💡 Why it matters: Insurers and pension funds must know how much money to set aside years ahead. Actuaries use maths and data to work this out, and good ones are always in short supply.
🌍 Around the world
- Nigeria: There are very few actuaries in Nigeria.
- United States: Jobs are projected to grow 9% from 2025 to 2035, much faster than average (US Bureau of Labor Statistics).
💰 What it can pay
🇳🇬 Nigeria
- Starting out
- ₦3M – ₦7M
- Mid-career
- ₦9M – ₦22M
- Senior
- ₦22M – ₦55M
≈ ₦750k – ₦1.8M a month mid-career. Indicative estimate by Incusim.
🇺🇸 United States
Median pay; low and high are the 10th and 90th percentiles. US Bureau of Labor Statistics, May 2025
🇨🇦 Canada
Hourly wage low and high x 2,080 hours; Job Bank shows no national median.. Job Bank (Government of Canada), 2023-2024
Yearly pay before tax. UK, US and Canada figures come from the official sources named on each card. Nigeria has no official salary survey, so those are our indicative estimates. Real pay depends on the employer, the place, your skills and experience.
🛠️ What you actually do
- Study data on illness, accidents and ageing
- Build models that predict future costs
- Work out fair prices for insurance and pensions
- Test how much money a company needs in reserve
- Explain results to managers and regulators
⚡ Skills you'll need
- Maths
- Analysis
- Patience
- Communication
- Computer skills
Get ready at school
🇳🇬 Nigeria
- Statistics degree followed by actuarial exams
🇬🇧 United Kingdom
- Actuarial degree apprenticeship
- Graduate trainee jobs at insurers and consultancies
🇺🇸 United States
- Internships at insurers, passing early exams while in school
- Entry jobs as an actuarial analyst
🇨🇦 Canada
- Co-op placements at insurers
- Entry jobs as an actuarial analyst while taking exams
🗺️ Your path to this career
- 1Excel at Maths and Further Maths in school
- 2Take an Actuarial Science, Maths or Statistics degree
- 3Join an insurer or pension firm as a trainee
- 4Pass actuarial exams in stages over several years
- 5Become a qualified actuary and lead a team
⏰ A day in the life
You update a model that estimates how many health claims the company will get next year. You compare it with real numbers, tweak the results and explain them to the finance team with simple charts.