To become an actuary, you typically need a bachelor's degree in mathematics, actuarial science, statistics or another analytical field, then pass a series of professional exams. BLS says many employers expect you to have passed one or two exams before you graduate, and it can take up to 7 years to reach associate-level certification, with several more to reach fellowship.
That timeline is the key thing to understand. Actuaries don't qualify in one go: they work and study at the same time, exam by exam, often for most of a decade.
The steps and figures below come from the US Bureau of Labor Statistics (BLS) Occupational Outlook Handbook, read in October 2026.
Actuaries in numbers
| Measure | BLS figure |
|---|---|
| Median pay (May 2025) | $130,000 a year, $62.50 an hour |
| Lowest 10% and highest 10% | Under $78,570 and over $215,100 |
| Typical entry-level education | Bachelor's degree |
| Jobs in 2025 | 31,200 |
| Projected growth 2025 to 2035 | 9%, much faster than average |
| Openings each year | About 1,500 on average |
| Work in finance and insurance | 78% |
Those pay figures are as of October 2026. Median pay was $131,450 in finance and insurance and $124,130 in professional, scientific and technical services.
How to become an actuary, step by step
- Study maths, statistics and business at degree level. A degree in mathematics, actuarial science, statistics or another analytical field is typical.
- Take the right courses. BLS says certification programs require coursework in economics, finance and mathematical statistics, and programming plus spreadsheet, database and statistical skills matter too.
- Pass one or two exams before you graduate, because many employers expect it.
- Do an internship to help choose a track: health, life, pension or casualty.
- Join an employer as a trainee, working with experienced actuaries as mentors.
- Keep passing exams and seminars on professionalism until you reach associate level, then fellowship.
- Keep up continuing education, which many certifications require.
The insight: employers usually pay for the exams
This is the part that makes the long road manageable. BLS says most employers support their actuaries through certification. They may pay for exams and study materials or give paid time to study, and employees may get raises or bonuses for each exam they pass. So the right first employer matters as much as the right degree. Ask about study support at interview.
The fellowship tracks
BLS says fellowship certification is offered in five separate tracks:
- Life and annuities.
- Group and health benefits.
- Retirement benefits.
- Quantitative finance and investments.
- Corporate finance and enterprise risk management.
Pension actuaries usually need one more step: licensing by the US Department of Labor and Department of the Treasury's Joint Board for the Enrollment of Actuaries. These licensed pension actuaries, called enrolled actuaries, must meet experience requirements and pass exams.
What trainees do
Entry-level actuaries start on basic tasks such as compiling data, then move on to research and writing reports as they gain experience. BLS says trainees may also spend time in marketing, underwriting and product development to see how actuaries fit into the whole company.
Data skills come up again and again. If you're still at college, these free data analytics courses are a cheap way to build them, and learning functions like INDEX MATCH in Excel will help from your first week. If you like numbers but want a shorter qualification path, compare it with becoming an accountant.
Where actuaries work
| Employer | Share of jobs (2025) |
|---|---|
| Finance and insurance | 78% |
| Professional, scientific and technical services | 13 in every 100 |
| Management of companies and enterprises | 3 in every 100 |
| Government | 3 in every 100 |
Most actuaries work full time in offices on teams that include accounting, underwriting and finance staff. Those at consulting firms may travel to meet clients.
Skills that matter
- Math skills: quantifying risk with calculus, statistics and probability.
- Computer skills: programming languages, spreadsheets, databases and statistical tools.
- Analytical skills: spotting patterns and trends in complex data.
- Communication: explaining technical work to people without an actuarial background, in writing and in person.
- Problem-solving: finding ways for businesses to manage the risks you identify.
You don't have to pick your track on day one. That's what internships are for, and BLS suggests them for students deciding between health, life, pension and casualty work. It's also why employers rotate trainees through other departments.
Communication is the one that separates good actuaries from great ones. You'll spend a lot of time translating numbers into advice that managers can act on, so it's worth practising report writing while you study.
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Advancement
Advancement usually depends on job performance and the number of exams passed, BLS says. Fellows often supervise other actuaries and advise senior management, and those with broad risk management knowledge may become chief risk officers or chief financial officers.
My verdict
Becoming an actuary takes patience: a strong analytical degree, a long series of exams and years of study alongside work. But the pay is high, growth is 9%, and most employers help with the exams. Start passing exams while you're still studying, choose an employer with good study support, and treat it as a marathon. It's one of the most reliable careers for people who love maths.
Frequently asked questions
How long does it take to become an actuary?
BLS says it may take up to 7 years to earn associate-level certification, and several more years to reach fellowship.
What degree do you need to be an actuary?
A bachelor's degree in mathematics, actuarial science, statistics or another analytical field is typical.
Do you need to pass exams before getting an actuary job?
Many employers expect prospective hires to have passed at least one or two certification exams before graduation, according to BLS.
How much do actuaries make?
BLS reports median pay of $130,000 a year in May 2025, as of October 2026.
Do employers pay for actuarial exams?
Often. BLS says employers may pay for exams and study materials or give paid study time, and some give raises or bonuses for each exam passed.
What are the actuarial fellowship tracks?
BLS lists five: life and annuities, group and health benefits, retirement benefits, quantitative finance and investments, and corporate finance and enterprise risk management.
Is actuary a good career?
It's well paid and growing. BLS projects 9% growth from 2025 to 2035, much faster than average, and the median pay was $130,000 in May 2025, as of October 2026.
What is an enrolled actuary?
A licensed pension actuary. BLS says pension actuaries are typically licensed by the Joint Board for the Enrollment of Actuaries, run by the US Department of Labor and the Treasury.
