What Is the Salary Range for an Actuary?
Actuaries calculate risk. Therefore, a solid background in mathematics is crucial. Actuaries apply training in statistics, finance and business to figure out the probability of different events, from sickness to death. They are important in creating financial plans, such as insurance policies. This type of analytical work is valuable and requires specialized knowledge. It's no wonder how actuaries have the potential earn six-figure salaries.
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National Salary
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The national median annual wages for an actuary ranged from approximately $51,950 to $158,240 as of May 2009, according to the Bureau of Labor Statistics. The lowest 10 percent of employees earned less than $51,950 and the top 10 percent of employees earned more than $158,240.
Starting Salary
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The PayScale website lists the starting salary of actuaries. In October 2010, actuaries with less than one year experience earned anywhere from between $44,534 to $56,116.
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High-Employment
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The insurance carriers industry employed the largest number of actuaries with a mean annual wage, or average salary, of $96,080, according to the Bureau of Labor Statistics in May 2009. Other industries that employed large numbers of actuaries were: management, scientific and technical consulting services, $107,970; agencies, brokerages and other insurance related activities, $98,630; management of companies and enterprises, $91,000; and the state government, $83,380.
Top-Paying Industries
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Business, professional, labor, political and similar organizations paid the highest average salary above all other industries to actuaries with $125,560, according to the Bureau of Labor Statistics in May 2009. Other industries that offered high pay were: the Federal Executive Branch, $110,740; management, scientific and technical consulting services, $107,970; insurance and employee benefit funds, $102,490; and agencies, brokerages and other insurance related activities, $98,630.
Top-Paying States
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Pennsylvania paid the highest average salary above all other states to actuaries with $120,620, according to the Bureau of Labor Statistics in May 2009. Other locations that offered high pay were: New Mexico, $113,140; the District of Columbia, $110,470; Indiana, $109,670; and Wisconsin, $106,220.
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