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Career and Education Opportunities for Actuaries in New Jersey

New Jersey has a population of 8,707,739, which has grown by 3.49% over the past 10 years. Nicknamed the "Garden State," its capital is Trenton, though its largest city is Newark.

Currently, 1,100 people work as actuaries in New Jersey. This is expected to grow 11% to about 1,200 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%. 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.

Actuaries earn about $42 per hour or $88,070 yearly on average in New Jersey and about $40 hourly or $84,810 per year on average nationally. Earnings for actuaries are better than earnings in the general category of Statistics Analysis in New Jersey and better than general Statistics Analysis category earnings nationally. People working as actuaries can fill a number of jobs, such as: actuarial associate, product development actuary, and consulting actuary.

In 2008, there were a total of 5,176,293 jobs in New Jersey. The average annual income was $51,473 in 2008, up from $50,364 the preceding year. The unemployment rate in New Jersey was 9.2% in 2009, which has grown by 3.7% since the previous year. About 29.8% of New Jersey residents have college degrees, which is higher than the national average.

The top industries in New Jersey include wholesale trade, durable goods merchant wholesalers, and drugs' sundries merchant wholesalers. Notable tourist destinations include the Market Amusement Inc, the Smithsonian Institution, and the Morris Museum.

CITIES WITH Actuary OPPORTUNITIES IN New Jersey


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 New Jersey 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: New Jersey

New Jersey
New Jersey photo by Derek Jensen

New Jersey has a population of 8,707,739, which has grown by 3.49% in the last 10 years. Nicknamed the "Garden State," its capital is Trenton, though its most populous city is Newark. In 2008, there were a total of 5,176,293 jobs in New Jersey. The average annual income was $51,473 in 2008, up from $50,364 the previous year. The unemployment rate in New Jersey was 9.2% in 2009, which has grown by 3.7% since the previous year. Roughly 29.8% of New Jersey residents have college degrees, which is higher than the national average.

The top industries in New Jersey include wholesale trade, durable goods merchant wholesalers, and drugs' sundries merchant wholesalers. Notable tourist attractions include the Morris Museum, the New Jersey Historical Society, and the A P Personal Limo.