Employment of actuaries is expected to grow much faster than average—21 percent—through 2018.

Employment growth in the insurance industry, which is the largest employer of actuaries, is forecast to continue at a stable pace. Other industries that use actuaries, such as healthcare and consulting firms, are expected to provide significant job growth.

Most—but not all—jobs in this occupation are located in urban areas.

Median annual earnings of actuaries were $84,810 in May 2008. The middle 50 percent earned between $62,020 and $119,110. The lowest 10 percent had wages less than $49,150, while the top 10 percent earned more than $160,780.

Annual starting salaries for college graduates with a bachelor’s degree in actuarial science averaged $53,754 in 2007, according to the National Association of Colleges and Employers.

Actuaries assess risk. They assemble and analyze data to estimate the probability and likely cost of events such as death, illness, injury, disability or loss of property.

They help businesses assess the risk of certain events occurring, and create policies that reduce the cost of that risk. For this reason, actuaries are essential to the insurance industry.

Actuaries also address financial questions, including those involving the level of pension contributions required to produce a certain retirement income level and the way in which a company should invest resources to maximize return on investments in light of potential risk. Using their broad knowledge of statistics, finance, and business, actuaries help design insurance policies, pension plans, and other financial strategies.

Actuaries need a strong background in mathematics and general business. Usually, actuaries earn an undergraduate degree in mathematics, statistics or actuarial science, or in a business-related field such as finance, economics or business.

About 100 colleges and universities offer an actuarial science program. If that's not available, students should take courses in economics, applied statistics and corporate finance, which is a requirement for professional certification.

Certification:Two professional societies sponsor programs leading to full professional status in their specialty: the Society of Actuaries (SOA) and the Casualty Actuarial Society (CAS). These societies administer a series of multiple exams that typically take four to six years to complete for associate status, and another two to three years for fellowship level.

The SOA certifies actuaries in the fields of life insurance, health benefits systems, retirement systems, and finance and investment. The CAS covers the property and casualty field—auto, homeowners, medical malpractice, workers compensation, and personal injury liability.

Entering the Field: Those who pass one or more actuarial certification exams while still in college have a better chance of getting a higher-paying job upon graduation. Internships during college also help give actuaries a leg up.

Career Changers: If you have an interest in this field, take the first actuarial exam as soon as possible. This will demonstrate your aptitude for the type of math and other skills required in the job. Employers would prefer to hire potential actuaries with at least one passed exam; they then are likely to train you and pay for your continuing exams.

While certain skills are important, actuaries come from a variety of educational backgrounds, and many have degrees in operations research, physics, engineering and even fine arts. Major in college is not as important as the ability to pass actuarial exams.