Actuary Salary by Experience Level (2026 Breakdown)

Actuary pay grows on a clear trajectory tied to exam progression and credential achievement more than other professional careers. Each exam passed typically adds $1,500–$5,000 to base salary; each major credential (ASA, FSA, ACAS, FCAS) marks substantial pay inflection points. This guide walks through realistic compensation at each career stage and what drives the increases.

Headline data from BLS OEWS: median annual wage near $115,000, mean $130,000, top decile $215,000+. But that data captures employed actuaries — chief actuaries, senior consulting partners, and specialty fellowship-credentialed actuaries often substantially exceed BLS top decile. For state-by-state context, see our Highest-Paying States page.

Entry-Level Actuarial Analyst (Years 0–2)

New graduates with 1–2 preliminary exams passed typically enter as actuarial analysts. Pay tiers:

• 0 exams passed: $58,000–$72,000 (rare for hire, most companies require at least 1 exam)
• 1 exam passed: $65,000–$80,000
• 2 exams passed: $70,000–$88,000
• 3 exams passed: $75,000–$95,000

Major insurance companies and consulting firms add signing bonuses ($5,000–$15,000), comprehensive benefits including health insurance, retirement match (4–6%), 3–4 weeks paid vacation, and structured exam support programs. Total compensation typically 15–25% above headline base salary when factoring benefits.

Entry-level work involves actuarial analysis under senior actuary supervision. Common projects include data validation, pricing analysis, reserve calculations, model implementation, and producing standard actuarial reports. The work is technical and rigorous — strong analytical skills and attention to detail matter substantially.

Senior Analyst (Years 2–5)

By year 3–5, most career-track actuaries have passed 4–5 preliminary exams and reach senior analyst or actuarial associate positions. Pay tiers:

• 3–4 exams: $85,000–$110,000
• 5 exams (preliminary complete): $95,000–$125,000
• 5+ exams plus FAP modules: $105,000–$135,000

Senior analysts lead projects independently, mentor junior analysts, and contribute to specialty area development. Work includes complex pricing analyses, advanced predictive modeling, regulatory filings, and client/management presentations. Major projects often involve cross-functional coordination with underwriting, claims, finance, and actuarial leadership.

Career Associate / ASA-FCAS Level (Years 5–8)

Earning the associate credential (ASA or ACAS) typically takes 4–6 years from college graduation. Career associates typically reach pay levels:

• ASA (life/health/retirement track): $115,000–$155,000
• ASA (investment/finance track): $120,000–$165,000
• ACAS (P&C track): $115,000–$160,000
• Senior associate pursuing fellowship: $130,000–$175,000

The associate credential opens senior-level analyst, manager, and specialty consultant positions. Most career associates lead specific lines of business, manage 2–4 junior analysts, and own specific recurring deliverables (annual reserving exercises, quarterly pricing reviews, regulatory filings).

Manager / Consulting Senior (Years 7–12)

Manager-level actuaries typically lead teams of 5–15 analysts and own substantial business areas. Pay tiers:

• Insurance company manager: $135,000–$185,000
• Consulting firm manager: $145,000–$200,000
• Senior consultant or VP-track: $160,000–$220,000

Most manager-level actuaries are pursuing or have just achieved fellowship credentials. The fellowship credential supports advancement to AVP and VP level positions. Consulting firms compensate slightly above insurance company employer for matched experience due to billing rate pressure.

Fellow Credential / Senior Manager (Years 8–15)

FSA or FCAS fellowship is the major credential inflection point. Fellow-credentialed actuaries typically earn:

• Newly credentialed FSA/FCAS: $160,000–$220,000
• Senior manager FSA/FCAS: $185,000–$260,000
• Director / AVP FSA/FCAS: $215,000–$310,000
• Specialty consulting partner: $250,000–$400,000+

Fellowship is the practical requirement for senior actuarial leadership positions. Most chief actuaries, actuarial consulting partners, and corporate VP-actuarial roles require fellowship credentials.

Senior Leadership (Years 15+)

Senior actuarial leadership positions include chief actuary, executive vice president of actuarial, head of pricing/reserving, and senior consulting partner roles. Pay tiers:

• VP/Chief Actuary mid-size insurer: $250,000–$400,000
• VP/Chief Actuary large insurer: $350,000–$550,000+
• Senior consulting partner: $300,000–$700,000+
• Chief Actuary Fortune 500 insurer: $500,000–$1.2M+ including bonus and equity

Senior leadership compensation typically includes substantial bonus and long-term incentive components. Insurance company chief actuaries often earn 30–60% of total compensation through annual bonus and 3–5 year stock-based incentives. Consulting partners earn through equity profit-sharing distributions on top of base salary.

