Actuarial Science Salary: A Global Perspective

Actuarial science professionals around the world can expect varying salaries based on factors like location and industry.

Actuaries in the United States can earn a median salary of $140,000 per year, according to the Bureau of Labor Statistics.

The highest paying countries for actuaries are typically those with strong financial industries, such as the UK and Switzerland, where salaries can reach upwards of $200,000 per year.

In the UK, actuaries working in the insurance industry can earn an average salary of £83,000 per year.

Actuaries in the United States earn a median annual salary of $105,900 as of 2020, according to the Bureau of Labor and Statistics.

This salary can vary depending on location, with Georgia having the highest average annual salary for actuaries as of 2021 at $245,520.

Actuaries with top-level experience can earn significantly more, with an average salary of around $356,116 as of June 28, 2022.

Here's a rough breakdown of actuary salaries by category:

It's worth noting that actuaries are in high demand, with the Bureau of Labor and Statistics projecting a 24% growth in actuary jobs from 2020-2030, which is three times the average projected growth rate for all occupations.

The average salary of an actuarial specialist can vary depending on several factors such as education, industry, and certifications.

According to the US Bureau of Labor Statistics (BLS), the average salary of an actuarial science specialist leads up to $111,300 as of May 2020. However, current reports suggest that the average salary has dropped to $101,627.

Men in the US receive a lower average salary of $86,023, while women have a significantly higher average salary of $131,035.

Actuaries with top-level experience can earn an average salary of $356,116, with a range of $298,160 to $423,955. This is based on reports from June 28, 2022, and indicates that experienced actuaries are among the highest-paid professionals.

Here's a comparison of average salaries for actuaries at different levels:

The BLS projects that the actuary jobs will grow 24% from 2020-2030, making actuarial science an attractive field for people looking for growing career opportunities.

Actuaries are in high demand across various industries, and their job prospects are expected to grow much faster than the average for all occupations. The job opportunities in actuarial science are predicted to grow by 18% from 2019 to 2029.

Location plays a significant role in job growth, and some U.S. states are expected to experience higher growth rates than others. For instance, Colorado is projected to have a 37% growth rate from 2016-2026, while North Carolina is expected to have a 35.9% growth rate.

Actuaries will be needed to develop, price, and evaluate insurance products, as well as calculate the costs of new risks. They will also be required to analyze large amounts of data, such as medical or property data, to help insurance companies develop new products and set competitive prices.

The employment projections for actuaries from 2021 to 2031 show a significant increase, with a growth rate of 21% and an expected employment of 34,200 by 2031. This growth is driven by the need for actuaries to help companies manage their own risk and analyze data to develop new insurance products.

Actuaries are ranked highly in various job rankings, including #7 in Best Business Jobs, #11 in the Best STEM Jobs, and #20 in 100 Top Jobs.

Actuarial science salaries vary significantly depending on location. In the United States, actuaries in North Carolina make an average of $129,350 a year, while those in Michigan earn an average of $88,440.

Cities like Atlanta, Georgia and Boston, Massachusetts offer some of the highest actuary salaries in the country. However, metropolitan areas often have a higher cost of living.

Here are the top-paying states for actuaries in the US, based on data from the BLS:

In Africa, the highest actuary salaries are found in South Africa, where actuaries can earn an average of $43,154 per year.

If you're considering a career as an actuary, you're likely wondering what kind of salary you can expect. The annual salary for actuaries varies significantly from country to country.

In Switzerland, a beginner actuary can earn up to $116,618 per year, while a confirmed actuary can earn up to $208,345. In contrast, actuarial salaries in countries like Vietnam and Indonesia are significantly lower, with a beginner actuary earning around $21,649 and $6,307 per year, respectively.

Here's a breakdown of the average salary for actuaries in different countries:

Actuaries in countries like Singapore and the United Kingdom can earn significantly more than those in countries like Greece and Brazil. For example, a confirmed actuary in Singapore can earn up to $121,961 per year, while a beginner actuary in Greece can earn around $35,674 per year.

The Middle East is a region where actuaries can expect to earn a decent salary. Actuaries in the United Arab Emirates are the highest paid, with an average annual salary of almost 112,000 USD.

Actuaries in the United Arab Emirates can earn significantly more than their counterparts in other Middle Eastern countries. For example, a confirmed actuary in the UAE can earn up to 140,160 USD per year.

