Actuarial science is a discipline that uses mathematics, statistics and financial theory to measure, manage and mitigate financial risk and uncertainty. Actuaries are essential to insurance companies, and they’re increasingly finding niches in other businesses.

"When I was in college I was not interested in the actuarial field at all," says Tonya Manning, the chief actuary and U.S. wealth practice leader at Buck, a human resources consulting and technology services firm. "It seemed boring. I had a vision of being in a dark room doing mortality tables."

But after a serendipitous course of events, she ended up back in her hometown looking for a job. She saw a job ad that stated, "We’ll hire math majors," so she answered it. And it turns out the job was in the actuary field.

"I was all wrong. I was helping solve problems with financial risk, in my case with pension plans. There was so much variation from day to day. ... It was a wonderful fit," Manning says.
The Bureau of Labor Statistics projects 23.2% employment growth for actuaries between 2022 and 2032. In that period, an estimated 7,000 jobs should open up.

Most actuaries start out with a bachelor’s degree. And no matter your major, "you have to be pretty good at math," Manning says. Actuaries also need to be well-versed in statistics and financial theory. Here’s how to get started:

1. Earn a bachelor’s degree. Majoring in mathematics, statistics or actuarial science is helpful for a career in this profession.
2. Gain internship experience. Internships can help students decide which actuarial path to follow. Potential practice areas may include health, life, or property and casualty insurance; enterprise risk management; or pension and retirement benefits.
3. Pass a series of exams. To become certified actuaries, candidates need to pass a series of actuarial exams. The Society of Actuaries and the Casualty Actuarial Society offer associate-level and fellow-level certifications for actuaries in the U.S.

Ideally, students may want to pass at least one or two of the actuarial exams before seeking employment in the actuarial field. However, some jobs – like Manning’s first one – might hire you as a trainee and allow you to work as you study and pass the series of exams. While each workplace differs, your employer may subsidize the cost of your exams or provide paid study time.