Want a high-paying math career? 5 things to know about actuarial science from an expert

A passion for math and statistics is important for the profession. According to Bujakowski, actuaries should have a genuine interest in applying mathematics to real-world challenges in areas like risk management, finance and insurance. Learn more about the actuarial science degree program at BGSU.

“Actuarial science is an excellent fit for analytical thinkers who want to do more than crunch numbers. They will make assessments, collaborate with diverse teams, communicate findings effectively and contribute to solutions with real-world impact,” he said. “Actuaries are among the top-ranked professionals for job satisfaction. Salaries are competitive, even at entry levels, and grow significantly with experience and credentialing. Work-life balance is generally strong, with flexible hours in many roles.”

The U.S. Bureau of Labor Statistics calculates the median annual wage for actuaries at $120,000 per year (May 2023). Entry-level actuaries can expect to average more than $70,000 per year immediately following graduation. Salaries will vary depending on the industry, location of the job and number of exams passed before hiring.

According to the U.S. Bureau of Labor Statistics, the employment of actuaries is projected to grow faster than the average occupation. From 2023-2033, the profession is expected to see 22% growth. About 2,200 openings for actuaries are projected each year, with many of those openings expected as actuaries leave the occupation or retire.

"The demand for actuaries is driven by the increasing complexity of risk in areas like insurance, healthcare, climate change and finance,” said Bujakowski. “Emerging opportunities in technology and data science only further contribute to its growth.”

Yes! To become an actuary, many professionals study mathematics, statistics, economics, business or finance. At BGSU, students pursue a Bachelor of Science degree in actuarial science. Students tackle an internationally recognized curriculum (Society of Actuaries) that prepares them for three professional actuarial exams and provides all required Validation by Educational Experience (VEE) coursework.

BGSU students are required to take various course levels of calculus, probability and statistics, algebra, geometry and data analysis.