Insurance & pensions
Actuary
Ten exams over seven years, and no student debt required.
Typical pay
$75k-$200k+
How you get in
Bachelor's plus the SOA or CAS exam sequence
Outlook
Strong; credentialed actuaries are perpetually scarce
Actuaries model financial risk for insurers and pension plans. The credential comes from a long exam sequence you take while employed, which makes it one of the few elite-paying careers that does not require an expensive graduate degree.
A day in the life
- 8:30aUpdate loss reserve models with the latest claims data
- 10:00aInvestigate why a segment is developing worse than projected
- 12:00pLunch
- 1:00pBuild pricing scenarios for a product change
- 3:00pPresent findings to underwriting
- 5:00pTwo hours of exam study — most employers give you paid time
How to get in
Degree plus exams while working
Duration
7-10 years to fellowship
Cost
$40,000-$150,000 for the degree; exams usually employer-paid
Credential
ASA or FSA (life/health), ACAS or FCAS (property/casualty)
- Complete a bachelor's in math, statistics, actuarial science or economics
- Pass the first two exams before graduating — this is what gets you hired
- Get an entry-level actuarial analyst role with an exam support program
- Continue the sequence over the next several years to associate, then fellowship
Career changer with a quantitative background
Duration
6-9 years
Cost
$1,000-$5,000 in exam and study material costs
Credential
ASA or ACAS
- Already hold a quantitative degree in any field
- Self-study and pass the first two exams to prove commitment
- Apply to analyst roles — passed exams matter more than your major
- Continue the sequence with employer support
Actuarial science degree program
Duration
4 years
Cost
$40,000-$180,000
Credential
Degree plus early exams and VEE credits
- Enter a dedicated actuarial science program
- Complete the Validation by Educational Experience requirements through coursework
- Pass two to three exams and do an internship before graduating
- The most direct route, though not required
What people love
- · Excellent pay with only a bachelor's degree
- · Employers pay for exams and give study time
- · Consistently ranked among the best work-life balance in finance
- · Very high job security once credentialed
What wears people down
- · Seven to ten years of difficult exams
- · Exam failure rates are around 40 percent per sitting
- · Study time consumes your evenings for years
- · The work itself is narrow and model-heavy