Pay by Specialty Area

Within actuarial work, specialty areas have meaningful pay differences:

• Life insurance pricing: solid pay, large job market
• Pension/retirement consulting: strong pay growth, declining job market as defined-benefit plans contract
• Health insurance pricing/underwriting: strong pay, growing job market with healthcare complexity
• P&C ratemaking and reserving: highest mean pay, especially in workers' comp specialty
• ERM/Capital modeling: highest specialty pay, growing demand from regulatory complexity
• Predictive modeling/data science: blends actuarial with data science skills, strong pay growth

Industry vs Consulting Pay

Insurance company actuaries typically have stronger total compensation including substantial benefits, retirement match, and performance bonuses. Consulting firm actuaries (Milliman, WTW, Mercer, Aon, Deloitte) typically have higher headline base salary but with smaller bonus and benefit packages, more travel demands, and partnership-track expectations.

Most career-track actuaries do both during their career — typically starting at insurance companies for skill development and exam progression, then potentially moving to consulting at senior levels for higher pay and specialty depth. Some make the reverse transition for lifestyle reasons.

For overall path, see How to Becto Become an Actuary. For exam progression detail, see Actuary Exam Progression. For life vs P&C career comparison, see Life vs P&C Actuarial Careers.

Career Stage Pay Trajectory Detail

Year 1-2 entry actuary (typically 1-2 exams passed): $65,000-$85,000 base plus bonus and exam pass raises ($3,000-$8,000 per exam). Year 1-2 total comp $75,000-$100,000+.

Year 3-5 mid-career actuary (typically 3-5 exams plus building experience): $90,000-$130,000+ base. ASA designation (Associate of Society of Actuaries) often achieved during this stage.

Year 5-7 senior actuary (typically ASA plus advanced experience): $120,000-$170,000+. Some pursue FSA (Fellow of Society of Actuaries).

Year 7-10 FSA actuary: $145,000-$210,000+ depending on industry and role.

Year 10-15 senior FSA actuary or actuarial manager: $170,000-$280,000+.

Year 15+ chief actuary, actuarial director, principal: $220,000-$420,000+.

Industry Pay Variation

Insurance company (life, health, P&C): $80,000-$200,000+ depending on role. Major insurance companies (MetLife, Prudential, Allstate, State Farm) consistent strong employers.

Consulting firm (Milliman, Mercer, Willis Towers Watson, Aon, Oliver Wyman): typically $5,000-$25,000+ premium over insurance company. Senior consulting actuaries $200,000-$350,000+.

Reinsurance company (Munich Re, Swiss Re, Berkshire Hathaway Re): premium pay. Senior reinsurance actuaries $250,000-$450,000+.

InsurTech and fintech: emerging premium employers. Equity component creates significant total comp upside.

Geographic Pay Variation

Top-paying actuarial markets: NYC metro (financial center), Hartford CT (insurance capital), Chicago, Boston, San Francisco Bay Area. Major metros typically 15-25% premium over national average.

Mid-range markets: Philadelphia, Atlanta, Dallas, Minneapolis (Twin Cities have heavy insurance presence). Pay solid with reasonable cost-of-living.

Exam Pass Raise Detail

Most insurance companies pay exam pass raises and bonuses. Typical structure: $3,000-$8,000 raise per exam passed plus $1,000-$3,000 bonus. Some companies pay $5,000-$15,000 for FSA designation completion.

Total exam-related compensation across full ASA-to-FSA journey: $30,000-$60,000+ in raises and bonuses. Strong incentive for exam progression.

Total Compensation Breakdown

Base salary: largest component. Bonus: typically 10-25% of base for performance and exam progression. Profit sharing: some firms offer 5-15% of base. RSU/equity: emerging at insurance companies and consulting firms.

Senior actuary comp example: $180,000 base + $35,000 bonus + $18,000 profit share = $233,000 total. Plus benefits ($25,000-$35,000) = $260,000-$270,000 total compensation.

Frequently Asked Questions

Highest paying industry? Reinsurance highest. Major consulting firms second. Insurance companies third. InsurTech and fintech emerging premium.

Top US actuarial cities? Hartford CT (insurance capital), NYC metro (consulting), Chicago (mix), Boston, Minneapolis-St. Paul. Major metros all strong.

Career trajectory speed? Most actuaries reach ASA Year 4-7. FSA Year 7-12. Pay growth 10-15% annually during exam progression years. After FSA pay growth more incremental.

Best for high earnings? Reinsurance senior FSA path. Major consulting firm partner track. Chief actuary at major insurance company.

Pay growth after FSA? Slows from 10-15% during exam years to 3-7% post-FSA. Career advancement (manager, director, principal) drives subsequent growth.

Where can I verify these salary figures? See U.S. Bureau of Labor Statistics OEWS data for Actuaries for current state, metro, and industry pay statistics.

For overall path, see How to Become an Actuary. For exam progression detail, see Actuary Exam Progression. For life vs P&C career comparison, see Life vs P&C Actuarial Careers.