Actuary Salary

Actuaries in the United States take home an average $83K annually. Total cash compensation for Actuaries runs from $50K to $160K depending on bonuses that can occasionally exceed $29K and profit sharing that can reach almost $20K. While tenure and geography impact pay for this group, the particular firm is the most influential factor. Job satisfaction for Actuaries is high. Nearly all enjoy medical while a strong majority get dental coverage. Vision coverage is also available to the greater part. Most Actuaries survey respondents are men (70 percent). This overview is based on answers to PayScale's salary questionnaire.
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$50,081 - $146,851
$50K
$84K
$150K
MEDIAN: $84,139
10%
50%
90%

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$14.95 - $46.98
$15
$25
$47
MEDIAN: $24.85
10%
50%
90%

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$0$163K
Salary $50,081 - $146,851
Bonus $1,534 - $29,147
Profit Sharing $0.00 - $21,000
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).
)
$49,699 - $163,344
  • Country: United States
  • Currency: USD
  • Updated: 14 Oct 2017
  • Individuals Reporting: 870
Hourly Data $0$119
Hourly Rate $14.95 - $46.98
Hourly Tips $6.67
Overtime $16.11 - $119.20
Annual Data $0$163K
Bonus $1,534 - $29,147
Profit Sharing $0.00 - $21,000
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).
)
$49,699 - $163,344
  • Country: United States
  • Currency: USD
  • Updated: 14 Oct 2017
  • Individuals Reporting: 53

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

  • 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.
  • May ascertain premium rates required and cash reserves necessary to ensure payment of future benefits.

Actuary Job Listings

Popular Employer Salaries for Actuary


Well-known firms with a reputation for hiring numerous Actuaries include Humana, Inc., Metropolitan Life Insurance Company (MetLife), American International Group, Inc. (AIG), New York Life Insurance Company, and Towers Watson. Those at Towers Watson can expect to make the most, with the company offering a median salary of $156K. Those in search of high salaries should also consider Prudential, Metropolitan Life Insurance Company (MetLife), and ACE Group, top-paying firms where Actuaries rake in a whopping $137K, $135K, or $120K, respectively.

Others at the bottom of the scale for this job include Milliman, Incorporated at $85K, New York Life Insurance Company at $94K, and American International Group, Inc. (AIG), where $100K is the norm.

Popular Skills for Actuary


Survey results imply that Actuaries put a diverse skill set to use. Most notably, facility with Pricing, Financial Modeling, and SAS are correlated to pay that is significantly above average, leading to increases of 32 percent, 26 percent, and 17 percent, respectively. Skills that seem to negatively impact pay include Microsoft Access. Those who learned Microsoft Excel also tend to know Financial Modeling and Financial Analysis. Most people experienced in Data Analysis also know Financial Analysis and Financial Modeling.

Pay by Experience Level for Actuary

Pay by Experience for an Actuary has a positive trend. An entry-level Actuary with less than 5 years of experience can expect to earn an average total compensation of $65,000 based on 599 salaries provided by anonymous users. Average total compensation includes tips, bonus, and overtime pay. An Actuary with mid-career experience which includes employees with 5 to 10 years of experience can expect to earn an average total compensation of $111,000 based on 248 salaries. An experienced Actuary which includes employees with 10 to 20 years of experience can expect to earn an average total compensation of $135,000 based on 175 salaries. An Actuary with late-career experience which includes employees with greater than 20 years of experience can expect to earn an average total compensation of $148,000 based on 76 salaries.

Pay Difference by Location

National Average: $85,570

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

For Actuaries, busy Portland offers a higher-than-average pay rate, 41 percent above the national average. Actuaries can also look forward to large paychecks in cities like Seattle (+31 percent), Richmond (+21 percent), Chicago (+20 percent), and Philadelphia (+20 percent). In Dallas, salaries are 16 percent below the national average and represent the lowest-paying market. Employers pay around 7 percent less in Nashville and 4 percent less in Cleveland, below-median salaries for those in this field.

Related Job Salaries

Key Stats for Actuary

Gender

Female
31 %
Male
69 %

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 80 votes.
Less than 1 year
19%
1-4 years
35%
5-9 years
22%
10-19 years
18%
20 years or more
7%

Experience Affects Actuary Salaries

▲73%

▲58%

▲29%

National Average
$86,000

▼24%

Skills That Affect Actuary Salaries

▲30%


SAS
▲14%


Data Modeling
▲7%



SQL
▲3%

National Average
$86,000



Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 80 votes.

Gender

Female
31 %
Male
69 %

Years of Experience

Less than 1 year
19%
1-4 years
35%
5-9 years
22%
10-19 years
18%
20 years or more
7%

Common Health Benefits

medical benefits
Medical: 90%
dental benefits
Dental: 78%
vision benefits
Vision: 67%
no benefits
None: 9%