Actuary Salary In New York
The average actuary salary in New York is $136,000 per year. The median actuary salary in New York is $132,000 per year. The lowest 10% earn less than $83,000 per year, while the highest 10% earn more than $172,000 per year. The median annual wage for actuaries working in New York is $120,970.
Actuaries tend to make more money in large cities and metro areas. Those who work at companies that offer health insurance packages often have a higher salary than those who don’t.
If you want to be an actuary in New York, you’ll need to know how much an actuary makes in the state.
According to U.S. News & World Report, the average actuary salary in New York is $92,000 a year. That’s higher than the national average by about $24,000—so if you’re looking for a job as an actuary, New York might be one of your best bets.
Actuary Salary In New York
Actuarial science is a discipline that uses mathematics, statistics and financial theory to measure, manage and mitigate financial risk and uncertainty. Actuaries are essential to the insurance industry, and they’re increasingly finding niches in other businesses.
“When I was in college I was not interested in the actuarial field at all,” says Tonya Manning, the chief actuary and U.S. wealth practice leader at Buck, a human resources consulting and technology services firm. “It seemed boring. I had a vision of being in a dark room doing mortality tables.”
But after a serendipitous course of events, she ended up back in her small hometown looking for a job. She saw a job ad that stated, “We’ll hire math majors,” so she answered it. And it turns out the job was in the actuary field.
“I was all wrong. I was helping solve problems with financial risk, in my case with pension plans. There was so much variation from day to day. … It was a wonderful fit,” Manning says.
The Bureau of Labor Statistics projects 24.5 percent employment growth for actuaries between 2020 and 2030. In that period, an estimated 6,800 jobs should open up.
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How Much Does an Actuary Make?
Actuaries made a median salary of $111,030 in 2020. The best-paid 25 percent made $151,060 that year, while the lowest-paid 25 percent made $83,550.25%$83,550Median$111,03075%$151,060See Full Salary Details »
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How to Become an Actuary?
Most actuaries start out with a bachelor’s degree. And no matter your major, “you have to be pretty good at math,” Manning says. Actuaries also need to be well-versed in statistics and financial theory. Here’s how to get started:
1. Earn a bachelor’s degree. Majoring in mathematics, statistics or actuarial science is helpful for a career in actuarial science, but the profession doesn’t require it.
2. Gain internship experience. Though not necessary, internships can help students decide on which actuarial path to head down. Areas of practice may include health, life and casualty.
3. Pass a series of exams. To become a certified actuary, you need to pass a series of actuarial exams.
Typically, students will want to have passed at least one or two of the actuarial exams before job-seeking in the actuarial field. However, some jobs – like Manning’s first one – will hire you as a trainee and allow you to work as you study and pass the series of exams. There are different exam requirements, depending on what sort of actuary you want to be. The early exams are the same for all sorts of actuaries, though the final exams would differ as an actuary works toward a specialty.
