Actuary Salary Guide: What You Can Expect to Earn in 2025

While financial analysts assess what happened and data scientists predict what might happen, actuaries quantify the financial cost of uncertainty itself — and that distinction shows up clearly on a resume. An actuary's CV features exam progress, credentialing milestones, and specialized risk modeling expertise that no adjacent finance or analytics role can replicate. Understanding what this specialized skill set commands in compensation is essential for career planning and negotiation [13].

Actuaries earn a median annual salary of $125,770, placing them among the highest-paid professionals in the mathematical sciences [1].

Key Takeaways

• Median salary sits at $125,770, but top earners (90th percentile) bring in over $206,430 annually [1].
• Location and industry create significant pay gaps — the difference between the 10th and 90th percentile spans more than $131,000 [1].
• Exam progress is your single biggest salary lever. Each passed actuarial exam typically triggers a raise, making credentialing milestones directly tied to compensation in a way few other professions experience.
• Demand is surging, with a projected 21.8% growth rate from 2024 to 2034 — roughly 2,400 annual openings — giving actuaries strong negotiating power [8].
• Total compensation extends well beyond base salary, with exam support, study time, and signing bonuses forming a substantial part of the package.

What Is the National Salary Overview for Actuaries?

The actuarial profession offers one of the widest salary ranges of any single occupation, reflecting the dramatic impact that credentialing, specialization, and experience have on earning potential. Here's the full picture from BLS data:

All figures from BLS Occupational Employment and Wages data [1].

The 10th percentile ($75,240) represents where most entry-level actuaries land — professionals who have passed one or two preliminary exams and hold the title of actuarial analyst or associate. At $75,240, this is still a strong starting point compared to most bachelor's-level positions, but it reflects limited exam progress and minimal industry experience [1].

The 25th percentile ($90,970) captures actuaries who have made meaningful progress through the exam track — typically three to five exams passed — and have two to four years of professional experience. These professionals often hold an ASA (Associate of the Society of Actuaries) or ACAS (Associate of the Casualty Actuarial Society) designation, or are close to achieving one [1].

The median of $125,770 represents the midpoint of the profession. Actuaries at this level have typically earned their full associateship and may be progressing toward fellowship. They carry significant technical responsibility — building and validating models, presenting findings to stakeholders, and mentoring junior staff [1].

The 75th percentile ($164,860) is where you find Fellows (FSA or FCAS) with substantial experience, often in management or specialized consulting roles. These actuaries lead pricing teams, oversee reserving functions, or manage enterprise risk at mid-to-large organizations [1].

The 90th percentile ($206,430) represents chief actuaries, actuarial directors, and senior partners at consulting firms. These professionals carry organizational-level responsibility — signing off on regulatory filings, advising C-suite executives, and shaping company strategy around risk [1].

The mean annual wage of $134,990 runs higher than the median, indicating that high earners at the top pull the average upward — a common pattern in professions where senior practitioners command premium compensation [1].

With only 28,340 actuaries employed nationally, this remains a relatively small and specialized profession, which contributes to the strong compensation at every level [1].

How Does Location Affect Actuary Salary?

Geography plays a meaningful role in actuarial compensation, though perhaps less dramatically than in some other professions since many actuarial employers have embraced remote and hybrid work arrangements post-2020.

Insurance hubs dominate actuarial employment. Hartford, Connecticut has long been known as the "Insurance Capital of the World," and the concentration of carriers there creates strong demand for actuarial talent. New York City, Chicago, and Des Moines (home to Principal Financial Group and other major insurers) also employ large numbers of actuaries [1] [4].

High cost-of-living metro areas typically offer higher nominal salaries. Actuaries working in New York, San Francisco, and Boston often see base salaries 10-20% above the national median to offset living expenses. However, the real purchasing power of those salaries doesn't always outpace what actuaries earn in cities like Des Moines, Columbus, or Minneapolis, where the cost of living is significantly lower [1].

State-level variation matters for tax planning. An actuary earning $130,000 in Texas or Florida (no state income tax) takes home meaningfully more than one earning the same figure in California or New York. When evaluating offers across state lines, calculating after-tax income gives you a far more accurate comparison than gross salary alone.

Remote work has reshaped the landscape. Many actuarial employers — particularly consulting firms and larger carriers — now hire actuaries regardless of location, though some adjust compensation based on the employee's geographic market. Before accepting a remote role, clarify whether the company uses location-based pay bands or a single national rate.

Consulting firms vs. carriers also creates geographic variation. Major consulting firms (Milliman, Oliver Wyman, Willis Towers Watson) tend to cluster in large metro areas and often pay at the higher end of the range, while insurance carriers in mid-sized cities may offer slightly lower base salaries but stronger benefits packages and lower cost of living [4] [5].

When evaluating location-based offers, factor in state taxes, cost of living, commute costs (if hybrid), and whether the employer adjusts pay for relocation.

How Does Experience Impact Actuary Earnings?

