Actuaries help to assess and manage potential future risk for many companies, from insurance to employee pensions and benefits to healthcare organizations. It takes a great deal of perseverance and dedication to be an actuary, and the field is an extremely competitive one. As a result, being an actuary can be an extremely lucrative career. Here’s a look at the expected salary for actuaries.
Earning Potential for Actuarial Science Positions
Although some actuary jobs are available with only a bachelor’s degree, most companies prefer actuaries to have a master’s degree -- even for entry level positions. Even at entry level an actuary career can net an average of $55,000 a year. This largely accounts for the lowest 10% of earners in actuarial science. The Bureau of Labor Statistics (BLS) reports that the median salary for actuaries was $97,000 a year as of May 2015. The highest 10% earn more than $180,000. The BLS also reports that most actuaries work fulltime, and about a quarter of actuaries work more than 40 hours a week.
Depending upon which branch of actuarial science you enter into, these numbers may change slightly. Actuaries in professional, scientific, and technical services make a median salary of $99,000; those in finance and insurance positions earn closer to $97,000. Actuaries for government positions make a median salary of $96,000; actuaries working within the management of companies and enterprises earn closer to $90,000. Comparatively, the median wage for actuaries is about $16,000 greater than mathematical science occupations combined.
Other positions within actuarial science may change median wages. Figures from 2010 show an actuary making about about $70,000 a year after a few years of experience. Yet with just a master’s degree, an actuarial specialist can make closer to $120,000 a year, while an actuarial services director may make close to $200,000. These positions may require many years of experience within the actuarial sciences field to achieve, however.
Positions more appropriate to a PhD in actuarial science are also likely to reach six figures. While work as a professor in an appropriately related field (statistics, quantitative methods, etc) may net about $140,000, consultants may exceed $150,000, while executives make more than $260,000 a year. These jobs also require extensive experience.
Comparative Earning Potential
Actuaries are among the top jobs in earning potential. The BLS reports that accountants and auditors make a median of about $67,000. Mathematics professors earn an average of $77,000 a year. Insurance agents make about $50,000. Business consultants earn in the $60,000 to $100,000 range, depending on what companies they are working for and how much experience they have. Statisticians average about $80,000 a year.
Actuaries far exceed most positions in a related field, not only in salary but in average rate of growth. The BLS reports an 18% growth rate between 2014 and 2024, which is much faster than average. If you are willing to put in the time and dedication, an actuary career can be extremely satisfying and rewarding..
