Actuaries work for insurance agencies as well as state and federal government agencies. They primarily use statistical programs to calculate risks for consumer and business clients, which helps determine the rates their companies will charge. These risks account for age, occupation, business, interests and hobbies, property value and employee working environments. Most actuaries work with property, casualty, life or health insurance. They are typically paid with annual salaries.
Annual Median Salary
Actuaries earned annual median salaries of $84,810 in 2008, according to the latest available data from the Bureau of Labor Statistics. Median salaries occur in the middle of salary lists and may vary from average salaries. The middle half of these life insurance professionals earn median salaries between $62,020 and $119,110 per year. The top 10 percent earn annual median salaries above $160,780. The lowest 10 percent earn median salaries of $49,150 per year.
Median Salary by Experience
Actuaries can expect significant increases in salary as they gain experience. For example, those with less than one year of experience earn median salaries between $44,168 and $56,466 per year, according to 2011 PayScale.com data. With one to four years of experience, they can expect to earn annual median salaries of $51,284 to $70,981. They earn median salaries between $76,151 and $105,108 with five to nine years experience. Actuaries with 10 to 19 years of experience earn annual median salaries of $92,468 to $135,962. Those with 20 or more years of experience earn median salaries between $97,503 and $155,986. The low and high ranges for PayScale data represent the 25th and 75th percentiles of salaries, which are not exact ranges.
Average Salary by Industry
Actuaries' salaries can also vary considerably by industry. For example, they earned their highest annual salaries working for business, professional, labor or political organizations at $125,560, per the Bureau of Labor Statistics. They earned their second highest salaries working for the federal government at $110,740 per year. Those in the management, scientific and technical consulting services industry earned average salaries of $107,970 per year. Actuaries working for insurance and employee benefit fund companies earned salaries of $102,490 per year. Those in insurance agencies and brokerage houses earned annual salaries of $98,630.
Average Salary by State
Actuaries earned their highest salaries in Pennsylvania at $120,620 per year, according to the Bureau of Labor Statistics. The second-highest paid sector included those working in New Mexico who earned salaries of $113,140 per year. These professionals earned annual salaries of $110,470 in the District of Columbia and $109,670 in Indiana. Those in Wisconsin earned average annual salaries of $106,220.
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