The actuarial career path is uniquely structured around exam progress, making experience and credentialing almost inseparable as salary drivers [14].

Entry-level (0-2 years, 1-2 exams passed): Actuarial analysts typically start near the 10th to 25th percentile range of $75,240 to $90,970 [1]. Most employers offer automatic raises — often $3,000 to $10,000 per exam — as candidates pass each preliminary exam. This means an entry-level actuary's salary can increase 15-25% within their first two years purely through exam progress.

Mid-career (3-7 years, ASA/ACAS designation): Earning an associateship marks a significant compensation milestone. Actuaries at this stage typically earn near or above the median of $125,770, with those in high-demand specializations (health, predictive analytics, enterprise risk) often exceeding it [1]. This is also when many actuaries begin managing small teams or leading projects independently.

Senior-level (8-15 years, FSA/FCAS designation): Fellowship opens the door to the 75th percentile and beyond — $164,860 and up [1]. Fellows command premium compensation because they carry signing authority on regulatory filings and can serve as the appointed actuary for an organization.

Executive-level (15+ years): Chief actuaries, actuarial directors, and senior consulting partners regularly exceed $206,430, placing them at or above the 90th percentile [1]. At this level, compensation often includes significant bonuses, profit-sharing, and equity.

The key takeaway: unlike many professions where salary growth plateaus after 10 years, actuarial compensation continues climbing steeply as long as you continue advancing through exams and taking on broader responsibility [8].

Which Industries Pay Actuaries the Most?

Not all actuarial employers compensate equally. The industry you work in can shift your salary by tens of thousands of dollars.

Insurance carriers employ the largest share of actuaries and offer solid compensation, typically near the national median. Life, health, and property/casualty insurers each have distinct actuarial needs — pricing, reserving, valuation, and product development — and compensation varies by line of business. Health actuaries have seen particularly strong demand due to ongoing regulatory complexity around the Affordable Care Act and Medicare Advantage [1] [4].

Management and consulting firms tend to pay at the higher end of the range. Actuarial consulting demands client-facing skills, tight deadlines, and the ability to work across multiple industries simultaneously. Firms compensate for this intensity with higher base salaries, performance bonuses, and faster advancement. Senior consultants and principals routinely earn above the 75th percentile [1] [5].

Finance and investment firms employ actuaries in enterprise risk management, asset-liability modeling, and quantitative analysis roles. These positions often pay premiums because they compete for talent against quantitative finance professionals and data scientists.

Government and regulatory bodies (state insurance departments, the Social Security Administration, the Pension Benefit Guaranty Corporation) typically offer lower base salaries but compensate with strong pension plans, job stability, and generous leave policies.

Reinsurance companies represent a smaller but lucrative niche. Reinsurance actuaries deal with catastrophe modeling, large-loss analysis, and complex treaty structures, and their specialized expertise commands strong compensation [4].

The projected 21.8% growth rate across the profession means demand is rising in nearly every sector, but consulting and health insurance are currently the most aggressive in recruiting [8].

How Should an Actuary Negotiate Salary?

Actuaries have more negotiating leverage than they often realize. Here's how to use it effectively.

Know Your Exam-Adjusted Market Value

Your salary isn't just a function of years of experience — it's a function of exams passed, designation earned, and specialization. A candidate with five years of experience and an FSA commands a fundamentally different salary than one with five years and three exams. Before any negotiation, benchmark your compensation against professionals with the same credential level, not just the same job title. BLS data shows the median at $125,770 [1], but that figure blends all credential levels together. Dig deeper using industry-specific salary surveys from the Society of Actuaries (SOA), Casualty Actuarial Society (CAS), and DW Simpson's actuarial salary survey, which breaks compensation down by exam count and designation.

Leverage the Supply-Demand Imbalance

With only 28,340 actuaries employed nationally and 21.8% projected growth over the next decade, employers face genuine scarcity of credentialed talent [1] [8]. This is your leverage. If you hold an FSA or FCAS, you belong to an extremely small pool of qualified professionals. Frame your negotiation around the difficulty of replacing your specific combination of credentials, industry knowledge, and technical skills.

Negotiate the Full Package, Not Just Base Salary

Actuarial compensation packages often include components that are worth $10,000-$30,000+ annually beyond base salary. Negotiate these explicitly:

• Exam support: Study hours (typically 100-150 hours of paid study time per exam), exam fees, study materials, and exam-passing bonuses
• Signing bonuses: Particularly common when switching employers, ranging from $5,000 to $25,000+
• Performance bonuses: Often 10-20% of base salary at consulting firms
• Remote work flexibility: If the employer uses location-based pay bands, negotiate for a higher band

Time Your Ask Strategically

The strongest moment to negotiate is immediately after passing an exam or earning a designation. You've just demonstrated increased value, and your employer knows competitors will notice. If you're job searching, time your applications to coincide with exam results when possible [11].

