Actuarial Mathematics Salary in the US Market

Actuarial mathematics is a highly sought-after skill in the US job market, with professionals in this field commanding competitive salaries. According to data, the median salary for actuaries in the US is around $140,000 per year.

Actuaries with experience in the field can earn even higher salaries, with some reports indicating that senior actuaries can earn upwards of $250,000 per year.

Actuarial mathematics salary can vary depending on experience and level of education. The average salary for an Entry Level Actuary is around $81,501 per year.

The salary range for Entry Level Actuaries is quite broad, with the 75th percentile earning $89,801 and the 25th percentile earning $72,801. This translates to a monthly pay of $6,792 for the average, $7,483 for the 75th percentile, and $6,067 for the 25th percentile.

Experience also plays a significant role in determining actuarial mathematics salary. For example, an entry-level Actuary with less than 1 year of experience earns about $80,167, while those with 1-2 years of experience earn $81,052.

Here's a breakdown of the average salaries for Entry Level Actuaries with different levels of experience:

Job opportunities in actuarial science are predicted to grow by 18% from 2019 to 2029, which is considered much faster than the average for all occupations.

This growth varies by location, with some U.S. states experiencing even higher growth rates. For example, Colorado is projected to see a 37% growth in actuarial science jobs from 2016-2026.

Here are some U.S. states with the highest expected level of job growth in actuarial science:

In terms of salary, the average annual salary for an entry-level actuary has been steadily increasing.

As we look at the current salary trends, it's clear that they're shifting in a big way. The average salary increase in the US is around 3.4%, with some industries offering as much as 6% more.

According to the Bureau of Labor Statistics, the industries with the highest projected growth rates are healthcare and technology. These fields are expected to see significant job growth and salary increases as a result.

Many professionals are opting for flexible work arrangements, with remote work on the rise. In fact, 63% of employees say they're more productive when working remotely.

The demand for skilled workers in emerging technologies like AI and data science is also on the rise. As a result, salaries for these professionals are expected to increase significantly.

With the job market becoming increasingly competitive, it's essential to stay ahead of the curve and adapt to these changing trends.

In 2023, the average annual salary for an Entry Level Actuary was $75,691.

This marks a slight decrease from the previous year, but it's essential to note that salaries can vary greatly depending on experience and location.

To give you a better idea of the salary trend, let's take a look at the average annual salaries for Entry Level Actuaries from 2020 to 2025.

Here's a breakdown of the average annual salaries for Entry Level Actuaries by year:

As you can see, the salaries have been steadily decreasing over the past few years, with 2025 seeing the lowest average annual salary at $74,763.

The job outlook for actuaries is looking bright, with a predicted growth of 18% from 2019 to 2029, which is much faster than the average for all occupations.

This growth is expected to vary by location, with some states experiencing significantly higher job growth than others.

Colorado is projected to see the highest growth, with a 37% increase in actuary jobs from 2016-2026.

Other states with high expected growth include North Carolina, Puerto Rico, Iowa, and Texas, with growth rates of 35.9%, 33.3%, 32.8%, and 31.7% respectively.

Here are the top 5 states with the highest expected level of job growth in actuarial science:

An entry-level actuary with less than 1 year of experience earns about $80,167. This is a great starting point for a career in actuarial mathematics.

The salary increases with experience, with 1-2 years of experience bringing in an average of $81,052. This is a relatively modest increase, but it's a sign that the actuary is gaining skills and confidence.

With 2-4 years of experience, the pay typically rises to $82,932. This is a more significant jump, indicating that the actuary is taking on more responsibility and making a greater impact.

Here's a breakdown of the salary increases by level of experience:

Actuaries with a bachelor's degree make an average of about $71,000 a year, according to Payscale. This is a great starting point for a career in actuarial science.

Actuaries with a master's degree in actuarial science can increase their average salary by $3,000 per year. This additional education can be a valuable investment in one's career.

Certification plays a major role in how much an actuary can make, with certified actuaries earning salaries of well over $90,000 per year. This highlights the importance of obtaining the necessary certifications in the field.

