Can Actuaries Work From Home?

By Robert David Orr / Last updated: Dec 19, 2022

Do you have a knack for crunching numbers and analyzing risk in the world of finance and insurance?

If so, you may be considering a career as an actuary.

But as you explore this intriguing field, you may wonder if it’s possible to put your skills to use from the comfort of your own home.

Actuaries can work from home. However, this is not the norm since most actuaries work in an office-based environment.

But still some questions remain:

  • How might an actuary’s work from home setup influence their ability to focus and stay motivated?
  • How will working from home affect communication and collaboration with colleagues and clients?
  • What are the potential benefits and drawbacks of working from home as an actuary?

Keep reading to find out if actuaries can successfully work remotely and what factors impact their work.

Real quick, before we get too far into it here, if you want to connect with other remote workers or would love to make your home office space the best join my free private Facebook group, Home Office Hacks here.

What Percent of Actuaries Work from Home?

What Percent of Actuaries Work from Home?

Working from home isn’t everyone’s cup of tea. But there are a lot of actuaries out there that want to work from home and never want to be in the office environment ever again. The reason for this is that most actuaries love working with numbers and using their skills to solve problems instead of dealing with office distractions.

Many job duties an actuary performs can be completed on a computer at home. However, despite this fact, many companies still prefer their actuaries to work in person.

Since COVID, there has been an increase in the number of actuaries who work from home. However, the vast majority of actuaries still go into the office every day to complete their tasks.

The first year or two of working as an actuary is more like a year or two of on-the-job training. During this time, new actuaries will gain extensive actuarial science experience. For this reason, almost all new actuaries work in the office. This way, they are able to easily get any questions they might have answered right away. However, the higher you climb up the ladder of a company, the more likely you will be able to convince your employer to allow you to work from home.

What is the Lifestyle of an Actuary?

A day in the life of an actuary is filled with analyzing facts, estimating returns and risks, and making sound financial decisions for the company they work for. Actuaries can also expect to spend up to 65% of their time interacting with clients and co-workers.

For this reason, most actuaries prefer to work out of the office, as opposed to working at home. From the office, they will be able to easily get in contact with whoever they need to and solve whatever issues they are needing information on.

However, with the rise in working from home lately, there are more and more actuaries that are choosing to work from home when they have the chance. Through instant messaging, emails, and virtual meetings, some actuaries find they are still able to contact whomever they need to contact with only a little more hassle than they would go through at the office.

Not only that, but these actuaries who work from home also get the benefits of cheaper gas and parking bills, more freedom with their time, and not having to make small talk with their co-workers when they aren’t in the mood.

Where is the Best Place to Work as an Actuary?

Though actuaries are needed in many types of companies, most work in the insurance industry. These are usually the top employers for actuaries, whether in-office or virtual. These insurance companies can include car insurance, health insurance, or life insurance companies. In fact, Liberty Mutual, Allstate Insurance Company, and United Health are three of the largest employers of actuaries in the United States.

If you are not excited about the prospect of working for an insurance company, there are also a variety of industries for a career in the actuary field. Some actuaries find work in the government, the tech industry, as chief actuaries, or in a remote position. There are others who work as consultants, so they are able to control their salary and who they work for. Still more actuaries discover that their calling is teaching students how to become the new generation of actuaries.

In terms of geographic location, the best place to find a job as an actuary is in New York. Within this state, actuaries have the highest annual salary, and they see the highest job growth in the country. If New York is not an option, any place in the New England area is a good place for an actuary, as well as California and Alaska.

Will Data Science Replace Actuaries?

Will Data Science Replace Actuaries?

Working as an actuary comes with many challenges, among which is the fear that data science and computer programs will replace the actuary field. Data scientists and actuaries have very similar responsibilities and duties, and much of their work intertwines with one another’s. However, both fields have their own importance and separate analytical skills, so it is unlikely that data science will overtake actuaries.

There are other concerns facing the actuarial career field, such as the seemingly constant economic shocks that rock our lives. These economic shocks cause plenty of issues for actuaries, as it is their job to help their companies navigate them.

While working remotely, an actuary has even more issues to overcome. Some actuaries may find themselves feeling lonely without the human interaction they receive in the office. There are also issues of connectivity, which is crucial for an actuary. If their home is not equipped with adequate supplies, they may find that remote work is not for them. This is part of the reason most actuaries decide to work from the office: to take advantage of the company server.

Can Actuaries be Freelancers?

Most actuaries work for a company to complete specified jobs. However, many people are interested in freelance work, and actuaries are no exception. The beautiful thing about living in the 21st century is that many jobs are also available for freelancers. And actuary jobs are no exception.

Freelance work for actuaries is possible but extremely uncommon. So, if you’re interested in freelancing as an actuary, you might have stiff competition in the field.

If you’re interested in freelancing as an actuary, you should ask around different companies to determine which ones are interested in freelance work. You’ll also need to consider that freelancers file their taxes differently than employees. Freelance actuary work is a great way for you to take control of your work schedule remotely.

How Many Hours Do Actuaries Work Per Day?

How Many Hours Do Actuaries Work Per Day?

Most actuaries work a full-time job, meaning that they work at least8 hours a day and 40 hours a week. If there is a tight deadline or an important project, typical actuaries can work up to 10 extra hours per week. Also, if you work as a consulting actuary, you may also have to factor in time for travel.

On the other side of the coin, if you are an actuary who works from home, you may find yourself with a little free time on your hands. Not only do you not have to worry about commuting back and forth to the office every day, but you may be able to finish ahead of your deadline. This means that you may have time after your project is done to start on the next project, go shopping, or catch up on your latest Netflix show.

Final Thoughts

Generally, actuaries are beginning to lean towards a remote work environment due to its multiple benefits. Since the home is a more customary place, they devote most of their time to their job and are more productive.

Remote work environments help actuaries save the time they’ll spend commuting, as well as money. The flexibility of work hours also helps increase work productivity by providing a built-in break during the day to help relax and rejuvenate, which can help improve their productivity.

Next Steps

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Robert David Orr

Robert is a writer & creator, author of the WordPress Website Blueprint, award winning web developer, and leader in digital strategy. He's also a tenured work at home veteran who's been working from home for more than 10 years. Learn more. Got questions? Reach out and connect here - Contact Home Office Hacks here.

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