Actuary Salary

Actuaries in the United States can expect to earn an average of $81K annually. Compensation ranges from $50K on the lower end to $153K per year on the higher end. Including potential for bonuses and profit sharing — peaking near $25K and $20K, respectively — total cash payment to Actuaries can bottom out near $50K or peak near $153K depending on individual performance. The most influential factor affecting pay for this group is career length, though geography and the individual firm have a (lesser) impact as well. Nearly all report receiving medical coverage from their employers and most collect dental insurance. Making up 74 percent of those who took the survey, male Actuaries greatly outnumber their female counterparts. For the most part, Actuaries enjoy their work and report high levels of job satisfaction. This snapshot results from replies to PayScale's salary survey.
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$50,245 - $133,705
(Median)
$50K
$81K
$130K
MEDIAN: $80,965
10%
50%
90%

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$15.28 - $51.99
(Median)
$15
$25
$52
MEDIAN: $24.00
10%
50%
90%

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National Salary Data (?
XAll compensation data shown are gross, national 10th to 90th percentile ranges. Pay can vary greatly by location. To view local data, take the PayScale survey.
)
$0$60K$120K$180K
Salary
$50,245 - $133,705  
   
Bonus
$521 - $24,537  
Profit Sharing
$0.00 - $20,000  
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).
)
$50,439 - $152,596  
Country: United States | Currency: USD | Updated: 2 Jul 2015 | Individuals Reporting: 1,374
National Hourly Rate Data (?
XAll compensation data shown are gross, national 10th to 90th percentile ranges. Pay can vary greatly by location. To view local data, take the PayScale survey.
)
$0$30$60$90
Hourly Rate
$15.28 - $51.99  
   
Overtime
$0.00 - $63.00  
National Annualized Data (?
XAll compensation data shown are gross, national 10th to 90th percentile ranges. Pay can vary greatly by location. To view local data, take the PayScale survey.
)
$0$60K$120K$180K
Bonus
$521 - $24,537  
   
Profit Sharing
$0.00 - $20,000  
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).
)
$50,439 - $152,596  
Country: United States | Currency: USD | Updated: 2 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


Known for taking on a considerable number of Actuaries, Towers Watson, Mercer LLC, Humana, Inc., Milliman, Incorporated, and Metropolitan Life Insurance Company (MetLife) are leading firms in the industry. Heading up the field in terms of compensation, Metropolitan Life Insurance Company (MetLife) offers the most; Actuaries earn $135K on average there. Other leaders in compensation levels are ACE Group at $120K, AON Corporation at $104K, and American International Group, Inc. (AIG), where Actuaries annually earn $100K.

Offering a median of only $88K, Milliman, Incorporated pays the least. Moreover, the compensation range seems pretty narrow; employees make $61K on the lower end and $239K on the higher end. Others at the bottom of the scale for this job include Humana, Inc. at $88K, and Towers Watson where $93K is the norm, but it is worth noting that 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 21 percent, 17 percent, and 14 percent, respectively. At the other end of the pay range are skills like Statistical Analysis. For most people, competency in Data Analysis indicates knowledge of Financial Analysis. Those familiar with Microsoft Excel tend to be well versed in Financial Modeling and Financial Analysis.

Pay by Experience Level for Actuary

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


For many Actuaries, experience and pay levels seem to be correlated; more years in the business generally lead to more money. Relatively untried employees who have less than five years' experience make $64K, but folks with five to 10 years under their belts enjoy an appreciably larger median of $101K. Actuaries who work for 10 to 20 years in their occupation tend to earn about $126K. Actuaries who surpass 20 years on the job report pay that isn't as high as one would expect; the median compensation for this crowd sits around $140K.

Pay Difference by Location


Des Moines offers some of the highest pay in the country for Actuaries, 38 percent above the national average. Actuaries can also look forward to large paychecks in cities like Hartford (+34 percent), San Francisco (+27 percent), Minneapolis (+18 percent), and Dallas (+16 percent). Actuaries in Atlanta report much lower salaries than the rest of the country — 22 percent below the national average — proving that residence is a major factor in overall pay.

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Experience Affects Actuary Salaries




National Average
$85,000


Skills That Affect Actuary Salaries


up arrow 17%



Data Analysis
up arrow 4%

Microsoft Excel
up arrow 3%

SAS
up arrow 2%

National Average
$85,000

Statistical Analysis
up arrow 8%

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 199 votes.

Gender

Female
26 %
Male
74 %

Years of Experience

Less than 1 year
15%
1-4 years
32%
5-9 years
26%
10-19 years
17%
20 years or more
10%

Common Health Benefits

medical benefits Medical: 92% dental benefits Dental: 80%
vision benefits Vision: 64% employee benefits None: 7%
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