Skip to comments.I'm An Actuary And I Have The Best Job In America
Posted on 04/29/2013 11:27:29 AM PDT by SeekAndFind
Actuaries have the best job in America, according to a recent study by CareerCast.com, which looked at physical demands, work environment, income, stress, and hiring outlook.
This was a rather surprising conclusion. Analyzing statistics for calculating insurance risks and premiums is not exactly a glamorous line of work.
For insight into this supposed great job, we talked to a real-life actuary — who agrees that he has the best job in America.
Growing up, Mike Boot was the guy you wanted to sit next to in math class.
"I would be that curve buster in the class," Boot says. "I scored very well in national tests, very much at the top and I loved the challenges that went along with that."
While a freshman math major at Calvin College in 1975, Boot first learned about being an actuary and realized it was the job for him.
"Quite frankly, there are relatively few actuaries, and people in our profession are well compensated for their jobs" Boot tells us. "It's typically an office environment so it's not physically draining and there are opportunities to advance."
In 2010, the median salary for actuaries was $87,650 with 27% projected job growth, according to the Labor Department.
Actuaries evaluate the financial consequences of risks that people or, more often, corporations take. These include financial risks, operational risks, reputational risks, and longevity risks, which is what happens when people run out of money because they didn't expect to live so long.
It's not easy to price such complicated things.
Boot, who worked as an actuary for 25 years — first at Principal Financial Group, then at Allstate Financial — said it takes a lot of research, a lot of assumptions, and running "a lot of numbers through a whole range of interest rates."
(Excerpt) Read more at businessinsider.com ...
I surmise there is a room full of these knob heads sitting somewhere just calculating how much I make every year and advise people on just how much to raise their prices and government to raise taxes so I always send up with less disposable income.
BEST AND WORST JOBS FOR 2013 (FROM BEST TO WORST ):
Job Ranking Job Title
2 Biomedical Engineer
3 Software Engineer
5 Financial Planner
6 Dental Hygienist
7 Occupational Therapist
9 Physical Therapist
10 Computer Systems Analyst
12 Speech Pathologist
14 University Professor
24 Web Developer
26 Environmental Engineer
27 Parole Officer
28 Petroleum Engineer
31 Human Resources Manager
32 Civil Engineer
34 Respiratory Therapist
35 Medical Records Technician
38 Computer Programmer
39 Social And Community Manager
40 Market Research Analyst
41 Paralegal Assistant
43 Skincare Specialist
44 Industrial Machine Repairer
45 Physician (General Practice)
48 Management Consultant
49 Social Worker
50 Physician Assistant
52 Vocational Counselor
55 Nurse (Registered)
57 Museum Curator
60 Technical Writer
62 Event Coordinator
63 Occupational Safety/Health Inspector
64 Loan Officer
65 Nuclear Decontamination Technician
67 Medical Technologist
68 Stenographer/Court Reporter
72 Medical Laboratory Technician
73 Insurance Underwriter
74 Public Relations Executive
75 Executive Assistant
77 Automobile Body Repairer
78 Insurance Agent
80 Nuclear Engineer
81 Online Sales Manager
82 Mechanical Engineer
83 Hair Stylist
84 Communications Equipment Mechanic
85 Tax Examiner/Collector
87 Sewage Plant Operator
89 Industrial Designer
90 School Principal
93 Elementary School Teacher
94 Construction/Building Inspector
95 Pest Control Worker
96 Emergency Medical Technician
97 Industrial Engineer
98 Electrical Engineer
99 Nurse (Licensed Practical)
100 Aerospace Engineer
101 Teachers Aide
102 Construction Foreman
103 Automobile Mechanic
105 Security Guard
106 Fitness Trainer/Instructor
108 Truck Driver
109 Purchasing Agent
111 Typist/Word Processor
112 Forklift Operator
113 Computer Service Technician
114 Architectural Drafter
115 Appliance Repairer
116 Funeral Director
120 Sales Representative (Wholesale)
121 Recreation Worker
122 Agricultural Scientist
123 Animal Care And Service Worker
124 Advertising Account Executive
125 Construction Machinery Operator
127 Purchasing Manager
128 Broadcast Technician
129 Airline Pilot
130 Nurses Aide
131 Medical Secretary
132 Electrical Technician
135 Advertising Salesperson
136 Dental Laboratory Technician
137 Child Care Worker
138 Film/Video Editor
139 Furniture Upholsterer
140 Salesperson (Retail)
143 Drill-Press Operator
144 Machine Tool Operator
145 Sheet Metal Worker
146 Taxi Driver
149 Aircraft Mechanic
151 Electrical Equipment Repairer
152 Real Estate Agent
154 Engineering Technician
155 Corporate Executive (Senior)
157 Bus Driver
159 Hotel Manager
160 Garbage Collector
161 Stationary Engineer
162 Bank Teller
164 Carpet/Tile Installer
165 Shipping/Receiving Clerk
166 Police Officer
168 Publication Editor
170 Air Traffic Controller
171 Construction Worker
175 Automobile Assembler
176 Precision Assembler
179 Disc Jockey
180 Military General
182 Fashion Designer
186 Tax Preparer
189 Corrections Officer
191 Flight Attendant
193 Mail Carrier
194 Meter Reader
195 Dairy Farmer
196 Oil Rig Worker
198 Enlisted Military Personnel
200 Reporter (Newspaper)
Systems Analyst is #10... but Musician is not even on the list.
