Regardless if you are searching for the entry level actuary salary, chief actuary salary or associate actuary salary, you have come to the right place. Our guide on the average actuary salary will inform you about all the types of actuary salaries and their definitive aspects. According to the BLS, the actuary average salary in the United States is currently $97,070 per year, while the actuarial salary per hour is $46.67. However, the website BeAnActuary.org estimates that the senior actuarial analyst salary can be between $150,000 and $250,000 per year. Even though the actuary starting salary might not be in this range, you can reach this level with hard work and dedication. Find out more about the factors that influence the average actuaries salary below.
Actuary Salary Influencers
1. Industry
As with most other occupations, industry is decisive for the average actuary salary. For example, the average salary of an actuary who works in the management of companies and enterprises is about $90,070. On the other hand, the actuary salary range for the professional, scientific and technical services industry is approximately $98,920. There are also industries that are in between these average salary actuary ranges, like the government ($95,720) or finance and insurance ($97,910).
2. Geographic Area
The majority of new candidates don’t expect geography to be so important for their future career, but you should know that there are huge differences from state to state. Surprisingly, the state with the highest actuarial salaries in the United States is Colorado, with an actuary median salary of $155,220 a year. However, the employment rate for actuaries in this state isn’t all that high: 370. As far as employment rates are concerned, New York comes in at first place, with 2,290. A few other states with high actuary salary estimates are:
- Kansas – $133,370
- New York – $129,890
- District of Columbia – $120,760
- Texas – $115,990
If you want to increase your chances of getting hired, you should consider Pennsylvania, California, Illinois, or Texas, as they have the highest employment rates in the country after New York.
Nonetheless, there are several states that you should avoid if you don’t want a low starting salary for actuary.
- Utah – $67,960
- Oregon – $86,210
- Arizona – $87,220
- Rhode Island – $87,730
- Oklahoma – $89,550
You should also try to avoid states with low employment rates like Oklahoma, Alabama, Tennessee, or South Carolina.
In the end, it is best to aim for states that have a good salary-employment ratio, such as Texas or California.
3. Experience
While we don’t have specific data regarding the actuary entry level salary or starting actuary salary, we do have a few tips that can lead to advancement. CollegeGrad reports that actuarial exams and job performance are the most significant qualities for getting promoting and advancing in your career. Actuaries who develop their risk management skills can be promoted to executive roles in companies.
Working Hours and Environment
In most cases, actuaries have a full-time schedule. However, quite a few can end up working overtime if they have meetings with clients. They work in teams with professionals in related fields (finance and business), usually in an office. There isn’t clear data about how extra hours are paid, but we are certain that they are taken into consideration both professionally and financially.
Actuary Salary by State
| State | Annual mean wage ($) |
|---|---|
| Alabama | 98570 |
| Arizona | 87220 |
| California | 110280 |
| Colorado | 155220 |
| Connecticut | 108340 |
| Delaware | 100960 |
| District of Columbia | 120760 |
| Florida | 100090 |
| Georgia | 93280 |
| Illinois | 94620 |
| Indiana | 96490 |
| Iowa | 97580 |
| Kansas | 133370 |
| Maine | 115600 |
| Maryland | (8)- |
| Massachusetts | 111780 |
| Michigan | 96780 |
| Minnesota | 100810 |
| Mississippi | 89990 |
| Missouri | 98800 |
| Nebraska | 92000 |
| New Hampshire | 104300 |
| New Jersey | 114540 |
| New York | 129890 |
| North Carolina | 106660 |
| Ohio | 96670 |
| Oklahoma | 89550 |
| Oregon | 86210 |
| Pennsylvania | 115550 |
| Rhode Island | 87730 |
| South Carolina | (8)- |
| Tennessee | 91390 |
| Texas | 115990 |
| Utah | 67960 |
| Vermont | (8)- |
| Virginia | (8)- |
| Washington | 107200 |
| Wisconsin | 107590 |
Bonuses and Benefit Packages
Insurance plans and other benefit packages vary from company to company. Nevertheless, there are numerous advantages that you can spot in actuary career information. First of all, the insurance actuary salary is very high, especially compared to the national average for all occupations. Aside from the fact that the wage is pleasing, you also have the opportunity to increase your income as you advance your career. Moreover, actuaries are some of the most well-respected professionals in a corporation or company. The position is challenging, and other coworkers and superiors are well-aware of this fact. Even though it takes continuous training and education, the actuarial consultant salary and other additional benefits make this career path worth the preparation.
Job Outlook
If you’re doubtful about the job outlook for actuaries, you should know that the job market has an ever-growing demand for professionals in this area of activity. While the national percent change in employment for all U.S. occupations that’s projected for 2014-2024 is 7%, actuaries are expected to grow by 18%. More and more companies will require actuaries to analyze their financial risks and keep them under control. At the same time, however, the job market is also expected to become more and more competitive as more students prepare for this career path. If you are planning on becoming an actuary, you should know that you have numerous exams that you need to pass and that you constantly need to train for this job.
Conclusion
To put it in a nutshell, the average actuary salary can be influenced by a series of factors. You should think wisely before choosing the industry you activate in, as some pay much more than others. Furthermore, you should try to relocate to states that have both good employment rates and high salaries, like New York or Texas. Do your research and try to avoid the states that lack these qualities. If you do decide to become an actuary, please be aware that you need to undergo permanent training. Not only will this help you advance your career, but it will also raise your chances of getting a high-paying actuary job in the first place.
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