What Is the Average Salary of an Actuary?
Actuaries analyze statistical data to identify risk factors and determine the cost of policies for insurance companies and financial services providers. Read on to find out about the average salaries in this field, including the factors that can influence how much you're paid. Schools offering Risk Management degrees can also be found in these popular choices.
Job Requirements
A bachelor's degree in actuarial sciences or mathematics is required for most entry-level jobs. Additionally, further study in graduate-level degree programs in actuarial science may provide more lucrative job opportunities. Certification may also be required and is offered by the Casualty Actuarial Society (CAS) and the Society of Actuaries (SOA). Both societies sponsor a number of initial exams, which you may take while still in college. The certification process can continue for several years after graduation with further examinations. Eventually the exams focus on specialty areas of the actuary profession. For example, CAS exams deal with property and casualty, while SOA exams cover the insurance and financial fields.
Important Facts About Actuaries
| On-the-Job Training | Long-term training required |
| Key Skills | Mathematical proficiency, problem solving, interpersonal, computer competency, oral and written communication, analytical and critical thinking |
| Work Environment | Office setting |
| Similar Occupations | Accountant, auditor, budget analysts, cost estimators, economists, financial analysts, insurance underwriters, mathematicians, personal financial advisors, post-secondary teachers, statisticians |
Average Salary Overview
According to the U.S. Bureau of Labor Statistics (BLS), the average salary for actuaries was $116,250 per year, as of May 2018 (www.bls.gov). While this figure represents an average for all professionals in this field, entry-level salaries may be lower. According to PayScale.com, salaries for those with less than a year of experience ranged from $45,000-$81,000 in April 2019. Those with one to four years of experience received salaries that ranged from $50,000-$107,000 in April 2019
Salary by Industry
The industry in which you work can influence your salary. As of May 2018, the mean annual wage for actuaries working for insurance carriers was $114,670 according to the BLS. Professionals working for management, scientific and consulting firms earned average annual salaries of $120,310. Business, professional, labor, political, and similar organizations paid the highest mean wage of $155,490.
Salary by Location
Location can also influence an actuary's salary. The BLS reported the top-paying states for this occupation as of May 2018. The following mean annual wages of top-paying states include:
- New York: $150,950
- Connecticut: $132,910
- Washington: $131,330
- District of Columbia: $129,540
- New Hampshire: $129,110
Some of the lowest-paying states at that time included Utah, Nevada, Arkansas, Michigan, Ohio and Missouri. Mean salaries ranged from $59,280-$100,620.
Job Outlook
The BLS expects actuary job growth to be at a fast rate of 22% from 2016-2026. Although it expects the most growth to be in the consulting services industry, fast growth is also expected in the health, property and casualty insurance industries. There will also be a lot of competition for positions. States with the highest concentration of employment for this occupation in May 2018 included Connecticut, Nebraska, Massachusetts, Iowa and Illinois.
To continue researching, browse degree options below for course curriculum, prerequisites and financial aid information. Or, learn more about the subject by reading the related articles below:
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