Don't Undersell Soft Skills

Actuaries who can present to non-technical audiences, manage client relationships, or lead cross-functional teams are disproportionately valuable. If you bring these capabilities, quantify their impact during negotiations — they differentiate you from technically equivalent candidates.

What Benefits Matter Beyond Actuary Base Salary?

Base salary tells only part of the compensation story for actuaries. Several benefits carry outsized financial value in this profession.

Exam support programs are arguably the most valuable non-salary benefit for pre-fellowship actuaries. A comprehensive program includes paid study time (often 100-150+ hours per exam), full reimbursement of exam fees and study materials, and passing bonuses ranging from $1,500 to $5,000+ per exam. Over the course of the full exam track, this support can be worth $30,000-$50,000 or more. When comparing offers, a lower base salary with generous exam support may actually be the better financial deal.

Performance and year-end bonuses vary significantly by employer type. Consulting firms typically offer 10-25% of base salary in annual bonuses, while insurance carriers may offer 5-15%. At senior levels, bonuses can represent a substantial portion of total compensation [4] [5].

Retirement benefits deserve close scrutiny. Many insurance carriers offer defined benefit pension plans — increasingly rare in the private sector — alongside 401(k) matching. A pension plan can be worth the equivalent of 8-15% of salary annually.

Professional development budgets cover conference attendance (SOA and CAS annual meetings), continuing education requirements, and specialized training in emerging areas like predictive analytics or climate risk modeling.

Flexible and remote work arrangements have become standard across much of the actuarial profession. The nature of actuarial work — analytical, project-based, and largely independent — makes it well-suited to remote execution, and many employers have formalized permanent hybrid or fully remote options.

Health and wellness benefits at large insurance carriers are often exceptionally strong, as these companies design and price the very products they offer employees.

When evaluating total compensation, add up exam support value, expected bonus, retirement contributions, and the financial impact of remote work (commute savings, geographic flexibility) alongside base salary.

Key Takeaways

The actuarial profession offers exceptional compensation at every career stage, with a median salary of $125,770 and top earners exceeding $206,430 [1]. Your earning trajectory depends heavily on three factors: exam progress, industry choice, and geographic market.

The 21.8% projected job growth through 2034 means demand will continue outpacing supply, giving credentialed actuaries significant leverage in salary negotiations [8]. Use that leverage — benchmark your compensation against professionals with matching credentials, negotiate the full package (not just base salary), and time your asks around exam milestones.

Whether you're preparing for your first actuarial interview or positioning yourself for a senior role, a resume that clearly communicates your exam progress, technical specializations, and business impact will set you apart. Resume Geni's AI-powered resume builder can help you craft an actuary-specific resume that highlights the credentials and accomplishments hiring managers prioritize — so your resume works as hard as you do [12].

Frequently Asked Questions

What is the average actuary salary?

The mean (average) annual wage for actuaries is $134,990, while the median sits at $125,770 [1]. The mean runs higher because top earners pull the average upward. For benchmarking purposes, the median is typically more useful since it represents the true midpoint of the profession.

How much do entry-level actuaries make?

Entry-level actuaries with one or two exams passed typically earn near the 10th percentile of $75,240 [1]. However, salary increases rapidly with each exam passed — most employers offer automatic raises of $3,000 to $10,000 per exam, meaning first-year compensation can grow significantly within months.

Do actuaries make more than $200,000?

Yes. The 90th percentile for actuaries is $206,430 [1]. Chief actuaries, senior consulting partners, and actuarial directors at large organizations regularly exceed this figure, particularly when bonuses and profit-sharing are included.

How fast is actuarial job growth?

The BLS projects 21.8% growth from 2024 to 2034, with approximately 2,400 annual job openings [8]. This growth rate is significantly faster than the average for all occupations, driven by expanding applications of risk analysis in insurance, healthcare, finance, and emerging fields like climate risk.

Is an actuary career worth it financially?

By the numbers, yes. Actuaries earn well above the national median for all occupations at every career stage, the profession has strong job security with 21.8% projected growth [8], and the credentialing process — while demanding — directly and predictably increases compensation. The median hourly wage of $60.47 also reflects strong compensation relative to hours worked, as actuaries generally maintain more predictable schedules than comparable finance professionals [1].

What credentials do actuaries need to maximize salary?

Fellowship designations — FSA (Fellow of the Society of Actuaries) or FCAS (Fellow of the Casualty Actuarial Society) — unlock the highest compensation tiers. Actuaries with fellowship credentials typically earn at or above the 75th percentile of $164,860 [1]. The exam process requires passing 7-10 exams depending on the track, along with professional development requirements, and typically takes 7-10 years to complete [7].

Do consulting actuaries earn more than insurance company actuaries?

Generally, yes. Actuarial consulting firms tend to offer higher base salaries and larger performance bonuses to compensate for higher-intensity work, tighter deadlines, and client-facing demands. However, insurance carriers often provide stronger benefits — including pension plans, more generous exam support, and better work-life balance — which can narrow or close the total compensation gap [4] [5].