Actuary Salary: How Much Do They Really Make?
Actuaries analyze the financial costs of risk and uncertainty using mathematics, statistics, and financial theory. They design and evaluate insurance policies, pension plans, and financial strategies to help organizations manage risk. Actuaries work primarily in insurance, consulting, and financial services.
Actuary Salary by Experience Level
Actuary Salary by State (Top 10)
Actuary Salary by City (Top 10 Metros)
How to Become a Actuary
To become an actuary, you need a bachelor's degree in actuarial science, mathematics, statistics, or a related quantitative field. Actuarial science programs specifically prepare students for the profession and often include preparation for the first few actuarial exams.
The actuarial profession requires passing a series of rigorous professional exams. The Society of Actuaries (SOA) administers exams for life, health, and pension actuaries, while the Casualty Actuarial Society (CAS) administers exams for property and casualty actuaries. Most actuaries take 5 to 10 years to achieve full fellowship (FSA or FCAS).
Employers typically hire candidates who have passed at least one or two actuarial exams. You can begin taking exams while still in college, and employers provide study time and raise salaries for each exam passed. The exams are extremely challenging, with pass rates of 30-50% for most exams.
In addition to exams, actuaries complete Validation by Educational Experience (VEE) requirements and Professional Development activities. Strong skills in Excel, SQL, Python or R, and data visualization are increasingly important. Communication skills are also essential, as actuaries must explain complex analyses to non-technical stakeholders.
Job Outlook for Actuarys
21% growth — Much faster than averageThe job outlook for actuaries is excellent, with 21% growth projected from 2022 to 2032. This growth is driven by the insurance industry's expanding need for risk analysis, increased regulatory requirements, and growing use of data analytics in financial planning.
Actuaries are among the most well-compensated professionals, with salaries increasing significantly with each exam passed. Entry-level actuaries who have passed two to three exams can earn $70,000 to $90,000. Fully credentialed Fellows (FSA/FCAS) often earn $150,000 to $300,000+, and chief actuaries at large companies can earn over $400,000.
The actuarial profession consistently ranks among the best jobs in America due to its combination of high pay, strong job security, manageable work-life balance, and intellectual stimulation. The skills developed as an actuary are also highly transferable to data science, quantitative finance, and risk management roles.