How much does a Actuary make?
Actuaries play a crucial role in the financial industry. They use math and statistics to assess the financial costs of risk and uncertainty. These professionals work for insurance companies, consulting firms, and even government agencies. Their job is to help create plans that can predict future financial events. Knowing this, it makes sense that their salaries are quite strong.
The average yearly salary for an actuary stands at about $165,217. This figure can vary based on experience, location, and industry. At the lower end, someone just starting out may earn around $87,386 a year. On the higher end, experienced actuaries can make more than $280,000 annually. The middle ground is where most professionals fall, earning between $122,407 and $192,448 a year. These figures show that becoming an actuary can be a financially rewarding career choice.
What are the highest paying cities for a Actuary?
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San Antonio, TX
Average Salary: $192,891
In San Antonio, professionals in this role often work for insurance companies like USAA and Frost Bank. The city's strong financial sector offers stability and growth opportunities. The diverse industry presence allows for varied experiences and career paths.
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Tulsa, OK
Average Salary: $189,086
Tulsa offers a unique blend of oil and gas alongside healthcare. Actuarial professionals here work for companies like chevron and Saint Francis Health System. The mix of industries provides a dynamic work environment and diverse projects.
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Colorado Springs, CO
Average Salary: $188,526
Colorado Springs boasts a vibrant tech and defense sector. Here, professionals often find roles with companies like Lockheed Martin and Pikes Peak Region Economic Development Corporation. The city’s growing economy brings many opportunities for career advancement.
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Louisville, KY
Average Salary: $187,450
Louisville's actuarial scene is driven by insurance and healthcare. Companies like Humana and Kentucky Employers' Mutual Insurance attract talent. The city offers a blend of big-city amenities with a small-town feel, enhancing work-life balance.
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New Orleans, LA
Average Salary: $187,231
New Orleans combines insurance, healthcare, and maritime industries. Companies like Allstate and Ochsner Health employ many in this field. The city’s rich culture adds to the work experience, making it vibrant and enjoyable.
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Jacksonville, FL
Average Salary: $182,624
Jacksonville's insurance and finance sectors are strong. Companies like Allstate and Fidelity National Financial provide many opportunities. The city's growing economy and coastal location offer a dynamic work environment.
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Tampa, FL
Average Salary: $181,597
In Tampa, actuarial roles often involve insurance and healthcare. Companies like Florida Blue and WellCare employ many professionals. The city’s warm climate and thriving job market make it an attractive place to work.
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Tallahassee, FL
Average Salary: $180,429
Tallahassee offers a mix of government and insurance sectors. Companies like Florida Gateway College and Blue Cross Blue Shield of Florida provide solid opportunities. The city’s political influence and stable job market are key advantages.
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Fresno, CA
Average Salary: $180,020
Fresno's actuarial scene includes roles in agriculture and insurance. Companies like Farmers Insurance and West Coast-Based Mutual provide many opportunities. The city’s central location and diverse industries offer a range of career paths.
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Kansas City, MO
Average Salary: $179,991
Kansas City’s economy is driven by insurance and healthcare. Companies like Blue Cross and Blue Shield of Kansas City and HCA Midwest Health employ many. The city’s vibrant arts scene and strong job market make it an appealing place to work.
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What are the best companies a Actuary can work for?
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EY
Average Salary: $223,282
EY provides Actuary positions with a focus on risk management and financial services. They operate globally, with major offices in New York, London, and Singapore.
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USAA
Average Salary: $203,359
USAA offers Actuary roles with an emphasis on insurance and financial services. Their headquarters is in San Antonio, Texas, and they have additional offices across the U.S.
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Genworth
Average Salary: $194,030
Genworth hires Actuaries for their financial services and insurance sectors. They are based in Richmond, Virginia, with locations in various countries.
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Deloitte
Average Salary: $193,556
Deloitte provides Actuary jobs in various industries, including insurance and consulting. They have a global presence, with major offices in New York, London, and Sydney.
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DW Simpson
Average Salary: $189,232
DW Simpson specializes in actuarial recruiting and offers high-paying positions. They operate in the U.S., with a focus on insurance and financial services.
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Pacific Life
Average Salary: $178,027
Pacific Life offers Actuary roles in the insurance sector. They are headquartered in Irvine, California, with additional offices throughout the U.S.
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Berkley
Average Salary: $177,269
Berkley provides actuarial services to the insurance industry. They are based in San Francisco, California, with offices in major U.S. cities.
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Liberty Mutual Insurance
Average Salary: $175,847
Liberty Mutual Insurance offers Actuary positions focusing on risk management and insurance. They are headquartered in Boston, Massachusetts, with offices across the U.S.
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Zurich Insurance
Average Salary: $174,948
Zurich Insurance provides Actuary roles in the insurance sector. They have a global presence, with major offices in Zurich, London, and New York.
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Selby Jennings
Average Salary: $171,045
Selby Jennings specializes in actuarial and insurance recruiting and offers competitive salaries. They are based in the U.S. and focus on the insurance industry.
How to earn more as a Actuary?
Actuaries often find that their earnings can increase significantly with the right strategies. Many factors can play a role in increasing an actuary's salary. Understanding and leveraging these factors can lead to greater financial rewards. Building on your education and experience opens many doors for higher earnings. Continuing education and certifications can lead to better job opportunities and higher pay.
Gaining specialized experience in high-demand areas can also increase earning potential. For example, expertise in life insurance or pensions can be quite valuable. Networking and building relationships within the industry can uncover new opportunities and lead to higher-paying positions. Working in a larger or more prominent firm can provide more significant salary packages. Negotiating salary and benefits effectively can lead to higher pay. Being aware of the market rates and advocating for your worth can make a big difference.
Here are five factors that can help increase an actuary’s salary:
- Education and Certification: Advanced degrees and professional certifications can lead to higher positions and salaries.
- Specialized Experience: Experience in high-demand areas such as life insurance or pensions often commands higher pay.
- Networking: Building professional relationships can lead to new job opportunities and higher-paying roles.
- Firm Size and Reputation: Working for larger or more reputable firms often means higher salaries.
- Salary Negotiation: Knowing market rates and advocating for your worth can lead to better compensation packages.
