Senior Actuarial Analyst Salary
The average Senior Actuarial Analyst in the United States earns approximately $82K annually. Earnings for this group are mostly affected by residence, followed by the specific employer and years of experience. Nearly all report receiving medical coverage from their employers and most collect dental insurance. Male Senior Actuarial Analysts who responded to the survey are more common than women; more than half (62 percent) are men. For the most part, Senior Actuarial Analysts enjoy their work and report high levels of job satisfaction. Figures cited in this summary are based on replies to PayScale's salary questionnaire.
Job Description for Senior Actuarial Analyst
Senior actuarial analysts are responsible for high-level actuarial calculations and data analysis. They use standard methodologies to analyze company data, predicting future performance and performing risk analysis. Senior actuarial analysts help develop specific models and tools that allow a company to properly evaluate potential gains and losses of proposed business plans and processes. This includes building theoretical models specific to the company’s circumstances, gathering and analyzing appropriate data, refining the model as needed, and reaching accurate conclusions based on the results of the model. As senior analysts, they provide leadership and training to junior actuaries and provide information to others in their organization in understandable terms, using appropriate charts and presentations.Read More...
Senior actuarial analysts generally work full time in an office environment. They may be required to travel on occasion to give presentations on actuarial data and results, informing other departments or sections of their findings. Senior actuarial analysts work primarily with their actuarial staff and any departments necessary for data gathering (such as sales and underwriting). As accurate models and assessments are crucial to actuarial success, they are responsible for maintaining currency with industry trends and developments.
Senior actuarial analysts are required to hold a bachelor’s degree and, in some cases, a master’s degree in a related field. They must be certified as an Associate or Fellow of the Society of Actuaries (ASA or FSA certification) or be on track for certification. As this is a senior position, relevant experience is required, often four to or more. Specific industry experience, such as healthcare, may be required as well.
Senior Actuarial Analyst Tasks
- Set project goals, determine appropriate methods, and schedule effort to reach objectives.
- Prepare rate filings and execute special projects.
- Write reports, correspondence, and communications for internal and client use.
- Calculate forecasts, rates, and liabilities and recommend changes.
- Analyze, model, and communicate findings and recommendations.
Senior Actuarial Analyst Job Listings
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Popular Employer Salaries for Senior Actuarial Analyst
Towers Watson doles out the lowest salaries in town — median pay is $79K — not to mention workers can only make as much as $101K and scope of pay is rather limited.
Popular Skills for Senior Actuarial Analyst
Survey results suggest that Senior Actuarial Analysts use a fairly large toolkit of professional skills. Most notably, skills in Microsoft Access, SQL, SAS, and Microsoft Excel are correlated to pay that is above average, with boosts between 6 percent and 13 percent. Skills that are correlated to lower pay, on the other hand, include Microsoft SQL Server and Data Analysis. It is often found that people who know Microsoft Excel are also skilled in Microsoft Access.
Pay by Experience Level for Senior Actuarial Analyst
Median of all compensation (including tips, bonus, and overtime) by years of experience.
The average worker who claims fewer than five years of experience earns around $79K. In contrast, however, individuals who report five to 10 years in this occupation see a much larger median of $99K. After 10 to 20 years, professionals can make it pretty big; the median salary sits in the six-figure neighborhood of $102K. Senior Actuarial Analysts who have racked up more than two decades of experience report lower incomes overall; the average sum for this crowd comes out to only $100K.
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Key Stats for Senior Actuarial Analyst
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