Actuaries are in the business of calculating risks, usually for insurance companies. They are the ones who figure out the chances that a given person will, say, have a car crash, and develop an insurance policy based on those risks.

In the past, "actuarial science" has earned a reputation as a synonym for "boredom." However, growth in the field is largely being driven by the demand for "consulting actuaries" -- who demonstrate a significantly lower chance of suffering from fatal boredom. Those aging baby boomers are largely responsible for the growth in this field too --they're all entering that time of your life when even life insurance (let alone health insurance) is a necessity.

What They Do:

The majority of actuaries, not surprisingly, work for insurance agencies. They calculate risks and develop policies and premiums based on those risks. They are the reason why a 21 year old pays so much more for auto insurance than a 40 year old. The policy they develop must be expensive enough to be profitable for the company, but cheap enough to be competitive with other agencies. Many consulting actuaries are involved in calculating employee benefits for corporations. With the rising cost of health care and other insurance, companies are seeking to minimize the cost of their benefit plans, and this is where actuaries are essential. Also, consulting actuaries are frequently called upon to testify in court. For instance, they may calculate the value of future earnings lost by the victim of a McDonald's coffee scalding. Consulting actuaries are also often considered good candidates for management roles in non-actuarial departments or operations.

Why It's Cooler Than It Sounds:

If you like to play the numbers, you might enjoy a career as an actuary. There's something exciting about calculating odds, and it's certainly a more respectable job than being a bookie.

What they earn:

Average starting salary (in 1992): $31,800 Those who have passed enough exams to be designated an "Associate": $46,000 Those who have passed enough exams to be designated a "Fellow": $65,500

How to get involved:

Most schools do not offer a major in actuarial sciences. However, a background in mathematics or statistics is often just as good. Actuarial societies sponsor a series of examinations which lead to full membership in their society. It is definitely to your advantage to take and pass as many of these exams as possible. Once employed as an actuary, advancement depends a great deal on how many of these exams you have passed.