When it comes to the ideal job, workers have various priorities. A majority, 64% say pay and benefits are critical factors in accepting a job offer, according to a 2022 Gallup poll of 13,085 U.S. employees. Nearly the same amount, 61%, say work-life balance and well-being are “very important.” Gallup notes that the prevalence of remote work has played into that.
One job that may fit many workers’ criteria is an actuary. They make a median salary of $113,990 per year, according to the Bureau of Labor Statistics, and many can work either hybrid or fully remote.
Actuaries assess the risks of their clients’ activities, often on behalf of insurance companies. They use relevant data about mortality, accidents, illness, disability, etc. to build models of probability for various scenarios and advise accordingly.
The job often requires a bachelor’s degree, specifically focused on a field like mathematics or statistics, and experience in the role.
Actuaries “typically need to know how to code or know software,” says Vicki Salemi, career expert at Monster, adding that they also need soft skills and communication skills to be able to “analyze and interpret this data and deliver it.” Some companies may also want candidates to be members of actuary groups such as the Casualty Actuarial Society, which requires members to pass a series of exams.
Beyond its high pay and flexibility, the job is also in demand. BLS projects actuary employment will grow 23% between 2022 and 2032. That’s “much faster than average,” says Salemi. This could be a result of factors such as changes in the climate, she says. “There might be more of a need to assess what the risk would be like, say, for tornadoes, floods, hurricanes, etc.”
One final perk of the job: It’s comparatively low stress. The Labor Department’s Occupational Information Network ranked 873 occupations based on stress tolerance, or whether or not the job “requires accepting criticism and dealing calmly and effectively with high-stress situations.” The ranking is based on a scale of 0, or least stressful, to 100, or most stressful.
Actuaries have a stress ranking of 57. Salemi lists factors like the job’s 40-hour workweek and relative stability as reasons why.
Big picture, the role “sounds to me like a winner,” says Salemi.
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Clinton Mora is a reporter for Trending Insurance News. He has previously worked for the Forbes. As a contributor to Trending Insurance News, Clinton covers emerging a wide range of property and casualty insurance related stories.