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Start Hiring For FreeMost professionals would agree that understanding salary potential is a key factor when choosing a career path. In this post, we'll demystify the pay structure for one complex but lucrative field—actuarial science.
You'll get a clear picture of average salaries at each certification level, key geographic and industry variations, and how these compare to remote roles and opportunities through remote staffing agencies.
Whether you're an aspiring actuary or just curious about this somewhat mysterious profession, you'll leave with a solid grasp of what actuaries earn, the factors influencing their compensation, and how remote hiring trends are reshaping salary expectations.
Actuaries are professionals who analyze financial risk and uncertainty. They use mathematics, statistics, and financial theory to assess the risk of potential events, help businesses and clients develop policies that minimize risk, and determine appropriate pricing for insurance premiums, investments, and other financial strategies. Actuaries' work requires strong analytical skills, business acumen, and understanding of human behavior.
According to the U.S. Bureau of Labor Statistics (BLS), the median annual salary for actuaries is $108,350 per year nationwide. This is significantly higher than the national median salary across all occupations ($39,810). Actuaries' high pay reflects the advanced technical skills and specialized knowledge required for the profession.
When comparing to related fields, actuaries earn more on average than financial analysts ($81,590) but slightly less than statisticians ($92,270) according to BLS data. However, actuary salaries can vary considerably based on geographic location, certification level, and specific industry.
Actuaries' pay tends to increase with higher levels of professional certification from organizations like the Society of Actuaries (SOA) or Casualty Actuarial Society (CAS). Common certification levels include:
Achieving FSA or FCAS certification requires passing a rigorous series of exams and can take 5-7 years. However, the payoff is worth it - Fellow designations unlock senior actuary positions with high earning potential.
Actuaries' salaries can vary significantly depending on several key factors. By understanding how these variables impact pay, you can better gauge average actuary salaries and earning potential.
Location is one of the biggest drivers of actuary pay in the United States. States with major insurance hubs and consulting firms tend to offer higher salaries. For example:
Smaller states see lower actuary salaries on average, but there are still plentiful job opportunities nationwide. Government and regulatory actuary roles also tend to pay slightly less but offer good work-life balance.
The property and casualty insurance industry offers some of the highest paying actuary jobs. Consulting firms also pay above-average salaries but demand longer hours.
Health insurance actuaries make slightly less than P&C on average, while pension actuaries see lower starting salaries but better long-term earnings.
Entry-level actuaries with 0-2 years of experience have average starting salaries around $60k, while senior-level actuaries with 10+ years of experience can make well over $150k on average.
Much of this salary growth comes from passing actuarial exams, which increase technical expertise. Getting an ASA or FSA credential also dramatically boosts earning potential over time.
Actuaries have several common career advancement opportunities that typically come with increased responsibilities and higher salaries. Here is an overview of some of the most common actuary roles and their average compensation.
Entry-level actuaries, sometimes called actuarial analysts, generally have 0-2 years of experience. Common responsibilities include:
According to PayScale data, entry-level actuaries earn an average salary of $65,000 per year.
After gaining 2-4 years of experience, actuaries often advance to an associate actuary role. Associate actuaries take on more complex tasks such as:
Associate actuaries earn average salaries of $80,000-95,000 per year.
With 8+ years of actuarial experience, actuaries can rise to chief actuary positions. As the top actuary in an organization, their responsibilities include:
Chief actuaries are highly experienced professionals who earn six-figure salaries, with average pay of approximately $160,000 per year according to recruitment firm Ezra Penland.
Actuaries have a promising job outlook, with strong market demand expected in the coming years. This is driven by the need for expertise in risk management across many industries.
Offer practical tips for those interested in entering the actuarial field in regards to education, exams, internships, and skill development.
When choosing an undergraduate or graduate program in actuarial science, look for a university that:
Ideally pursue at least a bachelor’s degree, as many employers now expect this level of education. Consider a master's degree for advanced career opportunities.
Building exam momentum and preparation skills early on will serve you well in the intensive actuarial exam process. Choose tests strategically based on university course topics to optimize study time during school.
The national average salary for actuaries is around $108,350 per year. However, pay can vary significantly based on factors like:
So while $108k represents average national pay, six-figure earning potential is readily achievable for fully-credentialed actuaries working in major metro areas.
The job outlook for actuaries is extremely positive:
So substantial career opportunities await those looking to enter the actuarial science field. Job security is high while positions continue proliferating over the next 10 years.
With rising salary expectations across the U.S., businesses are increasingly exploring alternative hiring strategies to maintain competitiveness. One solution gaining traction is hiring highly qualified accountants from Latin America (LATAM) through remote staffing agencies.
Hiring a full-time accountant in the U.S. comes with a significant financial burden. While the average annual salary for an accountanting role varies by state, often exceeding $70,000–$85,000 per year, not including benefits, payroll taxes, and overhead costs. In contrast, remote staffing from LATAM—who are experienced in U.S. accounting standards and fluent in English—can be hired for 40% to 60% less while delivering the same level of expertise.
For example, a company paying $80,000 for a local hire could secure equivalent talent for $30,000 to $40,000 annually through a remote staffing agency. Additionally, working with a staffing agency eliminates the complexities of international payroll, compliance, and recruitment, streamlining the hiring process.
While cost savings are a major driver, businesses are also turning to remote hiring for its additional advantages:
As businesses navigate the challenges of attracting top accounting talent in an increasingly competitive market, remote hiring through a staffing agency presents a viable, cost-effective alternative. By leveraging global talent, companies can optimize their workforce without sacrificing quality or efficiency.
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