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Career and Education Opportunities for Actuaries in Michigan

Michigan has a population of 9,969,727, which has grown by 0.31% in the last 10 years. Nicknamed the "Great Lakes State," its capital is Lansing, though its most populous city is Detroit.

There are currently 560 jobs for actuaries in Michigan and this is projected to grow by 11% to 620 jobs 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.

Actuaries earn approximately $30 hourly or $64,260 annually on average in Michigan. Nationally they average about $40 per hour or $84,810 annually. Earnings for actuaries are not quite as good as earnings in the general category of Statistics Analysis in Michigan and better than general Statistics Analysis category earnings nationally. Jobs in this field include: actuarial assistant, product development actuary, and insurance actuary.

In 2008, there were a total of 5,397,807 jobs in Michigan. The average annual income was $34,953 in 2008, up from $34,185 in 2007. The unemployment rate in Michigan was 13.6% in 2009, which has grown by 5.3% since the previous year. Roughly 21.8% of Michigan residents have college degrees, which is lower than the national average.

The top industries in Michigan include transportation equipment manufacturing, motor vehicle manufacturing, and motor vehicle parts manufacturing. Notable tourist destinations include the Detroit Hydroplane Museum, the Charles H Wright Museum of African American Histry, and the Dearborn Historical Museum.

CITIES WITH Actuary OPPORTUNITIES IN Michigan


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 Michigan 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: Michigan

Michigan
Michigan photo by Jjegers

Michigan has a population of 9,969,727, which has grown by 0.31% over the past 10 years. Nicknamed the "Great Lakes State," its capital is Lansing, though its most populous city is Detroit. In 2008, there were a total of 5,397,807 jobs in Michigan. The average annual income was $34,953 in 2008, up from $34,185 in 2007. The unemployment rate in Michigan was 13.6% in 2009, which has grown by 5.3% since the previous year. About 21.8% of Michigan residents have college degrees, which is lower than the national average.

The top industries in Michigan include transportation equipment manufacturing, motor vehicle manufacturing, and motor vehicle parts manufacturing. Notable tourist destinations include the Bullock Edwards & Associates, the Detroit Historical Society, and the Charles H Wright Museum of African American Histry.