Maybe I should rethink this Country Singer thing...
Well paid, but I’d rather watch grass grow.
I'm sorry, but there is no way that one of the top ten jobs in the country involves putting your hands in other peoples' mouths all day long.
Actuaries are expected to pass all the exams, and it takes about ten years of study and work to do that. That’s a good chunk of one’s lifespan. And if someone is good enough with numbers and logic to do that, they could always make a decent living at any number of things that don’t require as much studying.
I’m not saying being an actuary is a bad job, however. It’s just not a bed of roses.
It's only surprising if you've had your head buried in the sand for the last 40 years. Every job ranking for at least the last 40 years has had "actuary" at the top or near the top.
BTW, I am one. However, I've spent my career as a consulting actuary, which involves more stress than sitting in an office at an insurance company headquarters.
For a person who enjoys using financial mathematics to make complex business financial forecasts that take into account probabilities of death, morbidity, employee termination, et al, the actuarial profession is a challenging and rewarding profession.
And coming in at 201.......
Barista at Starbucks.
God made actuaries so accountants would have someone to make jokes about.
While calculating the expected growth rate and maximum width on each blade of grass.
What about hookers?
I’ve reviewed a number of reports from actuaries on past and future losses for corporations. The report will usually take 25 pages to explain that they are using four complicated formulas/theories to reach their projections, but invariably there are always CYA factors to give them a lot of wiggle room, e.g. projections with 75%, 80%, 90% certainty. The remaining 30 pages or so of the report will be filled with columns of figures and calculations to justify the $15,000+ fee for the client. I found that I could usually come up with the same result by taking past average losses x 1.20 and get the same result. ;o)
You mean there's not an app for that?
Eons ago, when I was in training to become a stockbroker, one of our instructors told that to our class, and I have never forgotten it. His version was: “God made actuaries so CPAs could have someone to laugh at.”
Nah, once you hit it big you can hire one each of the top 25 to just hang out with 'em ... and, luckily, you already have a #27 in your life.
I need a #8 now, too, since I wouldn’t listen to my Daddy when I was younger.
I also heard that actuaries were created by accountants so they would have someone to make fun of.
True, but you've got the forearms of a 24 year old Popeye-the-Sailor.
#163 it is!
“Maybe I should rethink this Country Singer thing...”
I wouldn’t count on some list from ‘who knows where’ to determine what you do in life! Do what you love, period.
I think that list is a bunch of crap. I love my job, maybe someone else wouldn’t. It’s a personal thing.
A few other jokes about actuaries:
An actuary is a guy who wanted to be an accountant but didn’t have enough personality.
An actuary is a guy who when he goes into the men’s room always takes an end urinal because he knows that reduces his chances of being pissed on by 50%.
An actuary is a place where they bury dead actors.
An actuary is a guy who always takes a bomb with him when he goes on a plane because he knows that the chances of a plane having one bomb is 1 million to one but the chances of a plane having two bombs is 10 billion to one.