Actuary Salary By State
Actuary Salary By State – The average actuarial salary is $88,255 per year.
Actuaries in the United States earn an average of $88,255 per year, or $42.43 per hour. Actuaries at the bottom of this spectrum, namely the bottom 10%, earn about $52,000 per year, while the top 10% make $147,000. Location affects how much an actuary can expect. Actuaries earn the most in New York, Connecticut, New Jersey, Delaware, and Maine.
Actuary Salary By State
While an actuary can make an average salary of $88, $255 per year, or $42.43 per hour, actuaries have opportunities to earn more. For example, in New York, New York, you can earn $114,375 a year. Other high-paying locations include Hartford, CT, Portland, ME, and Jersey City, NJ. If you’re in an entry-level position, your best bet is to move to New York, New York, where the average starting salary is $75,000. The states that pay the highest for actuaries are New York, Connecticut and New Jersey. In addition, Louisiana, Wyoming and South Carolina offer minimum wages.
How To Become An Actuary
An actuary’s salary can vary from entry-level to advanced depending on a person’s experience. An accountant with 0-2 years of experience earns an average salary of $68,654, a mid-career professional with 3-6 years of experience earns an average of $88,255 per year, and a senior accountant with 7-12 years of experience earns an average salary. Gain experience at an average annual salary of $117,083. Data on how experience level affects total compensation is provided by the Bureau of Labor Statistics (BLS) as part of the National Compensation Survey, based on factors such as education, difficulty, and connections. and environment.
The highest paying companies for actuaries are PayPal and Google, according to our latest salary estimates. Additionally, companies such as McKinsey & Company Inc and Uber Technologies report highly competitive salaries for actuaries.
Salaries for actuaries can vary by industry. In fact, our data shows that actuaries in the professional, insurance, and financial industries offer much higher salaries. For example, the average salary for professional actuaries is $104,015. Meanwhile, other people in this field earn $100,627 in insurance and $100,537 in finance. Actuaries can avoid working in the manufacturing industry because it has the lowest average salary of $96,897.
New York City pays actuaries the highest in the U.S., with an average salary of $114, $166 per year, or $54.89 per hour.
How To Become An Actuary In 9 Steps
As long as your salary is close to the average salary in the state you live in, you know you are fairly compensated as an actuary. For example, if you live in Connecticut, you should pay about $107,465 a year.
A product development actuary earns the highest salary. The average product development actuary salary was $116,008. The top 10 percent earn $145,000, and the bottom 10 percent earn $92,000. Are Actuaries Underpaid? Could you be overpaid and unable to change jobs as a result? The great football coach Bill Parcells said, “You are what your record says.” Below are some ideas on how to find out if you are underpaid or overpaid.
Actuarial salary surveys conducted by actuarial employment firms provide a base price, but often do not hold up over time. Because the ranges are so wide, it can be difficult to determine where your particular experience fits. Here is a sample survey that is not particularly useful, but is representative of these surveys.
The number of job changes affects your salary. The average salary increase is 3% annually, and the average salary when changing jobs is 12-15%. If you work for the same company for five years, you may lose your reputation in the industry.
Msc Actuarial Science In India And Abroad
Use the labor market as a reference point. Find comparable positions on job boards and online classifieds and compare your salary to their listings. When analyzing salary ranges, assume that the top and bottom 10% are not in play.
Don’t list your current salary as a test of employer quality, but tell them what you’re looking for. They should be able to easily tell if your target range is reasonable or not. If you feel their answer is informed and reassuring, ask them follow-up questions about how your current salary and salary expectations compare to the market. Ask them for information on how your salary varies by city or state. Supply and demand matter!
Carefully and confidently ask your boss for a raise. If you pay less, you can get it. Time is important. Don’t ask for a raise after your company’s third quarter, but don’t let the company’s performance stop you from getting what you deserve. Your boss’s reaction says a lot about how competitive your compensation is in the market.
Interested in discussing whether actuaries are underpaid or overpaid? you specifically contact Smith Hanley Associates Actuarial Recruiting Practice Lead, Rory Hauser at rhauser@ or 203.319-4305.
Actuarial Science Courses
We take the time to discover your talents, strengths, goals and interests. Only by understanding your long-term career path can we be sure to match you with the right employer. And if it’s right, everything will succeed. An actuarial career puts you in contact with numbers all day, every day. If the idea of making a story out of different numbers fills you with joy, this could be the career for you.
If you’ve read even one Hidden Career Opportunities blog in the past decade, especially one about working at home, you’ve probably wondered about the salary and job growth statistics associated with the actuarial lifestyle.
Although you can land a reliable, well-paying, reliable actuary job with a little education and some training, you need to choose your employer carefully. You may need to broaden your definition of the job of an actuary, as positions in the future may be very different from what you find today.
If you’re not sure what people in this position do on a regular basis, don’t be shy. Once you become an actuary, you’ll be used to answering all the questions about what you do and how you got into the job. Although this is not a new position, it is often misunderstood. Let’s start with a quick update on what this job entails.
Reasons You Should Consider Earning A Degree In Actuarial Mathematics
An actuary deals with risk and uncertainty. You use a combination of statistics and mathematical theories to understand the potential impact of a decision in your work day.
For example, you might work for a company that writes insurance policies. Your company is considering a new product for the following people:
It’s your job to find out how much your company pays out in death benefits each year and how much the policy will cost to cover that risk.
Or you could work for a company that administers a fire brigade pension. Your job involves understanding how much money you can invest each year and how much you need to invest so that the fund never runs dry.
Best States & Cities For Actuaries: Salary & Job Opportunities
Actuarial work is specific and technical and is critical to the success of some types of companies. This is not an entry level job and salary will be adjusted accordingly. According to the Bureau of Labor Statistics, the median salary for actuaries in May 2018 was $102,880.
An actuary may be involved any time there is a risk. But this is usually a job related to the insurance industry, and most actuaries work at the headquarters of the companies that employ them.
It’s not unusual to find a work group in the insurance and big business part of the country. But you get higher wages in other parts of America. To understand the job shortage and actuarial wages, we pulled data from the Bureau of Labor Statistics.
Most of these states accept major insurance carriers, including health insurance companies. These industries live or die by risk management, and they need an army of actuaries to help them understand what to pay for their products and how to protect against disasters.
How Much Actuaries Earn In South Africa?
But this list also includes a few states associated with startup culture (we’re looking at you, California!). The new venture must also reduce risk, so the product can be launched with less competition and higher profits. Actuarial work in these states is also important.
Again we see the influence of insurance companies. But you’ll notice that there’s only one western state on this list, and it’s not California. If you thought actuaries were all about California’s small business boom, you might be wrong. Your salary may not reflect your performance.
Now that we’ve covered which states are best for actuaries, let’s narrow it down
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