The level of education also affects the salary of an entry-level actuary. According to a survey, 64.0% of entry-level actuaries hold a bachelor's degree.

Here is a breakdown of the degree levels of entry-level actuaries:

This table shows that most entry-level actuaries hold a bachelor's degree, which is a good starting point for a career in actuarial science.

Actuaries' salaries vary significantly from state to state. For instance, actuaries in North Carolina make an average of $129,350 a year, while those in Michigan earn $88,440.

Location also affects an actuary's salary. Cities like Atlanta, Georgia and Boston, Massachusetts offer some of the highest actuary salaries in the United States.

Top-paying states for actuaries include Georgia, New Hampshire, New York, Connecticut, and Vermont. Here's a breakdown of the top-paying states for actuaries in 2021:

Entry-level actuaries' salaries also vary from state to state. In California, the average yearly salary is $89,901, while in Massachusetts, it's $88,601.

Some of the highest-paying metropolitan areas for actuaries include Atlanta-Sandy Springs-Roswell, GA, and New York-Newark-Jersey City, NY-NJ-PA.

Entry-level actuaries can expect a bonus of $3,200, which accounts for 2.7% of their total compensation.

This bonus is a significant addition to their base salary of $81,501, which makes up 68% of their total compensation.

The total compensation for an entry-level actuary is $119,783, with benefits making up a substantial portion of this amount.

Some benefits, like Social Security, contribute a relatively small amount, $6,480, or 5.4% of the total compensation.

Other benefits, such as healthcare, contribute a larger amount, $8,352, or 7.0% of the total compensation.

Here's a breakdown of the benefits that make up the total compensation:

The total compensation is made up of these various benefits, with some contributing more than others to the overall amount.

Actuaries work in many sectors, including insurance carriers, agencies, and brokerages, which are among the top-employing industries for actuaries. Insurance carriers offer the most jobs for actuaries, with 11,480 positions available in 2021.

The highest-paying industries for actuaries include legal services, agencies, and brokerages, and the federal executive branch. Actuaries interested in public service might look for jobs with the U.S. federal government.

Top-paying industries for actuaries in 2021 include:

The role of an actuary is to analyze financial costs related to risks and uncertainties. This involves using mathematics, finance, and statistics to assess and understand the risk of certain events.

Actuaries are required to develop policies that minimize cost differences and effects for potential clients. They are mostly needed by the insurance industry, but also contribute their skills in healthcare, banking, and non-financial sectors.

Their work involves understanding the impact of risks and uncertainties on financial outcomes. This requires a strong foundation in mathematics, finance, and statistics.

Actuaries play a crucial role in helping clients manage risk and make informed decisions.

If you're considering a career as an actuary, it's essential to think about the industry that best fits your interests and qualifications. Top industries for actuaries vary by location, qualifications, and interests.

The insurance industry offers the most jobs for actuaries, but if you're interested in public service, you might look for jobs with the U.S. federal government. Actuaries in this field can work in various sectors, including insurance, healthcare, banking, and non-financial industries.

Insurance carriers are the largest employers of actuaries, with over 11,480 actuaries employed in 2021, earning an average annual salary of $119,860. Agencies and brokerages, on the other hand, hire fewer actuaries but pay higher salaries, with an average annual salary of $143,570.

If you're interested in working in the federal executive branch, you'll find opportunities, but the number of actuaries employed is relatively small, with only 290 actuaries in 2021, earning an average annual salary of $138,560.

Here are the top-paying industries for actuaries in 2021:

Remember to consider your interests, job availability, and salary when choosing the best industry for you as an actuary.

If you're considering a career as an actuary, it's worth noting that the job profile ranks quite high in various lists. Actuaries are currently ranked #7 in Best Business Jobs.

The ranking also reflects the competitive nature of the field, with actuaries vying for top spots alongside other professionals in high-demand fields. Actuaries are ranked #11 in the Best STEM Jobs.

In terms of overall job satisfaction, actuaries are also ranked #20 in 100 Top Jobs. This suggests that while the job may be competitive, it's also rewarding for those who pursue it.

Here's a breakdown of the actuary job profile's ranking in various lists: