Qualified Actuary Salary
Actuaries are experts in the fields of statistics, finance and business, and they work with clients on minimizing their risks and assisting financial matters. Actuaries may have degrees in a number of areas, and can pursue certification and licensure depending on the industry in which they wish to work. Those educational factors, as well as level of experience and location, will affect the salary of a qualified actuary.
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Nationwide
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The average salary in the United States for a qualified actuary is $97,450, and the median salary is $87,210, according to May 2009 data from the U.S. Bureau of Labor Statistics (BLS). On the salary scale, actuaries in the 10th percentile earn $51,950; those in the 25th percentile earn $65,050; those in the 75th percentile earn $120,870; and those in the 90th percentile earn $158,240.
Industry
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The assistance of qualified actuaries is required in a variety of industries, and an actuary's salary can vary depending on the type of industry. For example, those employed by insurance carriers earn $96,080 a year on average, while those working in the management of companies and enterprises earn around $91,000, according to BLS data. In the industry of agencies, brokerages and other insurance-related activities, actuaries earn $98,630 annually. Those working for business, professional, labor, political and similar organizations can earn the highest wages at $125,560 on average, while those working for the federal executive branch or in management, scientific and technical consulting services earn $110,740 and $107,970, respectively.
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Location
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The salary for a qualified actuary will vary based on the cost of living of the area. BLS data show that Pennsylvania offers the highest average salary of all the states at $120,620, followed by New Mexico at $113,140 and Washington, D.C., at $110,470. The metropolitan area of Appleton, Wisconsin, is the nation's highest-paying area for actuaries at $140,920, followed by Fort Worth-Arlington, Texas, and San Diego-Carlsbad-San Marcos, California, both at more than $136,000.
Qualifications
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Actuaries typically possess a minimum of a bachelor's degree in math, statistics and/or actuarial science, and a master's degree may ensure a higher salary. Many companies in a variety of industries require actuaries to pass an actuarial exam and obtain licensure from either the Society of Actuaries (SOA) or the Casualty Actuarial Society (CAS). In addition, actuaries should have strong computer skills and be comfortable with statistical analysis software.
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