Senior Actuarial Analyst Salary
For Senior Actuarial Analysts, yearly average wages total $82K annually. The specific employer is the main element affecting pay for this group — geography and experience level are driving factors as well. The majority of Senior Actuarial Analysts claim high levels of job satisfaction. Nearly all report receiving medical coverage from their employers and most collect dental insurance. The information for this snapshot was generated by responses to the PayScale salary survey.
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
- Calculate forecasts, rates, and liabilities and recommend changes.
- Analyze, model, and communicate findings and recommendations.
- Write reports, correspondence, and communications for internal and client use.
- Set project goals, determine appropriate methods, and schedule effort to reach objectives.
- Prepare rate filings and execute special projects.
Senior Actuarial Analyst Job Listings
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Popular Employer Salaries for Senior Actuarial Analyst
Employees at Towers Watson take home the smallest paychecks, and $81K is the median salary. Furthermore, range in pay is narrow, with salaries starting at $67K and quickly nearing the top at only $102K.
Popular Skills for Senior Actuarial Analyst
Senior Actuarial Analysts report using a pretty varied skill set on the job. Most notably, skills in Microsoft Access, SQL, SAS, and Microsoft Excel are correlated to pay that is above average, with boosts between 7 percent and 10 percent. Skills that are correlated to lower pay, on the other hand, include Data Analysis. The majority of those who know Microsoft Excel also know Microsoft Access.
Pay by Experience Level for Senior Actuarial Analyst
Median of all compensation (including tips, bonus, and overtime) by years of experience.
For Senior Actuarial Analysts, more experience in the field does not usually mean bigger paychecks. Survey participants with less than five years' experience pocket $80K on average, but those with five to 10 years of experience enjoy a much bigger median of $95K. Senior Actuarial Analysts see a median salary of $99K after reaching one to two decades on the job. More than 20 years of experience mean a somewhat bigger median paycheck of $100K, but it's not much more than what less experienced people make.