3 answers
Emily
Student
Antwerp, Ohio
3
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What is the best/worst part of being an acutary?
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3 answers
Donna Weinstein
actuary
16
Answers
Potomac, Maryland
Updated
Donna’s Answer
The best part of my career as an actuary is that it was never boring. I was constantly challenged intellectually. There are many paths you can follow professionally once you complete your examinations. Some paths require more sophisticated mathematical skills while for some roles language or people-centered skills are paramount. There is plenty of room for creativity. Logical thinking and attention to detail are very important.
In my role as a pension consulting actuary, I worked on many types of projects and helped different types of clients: governmental and non-governmental, for profit and not-for profit, large corporations and small ones. I liked the fact that the end result was to provide secure retirement benefits to employees. The legal and accounting framework in which such retirement plans operate are complex and constantly changing so you need to keep current.
The worst part for me was the pressure to do excellent work extremely efficiently so as to maximize profitability for the consulting firms I worked for. Being able to generate new business at fee levels that prospects would accept and not going over budgets was always challenging. As I had more and more staff that I was responsible for, the people management side of my job became fairly burdensome and often interferred in getting my client work done. I enjoyed training junior staff on technical aspects but really did not like the complex employee reviews that needed to be done to document performance. I should note that these types of concerns are not specific to being an actuary. It is a common feature of virtually any job.
In my role as a pension consulting actuary, I worked on many types of projects and helped different types of clients: governmental and non-governmental, for profit and not-for profit, large corporations and small ones. I liked the fact that the end result was to provide secure retirement benefits to employees. The legal and accounting framework in which such retirement plans operate are complex and constantly changing so you need to keep current.
The worst part for me was the pressure to do excellent work extremely efficiently so as to maximize profitability for the consulting firms I worked for. Being able to generate new business at fee levels that prospects would accept and not going over budgets was always challenging. As I had more and more staff that I was responsible for, the people management side of my job became fairly burdensome and often interferred in getting my client work done. I enjoyed training junior staff on technical aspects but really did not like the complex employee reviews that needed to be done to document performance. I should note that these types of concerns are not specific to being an actuary. It is a common feature of virtually any job.
Dana Hunt
PwC | Partner, Insurance Risk & Capital Leader
13
Answers
San Antonio, Texas
Updated
Dana’s Answer
Being an actuary is rewarding - on many levels. And the actuarial expertise provides many options over your career. It's important to stay curious as techniques and technology change; so even after you complete exams, you'll need to have a passion for continual learning.
Patrick Meyer
Executive - Data Analytics and AI
1014
Answers
Naperville, Illinois
Updated
Patrick’s Answer
Emily, please know that a friend of mine has been an actuarist for the past 28 years. He has always stated that as an actuary, the most rewarding aspect of the profession is the opportunity to influence high-level decision-making through analytical precision and strategic foresight. Actuaries use mathematical modeling, statistical analysis, and financial theory to solve real-world problems in industries such as insurance, healthcare, pensions, and risk management. The work is intellectually stimulating and deeply impactful, especially when you're helping organizations navigate uncertainty and ensure long-term financial stability. The profession is also consistently ranked among the top careers for job satisfaction, compensation, and work-life balance. According to the U.S. Bureau of Labor Statistics, the median annual wage for actuaries was $120,000 in 2023, and the field is projected to grow by 23% between 2022 and 2032, significantly faster than the average for all occupations (https://www.bls.gov/ooh/math/actuaries.htm).
However, the most challenging aspect of being an actuary—especially early in your career—is the demanding credentialing process. Becoming a fully qualified actuary requires passing a series of rigorous exams offered by professional bodies such as the Society of Actuaries (SOA) or the Casualty Actuarial Society (CAS). These exams can take 7 to 10 years to complete and require a substantial time commitment outside of full-time work. While most employers support their actuaries-in-training with study time and exam reimbursements, the process can still be mentally and emotionally taxing. More about the exam pathways and requirements can be found at https://www.soa.org/ and https://www.casact.org/.
Emily, he says that despite these challenges, many actuaries find the career to be incredibly fulfilling. The field offers a rare combination of stability, intellectual rigor, and real-world impact. Whether you're pricing insurance products, designing retirement plans, or assessing enterprise risk, your work plays a critical role in shaping sound financial strategies for individuals and institutions alike. With the increasing reliance on data-driven decisions across industries, actuaries are more valuable than ever.
However, the most challenging aspect of being an actuary—especially early in your career—is the demanding credentialing process. Becoming a fully qualified actuary requires passing a series of rigorous exams offered by professional bodies such as the Society of Actuaries (SOA) or the Casualty Actuarial Society (CAS). These exams can take 7 to 10 years to complete and require a substantial time commitment outside of full-time work. While most employers support their actuaries-in-training with study time and exam reimbursements, the process can still be mentally and emotionally taxing. More about the exam pathways and requirements can be found at https://www.soa.org/ and https://www.casact.org/.
Emily, he says that despite these challenges, many actuaries find the career to be incredibly fulfilling. The field offers a rare combination of stability, intellectual rigor, and real-world impact. Whether you're pricing insurance products, designing retirement plans, or assessing enterprise risk, your work plays a critical role in shaping sound financial strategies for individuals and institutions alike. With the increasing reliance on data-driven decisions across industries, actuaries are more valuable than ever.