As with most professions there are a number of factors that influence an actuary’s salary. These include location, years of experience, number of exams passed and industry (life insurance, health insurance or telecommunications, for example). For those reasons there are no standard salary levels, but we have shared some averages below.
One of the most widely known facts about actuaries is that they get paid well. In fact, the actuary salary is one of the highest among professional careers.
Starting Actuary Salary
The average starting salary for an actuarial student fresh out of university is $45 000 to $50 000 a year. As well as years' experience, salary usually increases with every exam passed. More good news is that employers usually pay for exams and provide time off to study.
Qualified Actuary Salary
Once all the exams have been completed an actuary's salary almost doubles to about $90 000 per year. From here an actuary's pay increases quickly in accordance with experience and seniority.
Senior Actuary Salary
Actuaries generally move up the through the executive ranks quite quickly and move into senior roles earlier in their careers than most. Senior actuaries, directors and chief actuaries can expect to earn anything above $250 000 a year.
As actuaries are routinely found at the executive level in corporations they are usually eligible for bonuses, incentives and dividends that significantly bolster their income. This is makes actuary a particularly lucrative profession.