The average salary for an Actuary is $91,168.
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What Do Actuaries Do?
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…Read more
- 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.
Job Satisfaction for Actuary
Popular Employer Salaries for Actuary
The top respondents for the job title Actuary are from the companies Humana, Inc., The Travelers Companies, Inc. and Willis Towers Watson. Reported salaries are highest at New York Life Insurance Company where the average pay is $141,000. Other companies that offer high salaries for this role include Scor Reinsurance Company and The Travelers Companies, Inc., earning around $135,000 and $118,828, respectively. AON Inc pays the lowest at around $75,987. Willis Towers Watson and Mercer LLC also pay on the lower end of the scale, paying $86,227 and $100,700, respectively.
What Are Popular Skills for Actuaries?
Skills in Data Analysis, Microsoft Excel, Financial Modeling, Statistical Analysis and Pricing are correlated to pay that is above average.
What is the Pay by Experience Level for Actuaries?
An entry-level Actuary with less than 1 year experience can expect to earn an average total compensation (includes tips, bonus, and overtime pay) of $60,642 based on 179 salaries. An early career Actuary with 1-4 years of experience earns an average total compensation of $76,264 based on 393 salaries. A mid-career Actuary with 5-9 years of experience earns an average total compensation of $106,458 based on 341 salaries. An experienced Actuary with 10-19 years of experience earns an average total compensation of $122,203 based on 237 salaries. In their late career (20 years and higher), employees earn an average total compensation of $147,320.
Pay Difference by Location
Employees with Actuary in their job title in Boston, Massachusetts earn an average of 27.4% more than the national average. These job titles also find higher than average salaries in New York, New York (11.7% more) and Philadelphia, Pennsylvania (10.8% more). The lowest salaries can be found in Minneapolis, Minnesota (2.2% less), Chicago, Illinois (2.0% less) and Seattle, Washington (0.6% less).
Years of Experience
This data is based on 1,238 survey responses.