This article is about salary for actuarial science.actuaries analyze financial risks. They figure out the probability of natural disasters, terrorism, crime and other events that could affect investments.actuaries earn bachelor’s degree in mathematics or statistics and master’s in finance or economics with courses in regression analysis and optimization. They take exams to become certified by society of actuaries.This article is all about actuarial salary,raises and promotions.
A career in actuarial science can be a great choice for students who are interested in working with numbers, but it’s not the most financially lucrative field.
According to the Bureau of Labor Statistics (BLS), the median annual salary for actuaries was $93,030 in May 2018. That was up from $92,020 in May 2017, but down from $96,070 in May 2016.
Actuaries are typically employed by insurance companies, banks and brokerages, consulting firms, and other financial services companies. They use their mathematical skills to evaluate risk—and then they present their findings to clients who can use them to determine how much they should charge individuals or businesses for coverage based on their predicted likelihood of loss or damage.
Salary for actuarial science
A person working as an Actuary in United States typically earns around 135,000 USD per year. Salaries range from 63,700 USD (lowest) to 214,000 USD (highest).
This is the average yearly salary including housing, transport, and other benefits. Actuary salaries vary drastically based on experience, skills, gender, or location. Below you will find a detailed breakdown based on many different criteria.
Actuary Salary Distribution in United States
The median, the maximum, the minimum, and the range
- Salary RangeActuary salaries in United States range from 63,700 USD per year (minimum salary) to 214,000 USD per year (maximum salary).
- Median SalaryThe median salary is 144,000 USD per year, which means that half (50%) of people working as Actuary(s) are earning less than 144,000 USD while the other half are earning more than 144,000 USD. The median represents the middle salary value. Generally speaking, you would want to be on the right side of the graph with the group earning more than the median salary.
- PercentilesClosely related to the median are two values: the 25th and the 75th percentiles. Reading from the salary distribution diagram, 25% of Actuary(s) are earning less than 93,200 USD while 75% of them are earning more than 93,200 USD. Also from the diagram, 75% of Actuary(s) are earning less than 189,000 USD while 25% are earning more than 189,000 USD.
Actuary Salary Comparison by Years of Experience
How does experience and age affect your pay?
The experience level is the most important factor in determining the salary. Naturally the more years of experience the higher your wage. We broke down Actuary salaries by experience level and this is what we found.
An Actuary with less than two years of experience makes approximately 73,400 USD per year.
While someone with an experience level between two and five years is expected to earn 101,000 USD per year, 38% more than someone with less than two year’s experience.
Moving forward, an experience level between five and ten years lands a salary of 144,000 USD per year, 42% more than someone with two to five years of experience.
Additionally, Actuary(s) whose expertise span anywhere between ten and fifteen years get a salary equivalent to 176,000 USD per year, 22% more than someone with five to ten years of experience.
If the experience level is between fifteen and twenty years, then the expected wage is 185,000 USD per year, 6% more than someone with ten to fifteen years of experience.
Lastly, employees with more than twenty years of professional experience get a salary of 202,000 USD per year, 9% more than people with fifteen to twenty years of experience.
Actuary average salary change by experience in United States
| 0 – 2 Years | 73,400 USD | |
| 2 – 5 Years | +38% | 101,000 USD |
| 5 – 10 Years | +42% | 144,000 USD |
| 10 – 15 Years | +22% | 176,000 USD |
| 15 – 20 Years | +6% | 185,000 USD |
| 20+ Years | +9% | 202,000 USD |
Percentage increase and decrease are relative to the previous value
Actuary Salary Comparison By Education
We all know that higher education equals a bigger salary, but how much more money can a degree add to your income? We broke down Actuary salaries by education level in order to make a comparison.
When the education level is Bachelor’s Degree, the average salary of an Actuary is 101,000 USD per year.
While someone with a Master’s Degree gets a salary of 185,000 USD per year, 83% more than someone having a Bachelor’s Degree degree.
Actuary average salary difference by education level in United States
| Bachelor’s Degree | 101,000 USD | |
| Master’s Degree | +83% | 185,000 USD |
Percentage increase and decrease are relative to the previous value
