According to data reported by the U.S. Bureau of Labor Statistics (BLS), the median annual pay of an actuary—an individual who analyzes statistical data for the purpose of forecasting risk and liability—was $111,030 as of May 2020, the most recently available data. This breaks down to an average compensation of $53.38 per hour per hour. The typical actuary works full time in an office for a particular employer, but some work as consultants, traveling frequently to meet with clients.
- An actuary is a financial specialist who analyzes statistical data so as to forecast risk and liability.
- Actuarial science is a small, specialized field currently employing around 27,000 people in the United States.
- Job growth forecasts are strong, with the field expected to increase by 18% over the ten-year period of 2019 to 2029.
- According to the U.S. government, the median annual pay for an actuary was $111,030, or roughly $53.38 per hour, as of May 2020, the most recently available data.
States With the Highest Pay
The yearly salary of an actuary also varies by state. The top five payers in 2020 were New York ($154,150), Connecticut ($149,430), New Hampshire ($137,740), North Carolina ($137,190), and the District of Columbia. ($136,230).
|Best-Paying States for Actuaries|
|State||Average Actuary Salary (2020)|
Not surprisingly, actuaries working in metropolitan areas earned more than those employed in non-metropolitan areas.
The pace of job growth in the actuary field forecast over the ten year period between 2019–2029.
Actuaries are essential to the insurance industry, and thus the job outlook for actuaries is very promising, with employment growth of 18% expected between 2019 and 2029, according to the most recent data. This is much more rapid than the average growth for all careers and is estimated to result in roughly 4,900 new jobs over the 10-year period. Overall, however, this is a relatively small field, with only 27,000 actuaries employed as of 2020.
In order to become an actuary, an individual must have a bachelor's degree in actuarial science or some other related field and must pass a series of exams to become certified in the field. Actuaries need a strong background in math, statistics, and business. Salary and job outlook are partly determined by the amount of training and certificates an applicant has, but also by the location of the job and what specific industry is hiring.
The metropolitan areas with the highest level of employment for actuaries are New York-Newark-Jersey City, in areas spanning NY, NJ, and PA, followed by Chicago-Naperville-Elgin, in areas spanning IL, IN, and WI.
Where the Jobs Are
More actuaries will be needed in the health insurance industry to determine the effects of changing healthcare laws. More jobs will also be created in property insurance and casualty insurance to determine the risks to communities prone to more frequent storms and other types of extreme weather. Enterprise risk management, the practice of helping companies manage their own risk, will also boost job opportunities for actuaries.