Actuary Salary

Average Actuaries in the United States make around $82K per year. Including potential for bonuses and profit sharing — peaking near $25K and $16K, respectively — total cash payment to Actuaries can bottom out near $50K or peak near $152K depending on individual performance. Career length is the biggest factor affecting pay for this group, followed by the company and location. Almost all report receiving medical coverage from their employers and a fair number collect dental insurance. Work is enjoyable for Actuaries, who typically claim high levels of job satisfaction. Making up 75 percent of those who took the survey, male Actuaries greatly outnumber their female counterparts. The information for this snapshot was generated by responses to the PayScale salary survey.
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$50,217 - $134,789
(Median)
$50K
$82K
$130K
MEDIAN: $81,578
10%
50%
90%

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$16.60 - $51.02
(Median)
$17
$27
$51
MEDIAN: $27.00
10%
50%
90%

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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
$50,217 - $134,789  
   
Bonus
$514 - $24,845  
Profit Sharing
$0.00 - $15,781  
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).
)
$50,435 - $152,488  
Country: United States | Currency: USD | Updated: 12 Jan 2016 | Individuals Reporting: 1,497
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
$16.60 - $51.02  
   
Overtime
$0.00 - $62.63  
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
$514 - $24,845  
   
Profit Sharing
$0.00 - $15,781  
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).
)
$50,435 - $152,488  
Country: United States | Currency: USD | Updated: 12 Jan 2016 | Individuals Reporting: 47
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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, Humana, Inc., Milliman, Incorporated, Mercer LLC, and Metropolitan Life Insurance Company (MetLife) are all popular places to work. Actuaries flock to Metropolitan Life Insurance Company (MetLife) for generous paychecks, where average earnings of $135K lead the pack in compensation. Actuaries will also find cushy salaries at ACE Group (+$120K), AON Corporation (+$108K), and American International Group, Inc. (AIG) (+$100K).

Salaries are easily beat at Humana, Inc., where median pay comes to just $88K, the lowest in the field. What's more, with base pay starting at $72K and ending at $117K, range in salary is rather small. Other low-paying employers include Towers Watson at $92K and Mercer LLC at $95K, though some Actuaries there earn up to $176K.

Popular Skills for Actuary


Overall, survey participants reported applying a fair number of skills to their work. Lucky workers who know Financial Modeling can expect a significant pay bump, scoring salaries 20 percent above average. Pricing and Financial Analysis are also correlated to pay that is above average, with increases between 12 percent and 20 percent. People who know Microsoft Excel usually also know Financial Modeling and Financial Analysis. For most people, competency in Data Analysis indicates knowledge of Financial Analysis.

Pay by Experience Level for Actuary

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


Actuaries generally obtain higher compensation for more plentiful past experience. Although employees with less than five years' experience earn around $65K on average, the five-to-10 year group has a much higher, six-figure median of $103K. Actuaries who work for 10 to 20 years in their occupation tend to earn about $128K. Folks who have racked up more than 20 years in the field report incomes that aren't that much higher than less experienced individuals' earnings; the veterans make just $142K on average.

Pay Difference by Location

National Average: $85,310

Larger city markers indicate a job is popular in that location.

Des Moines is home to an above-average pay rate for Actuaries, 36 percent higher than the national average. Actuaries will also find cushy salaries in Hartford (+27 percent), San Francisco (+22 percent), Philadelphia (+17 percent), and Minneapolis (+16 percent). Atlanta is home to the smallest salaries in the field, lagging the national average by 14 percent.

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Experience Affects Actuary Salaries




National Average
$85,000


Skills That Affect Actuary Salaries


up arrow 20%


SAS
up arrow 6%

Microsoft Excel
up arrow 3%

Microsoft Access
up arrow 3%

Data Analysis
up arrow 2%

National Average
$85,000

Statistical Analysis
up arrow 1%

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 179 votes.

Gender

Female
25 %
Male
75 %

Years of Experience

Less than 1 year
16%
1-4 years
33%
5-9 years
25%
10-19 years
16%
20 years or more
10%

Common Health Benefits

medical benefits
Medical: 92%
dental benefits
Dental: 79%
medical benefits
Vision: 63%
dental benefits
None: 7%
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