Actuarial Science Salaries
Actuarial science, which involves analyzing statistics to predict risk and future likelihood of paying out benefits--from an insurance plan, for example--is a lucrative occupation, with six-figure salaries not uncommon.
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Wages
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Actuaries earned average, or mean, wages of $46.85 hourly or $97,450 per year in May 2009, according to the Bureau of Labor Statistics, while median income was $41.93 per hour or $87,210 annually. Salaries ranged from $51,950 or less for the lowest-paid 10 percent of actuaries to $158,240 or more for the best-paid tenth, says the BLS. A PayScale.com survey of 1,260 actuaries found total pay ranged from $55,903 to $112,550.
Top Industries
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Insurance carriers were the top employer of actuaries, says the BLS, providing jobs to 9,600 at an average salary of $96,080 per year. PayScale.com reported that the five most popular employers for actuaries were insurance, health insurance, consultancy, human resources consulting services and business consulting. Of these, human resources consulting services was the best-paying, with average annual salaries between $61,141 and $102,956.
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Best-Paying Areas
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The BLS says the highest-paying state for actuaries was Pennsylvania, with an average annual salary of $120,620, followed by New Mexico, the District of Columbia, Indiana and Wisconsin, which had salaries ranging from $113,140 down to $106,220. PayScale.com found Tampa, Florida was the best-paying city, with a salary range of $55,000 to $122,084, followed by Jacksonville in the same state, with salaries from $98,264 to $120,049. Third place went to Manhattan, New York, where actuaries earned salaries between $97,21 and $115,133.
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References
- Photo Credit business image by Szymon Apanowicz from Fotolia.com
