Career and Education Opportunities for Actuaries in Philadelphia, Pennsylvania
There is a wide variety of career and education opportunities for actuaries in the Philadelphia, Pennsylvania area. About 1,350 people are currently employed as actuaries in Pennsylvania. By 2016, this is expected to grow by 29% to about 1,750 people employed. This is better than 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 $48 hourly or $101,510 per year on average in Pennsylvania. In the U.S. as a whole, their income is about $40 hourly or $84,810 per year on average. Incomes for actuaries are better than in the overall category of Statistics Analysis in Pennsylvania, and better than the overall Statistics Analysis category nationally. Actuaries work in a variety of jobs, including: health actuary, insurance actuary, and pricing actuary.
There are five schools within twenty-five miles of Philadelphia where you can study to be an actuary, among 156 schools of higher education total in the Philadelphia area. Actuaries usually hold a Bachelor's degree, so you can expect to spend about four years studying to be an actuary if you already have a high school diploma.
CAREER DESCRIPTION: Actuary
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.
Actuaries ascertain premium rates required and cash reserves and liabilities needed to insure payment of future benefits. They also decide on or help decide on company policy, and explain complex technical matters to company executives or the public. Equally important, actuaries have to analyze statistical data to estimate mortality and retirement rates. They are often called upon to collaborate with programmers and senior management to help companies design plans for new lines of business or improving existing business. They are expected to testify in court as expert witnesses or to furnish legal evidence on matters such as the value of potential lifetime earnings of a person who is disabled or killed in an accident. Finally, actuaries testify before public agencies on proposed legislation affecting businesses.
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.
It is important for actuaries to furnish advice to customers on a contract basis, working as a consultant. They are often called upon to decide on policy contract provisions for each type of insurance. They also decide on equitable basis for distributing surplus earnings under participating insurance and annuity contracts in mutual companies. They are sometimes expected to furnish expertise to help financial institutions manage risks and maximize returns associated with investment products or credit offerings. Somewhat less frequently, actuaries are also expected to oversee credit and help price corporate security offerings.
Actuaries sometimes are asked to construct probability tables for events such as fires and unemployment, on the basis of analysis of statistical data and other pertinent data. and explain changes in contract provisions to clients. And finally, they sometimes have to furnish advice to customers on a contract basis, working as a consultant.
Like many other jobs, actuaries must be able to absorb the factors involved and a problem and provide a well thought out solution and have exceptional integrity.
Similar jobs with educational opportunities in Philadelphia 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.
EDUCATIONAL OPPORTUNITIES: Actuary Training
Arcadia University - Glenside, PA
Arcadia University, 450 S Easton Rd, Glenside, PA 19038-3295. Arcadia University is a small university located in Glenside, Pennsylvania. It is a private not-for-profit school with primarily 4-year or above programs. It has 3,872 students and an admission rate of 69%. Arcadia University has a bachelor's degree program in Actuarial Science which graduated one student in 2008.
Saint Joseph's University - Philadelphia, PA
Saint Joseph's University, 5600 City Avenue, Philadelphia, PA 19131-1395. Saint Joseph's University is a medium sized university located in Philadelphia, Pennsylvania. It is a private not-for-profit school with primarily 4-year or above programs. It has 7,846 students and an admission rate of 86%. Saint Joseph's University has a bachelor's degree program in Actuarial Science which graduated one student in 2008.
Rider University - Lawrenceville, NJ
Rider University, 2083 Lawrence Road, Lawrenceville, NJ 08648-3099. Rider University is a medium sized university located in Lawrenceville, New Jersey. It is a private not-for-profit school with primarily 4-year or above programs. It has 6,011 students and an admission rate of 74%. Rider University has a bachelor's degree program in Actuarial Science which graduated four students in 2008.
Temple University - Philadelphia, PA
Temple University, 1801 North Broad Street, Philadelphia, PA 19122-6096. Temple University is a large university located in Philadelphia, Pennsylvania. It is a public school with primarily 4-year or above programs. It has 35,343 students and an admission rate of 61%. Temple University has a bachelor's degree and a master's degree program in Actuarial Science which graduated thirty-nine and five students respectively in 2008.
University of Pennsylvania - Philadelphia, PA
University of Pennsylvania, 1 College Hall 34th and Spruce Sts, Philadelphia, PA 19104-6303. University of Pennsylvania is a large university located in Philadelphia, Pennsylvania. It is a private not-for-profit school with primarily 4-year or above programs. It has 24,060 students and an admission rate of 17%. University of Pennsylvania has a bachelor's degree program in Actuarial Science which graduated one student in 2008.
Certified Pension Consultant: The Certified Pension Consultant (CPC) credential is designed for benefits professionals working in plan administration, pension actuarial administration, insurance, and financial planning.
For more information, see the American Society of Pension Professionals and Actuaries website.
Qualified 401(k) Administrator: The Qualified 401(k) Administrator (QKA) credential is conferred by ASPPA to retirement plan professionals who work primarily with 401(k) plans.
For more information, see the American Society of Pension Professionals and Actuaries website.
Associateship in the Casualty Actuarial Society: Candidates for Associateship in the Casualty Actuarial Society must fulfill the examination requirements by successful completion of, or credit for, Exams 1-7, and have credit by Validation by Educational Experience (VEE) for the required topics of economics, corporate finance, and applied statistical methods.
For more information, see the Casualty Actuarial Society website.
Associate of the Society of Actuaries: An Associate of the Society of Actuaries has demonstrated knowledge of the fundamental concepts and techniques for modeling and managing risk.
For more information, see the Society of Actuaries website.
LOCATION INFORMATION: Philadelphia, Pennsylvania
Philadelphia is located in Philadelphia County, Pennsylvania. It has a population of over 1,447,395, which has shrunk by 4.6% in the past ten years. The cost of living index in Philadelphia, 102, is near the national average. New single-family homes in Philadelphia cost $212,900 on average, which is far greater than the state average. In 2008, five hundred forty-five new homes were constructed in Philadelphia, down from five hundred ninety-one the previous year.
The top three industries for women in Philadelphia are health care, educational services, and professional, scientific, and technical services. For men, it is construction, educational services, and health care. The average travel time to work is about 32 minutes. More than 17.9% of Philadelphia residents have a bachelor's degree, which is lower than the state average. The percentage of residents with a graduate degree, 7.5%, is lower than the state average.
The percentage of Philadelphia residents that are affiliated with a religious congregation, 53.4%, is more than the national average but less than the state average. Boulevard Church, Mount Herman Church and Saint Michael Mission Center are all churches located in Philadelphia. The most prominent religious groups are the Catholic Church, the American Baptist Churches in the USA and the Muslim Estimate.
Philadelphia is home to the Five Points and the Academy Gardens as well as Durham Park and Cloverly Park. Shopping malls in the area include Roosevelt Mall, Andorra Shopping Center and Red Lion Shopping Center. Visitors to Philadelphia can choose from Comfort Inn, Concordia Worldwide Hotel Reservations and Embassy Suites for temporary stays in the area.