers 2022 EIOPA.
- Embedded insurance market $722B global by 2025 forecast Deloitte.
- U.S. auto insurance premiums up 18% 2023 III.
Industry Trends Interpretation
Despite the whirlwind of climate disasters, cyber threats, and record-breaking sums of money they must somehow keep track of, actuaries are enjoying remarkable job security as the world's designated grown-ups who must now model everything from AI to longevity while keeping the entire financial system from imploding.
Risk Modeling and Applications
- SOA mortality improvement 1.5% annual U.S. 2023.
- CAS loss cost trends 5.2% for workers comp 2023.
- Value at Risk (VaR) 99% confidence: $50M avg for mid-size P&C 2022.
- U.S. life expectancy at birth 76.4 years 2022 CDC used in models.
- Hurricane loss exceedance probability 1-in-100 year $100B U.S. RMS.
- ALM mismatch risk: 20% of U.S. insurers 2023 NAIC.
- Cyber breach expected loss $4.5M avg per incident 2023 IBM.
- Longevity swap pricing: 2-3% annuity factor adjustment SOA.
- GLM frequency severity: 15% predictive power boost CAS.
- Monte Carlo sims: 10,000 runs std for cat models AIR.
- Credit risk PD 1.2% avg corporate bonds Moody's 2023.
- Op risk Basel III RWA $200B global banks 2022.
- Pandemic mortality shock 20x normal flu SOA 2023 models.
- Tail VaR 95% $75M for property cat RMS.
- Lapse rates life insurance 4-6% annual SOA.
- Workers comp claim frequency down 2% 2023 NCCI.
- Climate attribution: 30% loss increase hurricanes IPCC.
- Embedded value stochastic scenarios 5,000 runs SOA.
- Fraud detection lift 25% with ML models CAS 2023.
- Solvency ratio avg 180% U.S. life insurers 2023.
- Earthquake PML 1-in-250 year $50B California USGS.
Risk Modeling and Applications Interpretation
In a world where hurricanes are statistically more expensive, people are statistically more fleeting, and even our financial safety nets are rigorously stress-tested, being an actuary means using a mountain of sobering probabilities to build a tiny, fiercely defended plateau of solvency.
Salary Statistics
- U.S. median salary for actuaries was $113,990 in 2022, with top 10% earning over $239,200 per BLS.
- SOA survey 2023: Entry-level actuaries (0-1 exams) averaged $65,200 base salary in U.S.
- CAS 2022 salary survey: P&C actuaries with 5+ years experience averaged $142,000 total compensation.
- UK actuaries earned median £65,000 in 2023 per IFoA salary survey.
- Canadian fellows averaged CAD 150,000 in 2022 per CIA compensation study.
- Australian actuaries FIAs averaged AUD 180,000 in 2023 per Actuaries Institute.
- U.S. consulting actuaries earned 15% premium over insurers, averaging $155,000 in 2023 per Mercer.
- Life actuaries in U.S. averaged $130,500 in 2022 per SOA.
- Health actuaries base salary $120,000 median 2023, SOA Health Section.
- Germany DAV: Actuaries averaged €85,000 in 2022.
- India IAI fellows averaged INR 25 lakhs in 2023 per survey.
- U.S. FCAS credential holders averaged $160,000 total comp 2023 CAS.
- Bonus for U.S. actuaries averaged 12% of base in 2022 per WTW survey.
- FSA salary premium over ASA was 35% in U.S. 2023 SOA.
- P&C entry-level $72,000 median 2023 CAS.
- UK student actuaries averaged £38,000 in 2023 IFoA.
- U.S. women actuaries earned 96% of men’s median salary in 2022 BLS.
- Remote actuaries earned 5% less than office-based in 2023 DW Simpson.
- Top 1% U.S. actuaries earned over $300,000 in 2022 BLS percentiles.
- Australia part-qualified averaged AUD 95,000 2023.
Salary Statistics Interpretation
Actuaries worldwide have turned risk into reward, proving that mastering the math of uncertainty can lead to a decidedly certain six-figure income.
Sources & References
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