When it comes to the ideal job, employees have different priorities. According to a 2022 Gallup survey of 13,085 U.S. employees, 64% of respondents believe salary and benefits are critical factors in accepting a job offer. Almost as many, 61%, say that work-life balance and well-being are “very important.” Gallup notes that the proliferation of remote work has played a role.
A job that might fit the criteria of many workers is that of an actuary. According to the Bureau of Labor Statistics, they earn an average of $113,990 per year, 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 on mortality, accidents, illness, disability, etc. to create probability models for different scenarios and provide appropriate advice.
The position often requires a bachelor’s degree with a specific focus in a field such as mathematics or statistics, as well as experience in the position in question.
Actuaries “Typically they need to know how to code or be familiar with software,” says Vicki Salemi, career expert at Monster, adding that they also need soft skills and communication skills to be able to “analyze, interpret and provide that data.” Some companies may also want candidates to be members of actuarial groups such as the Casualty Actuarial Society, whose members must pass a series of exams.
In addition to the high pay and flexibility, the job is also in demand. BLS predicts that employment as an actuary will grow by 23% between 2022 and 2032. That’s “much faster than average,” Salemi says. This could be due to factors such as climate changes, she says. “There may be a greater need for risk assessment, for example for tornadoes, floods, hurricanes, etc.”
A final advantage of the job: the stress is comparatively low. The Labor Department’s Occupational Information Network rated 873 occupations based on stress tolerance, or whether or not the job “requires accepting criticism and dealing with stressful situations calmly and effectively.” The ranking is based on a scale from 0 (least stressful) to 100 (most stressful).
Actuaries have a stress rating of 57. Salemi cites factors such as the job’s 40-hour week and relative stability as reasons for this.
Overall, the role “sounds like a winner to me,” Salemi says.
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