Actuaries analyse statistics for a variety of companies, such as insurance and financial firms. How much actuaries earn depends on a number of factors, including how many years they've worked in the field, what types of companies they work for, the geographic areas in which they work, and the level of education and certification they've achieved.
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Like in most professions, the more career experience actuaries have, the more money they make. According to Payscale.com, the median salary for an actuary who has worked 1 year or less is about £32,500 per year. Actuaries with 1 to 4 years of have earn a median salary of nearly £39,000 per year. Those with between 5 and 9 years of experience earn about £56,550 per year, and actuaries with 10 to 19 years earn about £75,400 per year. Actuaries who have worked more than 20 years earn a media salary of £92,950 per year (see Resources below).
Actuaries who work for the federal government, non-profit organisations or who are self-employed generally earn the highest salaries, with median earnings between £54,600 and £57,200 per year. Actuaries who work for a company or private practice earn about £50,700 to £53,950 per year, while those who work for state and local governments earn about £45,500 per year. Actuaries who work for a foundation or trust earn a median salary of about £40,300 per year. Those employed by franchises or by colleges and universities generally earn the lowest salaries, with median pay scales of about £32,500 per year.
Actuaries who work for consultancy firms have the highest median salaries of about £60,450 per year. Actuaries who work in the health insurance, financial services or human resources industries generally earn about £52,000 per year, while those in life insurance or general insurance industries earn about £47,450 per year. Actuaries who work for business consulting firms earn about £45,500 per year.
Like other professions, the median salaries of actuaries is affected by what part of the country they work in. Actuaries in New York generally earn the highest salaries in the United States, with median pay of about £59,800 per year. Actuaries in Connecticut and Pennsylvania have the next highest median salaries at about £56,550 per year. Actuaries in Minnesota, Georgia and Massachusetts earn about £52,000 per year, while those in California and Texas have a median salary of about £46,800 to £48,100 per year. Actuaries in Illinois generally earn about £42,900 to £44,200 a year.
How much actuaries earn also depends on other factors, such as education, certification and even gender. Actuaries who studied statistics or mathematics have a median salary between £40,300 and £45,500 per year. Those with a four-year degree earn about £58,500 per year, while those with a master’s degree earn about £68,900 per year. Actuaries who are Fellows of the Society of Actuaries (FSA) earn a median salary of £75,400 per year. Actuaries who are certified by the Institute of Actuaries earn about £58,500 per year, those who are Enrolled Agents (EAs) earn about £75,400 per year, and those who are Chartered Financial Analysts (CFAs) earn about £72,150 per year. Male actuaries have a median salary of about £55,900 per year, while female actuaries earn about £47,450 per year.