Career

Career spotlight: Become an actuary

May 15, 2025

7 min read

Marketing Manager, Content

If you're considering a career where you can combine your analytical skills, love for numbers, and strategic planning into one rewarding profession, consider becoming an actuary. While many accountants and CPAs are well-versed in financial management, the actuarial field offers a unique opportunity to take your expertise further—into the world of risk management, financial forecasting, and beyond.

Discover the role of an actuary, learn how to pursue this career path, and explore why this profession could be an exciting opportunity for accountants and CPAs looking to broaden their horizons.

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What is an actuary?

An actuary is a professional who assesses financial risk using mathematics, statistics, and data analysis. Actuaries work to predict future events and their potential financial impact, helping businesses and organizations mitigate risk and make informed decisions.

Let's dig a bit deeper into the responsibilities this role and how to become an actuary.

Key responsibilities: What's in an actuary job description?

Actuaries are the brains behind financial forecasting and risk management. Some of their primary responsibilities include:

Risk Assessment: Evaluating the likelihood of events such as natural disasters, accidents, or market fluctuations
Data Analysis: Using statistical models and historical data to predict outcomes
Financial Projections: Creating forecasts to help organizations plan for the future, such as pricing insurance policies or planning pensions.
Problem Solving: Identifying and minimizing risks that could affect an organization’s financial stability

Where do actuaries work?

While the insurance sector employs the majority of actuaries, their skills are in high demand across various industries, including:

Pensions and Retirement: Designing retirement plans and ensuring their sustainability.
Healthcare: Forecasting medical costs and designing health insurance policies.
Finance and Investment: Analyzing market trends to inform investment decisions.
Government: Providing advice on public programs like Social Security and Medicare.

How to Become an Actuary

Becoming an actuary takes dedication, but it leads to excellent job prospects, financial stability, and intellectual fulfillment. Here are the core steps:

Meet Educational Requirements

Most actuaries have background in mathematics, statistics, finance, economics, or actuarial science. If you’re already an accountant or CPA, consider taking courses to build skills in the following areas:

Probability and Statistics
Calculus
Financial Mathematics
Economics
Data Science
Programming Basics (Python, R, VBA)

Pass actuarial exams

If you want to become a certified actuary, you'll need to pass actuarial exams administered by either the Society of Actuaries or the Casualty Actuarial Society.

Actuarial exams

Preliminary Exams (Probability, Financial Mathematics, etc.): These are foundational tests that prove your mathematical and analytical skills.
Associate-Level Exams (ASA/ACAS): These exams test specialized knowledge in areas like life insurance or property and casualty insurance.
Fellow-Level Exams (FSA/FCAS): Advanced exams focused on specific tracks, such as investments or enterprise risk management.

Develop technical skills

Actuaries need strong technical skills to build and run financial models. Key skills include:

Data Analysis Tools (e.g., Excel, SAS, SQL): These are essential for manipulating and analyzing large data sets
Programming Skills (e.g., Python, R): These help automate processes and analyze complex datasets
Financial Modeling: Proficiency in creating predictive models for risk and financial planning.

Gain Practical Experience

If you're moving into a different career path, you'll need to gain practical experience. Consider entry-level positions that prepare you by offering hands-on experience in applying theoretical knowledge to real-world scenarios. Accounting professionals already working in finance can look into cross-functional projects involving forecasting, statistical modeling, or underwriting.

Valuable Tip: Seek roles where you can interact with senior actuaries who can mentor and guide you in your career development.

Obtain Certifications and Designations

Completing your actuarial certification opens pathways to several levels of certification:

Associate (ASA or ACAS): The foundational tier of certification that qualifies you to work independently as an actuary.
Fellow (FSA or FCAS): The advanced certification that demonstrates in-depth expertise in a specific actuarial track. Some actuaries also pursue additional designations such as the Chartered Enterprise Risk Analyst (CERA) for specialized knowledge in enterprise risk management.

Why Should Accountants Consider Becoming Actuaries?

For accountants and CPAs wondering why they should consider a role in actuarial science, here’s the bottom line—it’s a natural extension of your skill set that can open new opportunities for growth.

Career Advancement

Actuaries play a critical role in organizations, using their expertise to influence key financial and strategic decisions. They are highly skilled professionals who combine analytical abilities with strong decision-making skills to assess risk, forecast trends, and guide businesses in managing uncertainty.

Actuaries often work for a variety of organizations, including insurance companies, consulting firms, government agencies, healthcare organizations, banks, and investment firms. Their ability to analyze complex data and provide insights makes them valuable in shaping policies, creating financial strategies, and ensuring the long-term stability of the organizations they serve. Transitioning into this field not only offers intellectual challenge but also opens doors to leadership opportunities in diverse sectors.

Skill Enhancement

Accounting skills like financial reporting, compliance, and auditing create a strong foundation for actuarial work. Diving into risk management and statistical analysis will further strengthen your abilities.

Financial Rewards

Actuaries are highly valued professionals, commanding impressive salaries due to their specialized skill set in risk management, mathematics, and financial analysis. According to the U.S. Bureau of Labor Statistics (BLS), the median annual wage for actuaries was $125,770 in 2024¹, reflecting the demand for their expertise.

Entry-level actuaries typically start with salaries around $70,000 per year, while those with several years of experience and advanced certifications, such as the Fellow of the Society of Actuaries (FSA) or the Fellow of the Casualty Actuarial Society (FCAS), often earn well into six figures. This lucrative career path is driven by the critical role actuaries play in industries like insurance, healthcare, and finance, where their ability to assess and manage risk is indispensable.

Job Security

The demand for actuaries continues to grow due to the increasing complexity of managing risk in industries like insurance, healthcare, and climate management. The Bureau of Labor Statistics estimates a 22% growth in this role through 2033¹, which is significantly higher than average. For CPAs, this means you'll have stronger job security than in many other roles.

Start building actuarial skills with Becker's CPE courses

If you're already a CPA, you have much of the foundational information you already need, but Becker also has over 700 on-demand courses and 1,000 live webcasts in topics that will help you get ready for a career shift. Consider these courses to get started: