Actuary Salary

Actuaries in the United States take home an average $81K per year. The pay spectrum stretches from $50K to $152K per year. In the world of Actuaries, overall income ranges from $50K near the bottom to $152K at the top; this can include more than $25K from bonuses and more than $16K from profit sharing in exceptional cases. The most influential factor affecting pay for this group is career length, though the particular city and the particular employer have a (lesser) impact as well. Most Actuaries survey respondents are men (74 percent). Job satisfaction is reported as high by the vast majority of workers. Almost all report receiving medical coverage from their employers and a large number collect dental insurance. The data for this snapshot was collected from individuals who took PayScale's salary survey.
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$50,167 - $133,275

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$15.28 - $51.99

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National Salary Data (?
XAll compensation data shown are gross 10th to 90th percentile ranges. Take the PayScale Survey to find out how location influences pay for this job.
)
$0$60K$120K$180K
Salary
$50,167 - $133,275  
   
Bonus
$513 - $24,609  
Profit Sharing
$0.00 - $16,409  
Total Pay (?
XTotal Pay combines base annual salary or hourly wage, bonuses, profit sharing, tips, commissions, overtime pay and other forms of cash earnings, as applicable for this job. It does not include equity (stock) compensation, cash value of retirement benefits, or the value of other non-cash benefits (e.g. healthcare).
)
$50,350 - $151,903  
Country: United States | Currency: USD | Updated: 18 Jul 2015 | Individuals Reporting: 1,372
National Hourly Rate Data (?
XAll compensation data shown are gross 10th to 90th percentile ranges. Take the PayScale Survey to find out how location influences pay for this job.
)
$0$30$60$90
Hourly Rate
$15.28 - $51.99  
   
Overtime
$0.00 - $63.00  
National Annualized Data (?
XAll compensation data shown are gross 10th to 90th percentile ranges. Take the PayScale Survey to find out how location influences pay for this job.
)
$0$60K$120K$180K
Bonus
$513 - $24,609  
   
Profit Sharing
$0.00 - $16,409  
Total Pay (?
XTotal Pay combines base annual salary or hourly wage, bonuses, profit sharing, tips, commissions, overtime pay and other forms of cash earnings, as applicable for this job. It does not include equity (stock) compensation, cash value of retirement benefits, or the value of other non-cash benefits (e.g. healthcare).
)
$50,350 - $151,903  
Country: United States | Currency: USD | Updated: 18 Jul 2015 | Individuals Reporting: 41
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Job Description for Actuary

Actuaries play a key role in insurance companies by serving as analysts who help determine whether the company should issue an insurance policy and what the premium for that policy should be. They use a great deal of statistical analysis in their work, as they examine huge amounts of data related to costing and trends. Insurance companies must always maintain their financial health, and the role of the actuary is to manage risk in the delicate balance between issuing policies (and the costs paid for them) and the exposure to financial risk for the company.

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Actuary Tasks

  • May ascertain premium rates required and cash reserves necessary to ensure payment of future benefits.
  • Analyze statistical data, such as mortality, accident, sickness, disability, and retirement rates and construct probability tables to forecast risk and liability for payment of future benefits.

Actuary Job Listings

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Popular Employer Salaries for Actuary


Towers Watson, Mercer LLC, Humana, Inc., Milliman, Incorporated, and Metropolitan Life Insurance Company (MetLife) are leaders in the field that employ a large number of Actuaries. The biggest paychecks can be found at Metropolitan Life Insurance Company (MetLife) — the median salary there is $135K. Those in search of high salaries should also consider ACE Group, AON Corporation, and American International Group, Inc. (AIG), top-paying firms where Actuaries rake in a whopping $120K, $104K, or $100K, respectively.

Milliman, Incorporated offers the lowest pay, with a median salary of just $88K. The pay scale doesn't vary widely, either; compensation ranges from $61K to $239K. Other low-paying employers include Humana, Inc. at $88K and Towers Watson at $93K, though some Actuaries there earn up to $196K.

Popular Skills for Actuary


Actuaries report using a diverse set of skills on the job. Most notably, facility with Financial Modeling, Pricing, and Financial Analysis are correlated to pay that is significantly above average, leading to increases of 20 percent, 16 percent, and 14 percent, respectively. Most people skilled in Data Analysis are similarly competent in Financial Analysis. A tool kit that includes Microsoft Excel also typically contains Financial Modeling and Financial Analysis.

Pay by Experience Level for Actuary

Median of all compensation (including tips, bonus, and overtime) by years of experience.


Experience seems to be a major factor in determining the incomes of Actuaries. The average worker who claims fewer than five years of experience earns around $64K. In contrast, however, individuals who report five to 10 years in this occupation see a much larger median of $101K. For Actuaries, 10 to 20 years of experience on the job amounts to an average salary of $126K. Veterans who have surpassed the 20-year mark may make only slightly more than those who are navigating the mid-career stage; the more senior group reports median earnings of around $140K.

Pay Difference by Location


Actuaries will find that Des Moines offers an impressive pay rate, one which exceeds the national average by 38 percent. Actuaries will also find cushy salaries in Hartford (+32 percent), San Francisco (+26 percent), Minneapolis (+17 percent), and Dallas (+16 percent). Location significantly influences compensation, with Atlanta Actuaries earning much less — 22 percent less — than the national average.

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Experience Affects Actuary Salaries




National Average
$85,000


Skills That Affect Actuary Salaries


up arrow 16%



Microsoft Excel
up arrow 4%

Data Analysis
up arrow 4%

SAS
up arrow 2%

National Average
$85,000

Statistical Analysis
up arrow 1%

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 198 votes.

Gender

Female
26 %
Male
74 %

Years of Experience

Less than 1 year
15%
1-4 years
32%
5-9 years
25%
10-19 years
17%
20 years or more
10%

Common Health Benefits

medical benefits Medical: 91% dental benefits Dental: 80%
vision benefits Vision: 64% employee benefits None: 7%
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