Here's a breakdown of the average salaries for actuaries in some Middle Eastern countries:

The average hourly compensation for actuaries in the UAE is around 56.32 USD, significantly higher than in other Middle Eastern countries.

Africa is home to a diverse range of actuary salaries, with South Africa taking the top spot. Actuaries in South Africa can expect an average salary of 43,154 USD per year.

The country with the second-highest average salary is Gabon, with 28,558 USD. This is followed closely by Morocco, where actuaries earn an average of 28,558 USD.

In terms of salary progression, actuaries in South Africa can expect to earn around 54,110 USD per year after gaining experience. In contrast, those in Gabon can expect to earn around 38,463 USD after gaining experience.

Here's a breakdown of the average salaries for actuaries in South Africa and Gabon:

It's worth noting that these figures are averages and can vary depending on factors such as location, industry, and level of experience.

If you're an actuary looking to relocate or considering a move, location can significantly impact your salary. Actuaries in North Carolina, for example, earn an average annual salary of $129,350, while those in Michigan make $88,440.

Cities like Atlanta, Georgia, and Boston, Massachusetts, offer some of the highest actuary salaries in the United States. However, metropolitan areas often have a higher cost of living.

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

The BLS projects actuary jobs to grow by 24% from 2020-2030, which may lead to more opportunities and increased salaries for professionals in the field.

Actuaries can find jobs in many industries, but their salaries vary greatly. Insurance carriers offer the most jobs for actuaries, with 11,480 positions available in 2021.

The highest-paying industries for actuaries include legal services and agencies and brokerages. In legal services, the average annual salary for actuaries is $227,470, making it a lucrative option.

Agencies and brokerages also offer high salaries, with an average annual salary of $143,570. The federal executive branch pays an average annual salary of $138,560, making it another attractive option.

Here's a breakdown of the top-paying industries for actuaries in 2021:

Insurance carriers, on the other hand, pay an average annual salary of $119,860, which is still a respectable figure.

The average salary of an experienced actuary can be quite high, with top-level experience bringing in around $356,116 per year.

This is according to reports from June 28, 2022, which also note that the salary range can vary between $298,160 and $423,955.

To reach this level, actuaries typically need to have 8+ years of managerial experience and comprehensive knowledge.

Here are the key factors that contribute to this salary range:

As actuaries gain experience, their salaries can increase significantly. In fact, the biggest salary jump happens between starting pay and midcareer positions, with an average increase of $29,000.

Becoming an actuary typically starts with a bachelor's degree that takes four years to complete. As of July 2022, actuaries with bachelor's degrees make an average of about $71,000 a year.

Earning a master's degree in actuarial science can increase an actuary's average salary by $3,000 per year. An MBA brings the average up by $22,000.

Certification plays a significant role in how much an actuary can make, with certified actuaries earning salaries of well over $90,000 per year.

Science is a broad term that encompasses various disciplines, including actuarial science. Actuarial science is a unique discipline that manages financial risks, especially in the insurance field, with elements from statistics and mathematics.

Actuaries apply concepts of probability and statistics to define, understand, and analyze financial implications related to uncertain events in the future. Actuaries are mainly required in two departments, which affects their salary.

Becoming an actuary requires a significant amount of education and training. Most students earn a bachelor's or master's degree in actuarial science, which typically takes four years to complete.

A bachelor's degree is the minimum requirement to become an actuary, and most programs take four years to finish. As of July 2022, actuaries with bachelor's degrees make an average of about $71,000 a year.

Earning a master's degree in actuarial science can increase an actuary's salary by $3,000 per year. An MBA can bring the average up by $22,000.

To become certified, actuaries must pass seven exams to become certified associate actuaries, and 10 exams to become a fully qualified certified actuary. Certification plays a major role in how much an actuary can make, with certified actuaries earning salaries of well over $90,000 per year.

Here's a breakdown of the average salaries for actuaries with different levels of education:

Actuaries must also have a strong background in mathematics, statistics, and business, which can be achieved through coursework in economics, statistics, and corporate finance. Additionally, classes in computer science, writing, and public speaking can be valuable in preparing for a career as an actuary.

It's worth noting that becoming an actuary can take a long time, with 7-10 years typically required to complete the qualifications.