Sometimes the day-to-day nitty-gritty of your job can feel narrow and uninspiring. Step back and consider these positive actuarial statistics about your chosen profession, and realize you made the right choice!
- The United States Bureau of Labor Statistics (BLS) predicts a 22% increase in the number of jobs in actuarial science between 2016 and 2026. They note this actuarial statistic is “much faster than average.”
- Georgetown University’s Center on Education and The Workforce discovered that actuarial science graduates have a near-zero unemployment rate. Not a big surprise in the very low unemployment environment we are currently in, but consider that actuaries averaged a near zero unemployment rate even in 2010 when unemployment for college grads was at 8.2%.
- An actuary, Elizur Wright, is considered the “father of insurance.” Wright was an 1826 Yale graduate who took an interest in life insurance reform and went on to develop actuarial statistics.
- While insurance is the top employment industry for actuaries, there is demand across a variety of industries for their services. Exciting actuarial jobs exist in sports, asset management, tech companies like Uber, Lyft and Google, NASA and health care start-ups.
- Halley’s Comet was named for mathematician Edmund Halley. Halley was first an astronomer who correctly predicted the orbit and return date of the Comet and then ten years later in 1693 Halley invented the first mortality table along with a formula to calculate the probability of life expectancy forming the basis for the actuarial profession. A true Renaissance man!
- BLS reports there are 23,600 actuaries currently working with 5,300 actuarial positions expected to be added over the next 10 years.
- Actuarial statistics has starred in a number of Hollywood movies including Double Indemnity and Tron. Edward G. Robinson, Jack Nicholson, Ben Stiller and Ethan Hawke all have played actuaries.
- In response to the explosion of data and the need for different software and statistical skills, the accreditation of actuaries by the Society of Actuaries continues to evolve. In 2016 the SOA added two exams to the requirements for accreditation: Statistics for Risk Modeling and Predictive Analytics.