Many professionals maintain the title of actuary throughout their entire careers. However, experienced actuaries can pursue leadership positions such as chief actuary. As the following table illustrates, chief actuaries earn an average salary well above that of actuaries.
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For example, professionals in areas near major cities often earn higher salaries. The table below details the top states for actuaries.
While the majority of actuaries work in the insurance industry, the insurance industry itself is not one of the top five industries for actuary pay. However, insurance-related agencies and brokerages is the fifth highest-paying industry. Actuaries in business, professional, labor, political, and similar organizations earn the highest mean salary. Below are a few top industries for actuaries. Historically, actuary positions have grown rapidly.
According to the BLS, there were 19, actuary positions in the U. Are you still with me? This equates to about hours of studying annually each year. That assumes a working days, 7. So, is that good money to you? Since salary increases with experience, tenor, and number of actuarial exams passed so we could also consider whether or not actuaries make good money relative to their average American counterpart of the same age.
Here is a chart of average American salary values interpreted from this post compared to the salary of our sample actuary. We will assume that our actuary started his career at age So, is this good money to you? Remember that actuaries likely put a lot more time than the average American into educating themselves in order to be able to do their job.
The third way that we can consider whether or not actuaries make good money is by comparing their salaries to other similar jobs. A few jobs that people notoriously equate with actuaries are accountants, data analysts and underwriters.
I interpreted the accountant salary from this website. CPAs tend to earn more than any average accountant.
Just like actuaries, accountants have to write exams too but most would say that accounting exams are easier than actuarial exams. I interpreted the data analyst salaries from the same website, here.
Lastly, we will compare the salary of underwriters to that of actuaries. I interpreted the underwriter salaries from this website. Like actuaries, underwriters too have to pass a series of examinations. Pay Equity. By Industry. Retail and Customer Service. Agencies and Consultancies. Browse all solutions. End comp guesswork with our free job-pricing tool.
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