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Career and Education Opportunities for Actuaries in Illinois

Illinois has a population of 12,910,409, which has grown by 3.95% in the last 10 years. Nicknamed the "Land of Lincoln," its capital is Springfield, though its most populous city is Chicago.

Currently, 860 people work as actuaries in Illinois. This is expected to grow 20% to 1,030 people by 2016. This is not quite as good as the nation as a whole, where employment opportunities for actuaries are expected to grow by about 21.4%. Actuaries generally analyze statistical data, such as mortality, accident, and retirement rates and construct probability tables to forecast risk and liability for payment of future benefits.

The income of an actuary is about $41 per hour or $85,410 annually on average in Illinois. In the U.S. as a whole, their income is about $40 per hour or $84,810 yearly on average. Compared with people working in the overall category of Statistics Analysis, people working as actuaries in Illinois earn more. They earn more than people working in the overall category of Statistics Analysis nationally. People working as actuaries can fill a number of jobs, such as: actuarial mathematician, actuarial associate, and actuarial consultant.

In 2008, there were a total of 7,657,328 jobs in Illinois. The average annual income was $42,540 in 2008, up from $41,720 in 2007. The unemployment rate in Illinois was 10.1% in 2009, which has grown by 3.7% since the previous year. About 26.1% of Illinois residents have college degrees, which is higher than the national average.

The top industries in Illinois include construction machinery merchant wholesalers, beer, wine, and distilled alcoholic beverage merchant wholesalers, and nonchocolate confectionery manufacturing. Notable tourist destinations include the Chicago Historical Society, the Arts Club of Chicago, and the Adler Planetarium & Astronomy Museum.

CITIES WITH Actuary OPPORTUNITIES IN Illinois


JOB DESCRIPTION: Actuary

Actuary video from the State of New Jersey Dept. of Labor and Workforce Development

In general, actuaries analyze statistical data, such as mortality, accident, and retirement rates and construct probability tables to forecast risk and liability for payment of future benefits. They also may ascertain premium rates required and cash reserves necessary to ensure payment of future benefits.

Every day, actuaries are expected to be able to deal with basic arithmetic problems. They need to articulate ideas and problems. It is also important that they read and understand documents and reports.

Similar jobs with educational opportunities in Illinois include:

  • Operations Research Analyst. Formulate and apply mathematical modeling and other optimizing methods using a computer to develop and interpret information that assists management with decision making, policy formulation, or other managerial functions. May develop related software, service, or products. Frequently concentrates on collecting and analyzing data and developing decision support software. May develop and supply optimal time, cost, or logistics networks for program evaluation, review, or implementation.

LOCATION INFORMATION: Illinois

Illinois
Illinois photo by Hary Han

Illinois has a population of 12,910,409, which has grown by 3.95% in the last 10 years. Nicknamed the "Land of Lincoln," its capital is Springfield, though its largest city is Chicago. In 2008, there were a total of 7,657,328 jobs in Illinois. The average annual income was $42,540 in 2008, up from $41,720 in 2007. The unemployment rate in Illinois was 10.1% in 2009, which has grown by 3.7% since the previous year. Roughly 26.1% of Illinois residents have college degrees, which is higher than the national average.

The top industries in Illinois include construction machinery merchant wholesalers, beer, wine, and distilled alcoholic beverage merchant wholesalers, and nonchocolate confectionery manufacturing. Notable tourist attractions include the Chicago Peregrine Release, the Dusable Museum of African American History, and the Chinatown Museum Foundation.