In 2023, actuaries in the United States earn an average salary of approximately $129k. This figure represents the midpoint salary across various levels of seniority and specializations in the actuarial field. Salaries range from $56k for interns starting their journey, to upwards of $195k for Directors or Heads of Departments, reflecting the diversity and progression in actuarial careers. These figures are based on comprehensive data analysis from numerous actuarial roles listed on Acturhire.
In this article we summarize insights on how much actuaries earn in Q3 2023 based on analysis from our salary survey made up of jobs on the Acturhire website.
At Acturhire we are passionate about salary transparency. We have been analyzing data from the posts on our website and are pleased to report on our findings from our Q3 2023 Actuarial Salary Review.
With more and more actuarial job roles including salary ranges, there is an increasing amount of data available with which to analyze salary trends.
There are other sources of actuarial salary data produced by recruitment firms, however this data relies on self-reporting from actuaries.
Therefore the data is prone to reporting bias and error. Our data is not perfect – we continue to work on adding as many roles to our database, but we believe it is representative of the roles available to actuaries today.
Pay for actuaries varies based on a range of factors. We examined salaries split by state, role seniority, qualification, company, type of employer, and remote vs non-remote roles.
Companies in certain locations must provide a salary range (low and high). We have separately analyzed lower, mid-point, and upper bounds for salary ranges. When we talk about averages, we are referring to the average of the mid-point.
As expected, the seniority of the role heavily influences the salary:
Interns, starting their actuarial journey, can expect an average mid-point salary of around $56k.
Actuarial Analysts, the most common group in our data, have a mid-point average of $112k.
Management roles and Directors or Heads of Departments command the highest salaries, with average mid-points of $171k and $195k, respectively.
Actuarial qualification significantly impact earnings:
Those with a full FSA or FCAS designation command the highest salary at $177k / $181k respectively.
ASA and ACAS designated actuaries also earn well, with average salaries of $129k / $134k respectively.
Interestingly, there doesn’t appear to be a huge difference between the CAS or SOA track.
For roles that do not require a specific actuarial designation (None/Unknown category), professionals can still command $116k mid-point salary on average.
States like California and New York have the highest number of roles and these states have some of the highest salaries, reflecting the high cost of living in these areas.
Oregon and Massachusetts offer the highest average salary although the number of roles in these states is far lower.
Wisconsin, North Carolina, and Colorado offer some of the lowest mid-point salaries, however this may be a function of the seniority of roles being recruited for.
NB: only states with more than 10 roles included
Salaries also vary considerably across companies although it’s important to keep in mind that these numbers are driven by the seniority of the roles being recruited for by these companies
Munich Re tops the chart with an average mid-point salary of $186k.
Companies like Pacific Life Insurance Company, Liberty Mutual, and The Standard offer competitive average mid-point salaries ranging from $150k to $160k.
On the lower end, companies like Molina Healthcare and Protective provide average mid-points below $100k.
NB: only companies with more than 10 roles included
Different sectors have different salaries.
Life insurance companies, with the highest job count in our data, offer an average mid-point salary of $128k.
Property and Casualty insurers provide a slightly higher average of $132k.
Health insurance companies lag slightly behind with a $110k mid-point.
With the rise of remote work, many actuaries now work from home.
Roles tagged as being eligible for remote work in our database have an average mid-point salary of $120k.
In contrast, non-remote roles offer a slightly higher average mid-point of $129k.
This suggests that those working remote roles are not at a disadvantage in terms of salaries available.
The actuarial profession offers competitive salaries. Supply of actuaries is constrained and there is constant demand for talented actuaries at all levels of seniority.
Whether you're an aspiring actuary or a seasoned professional, understanding these nuances can guide career decisions and salary negotiations.
As remote work becomes more prevalent, it's heartening to see competitive salaries for those seeking flexibility.
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