Actuary Salary in Elgin, IL: $116,323 (2026)
Quick Answer:A full-time actuary in Elgin, IL earns a median $116,323/year (≈ $55.92/hour) in nominal terms for 2026 — projected from BLS OEWS 2025 (SOC 15-2011). Once you factor in Elgin's price level (3% below national, BEA RPP 97.1), that paycheck buys what $119,797 would nationally. Nominal pay sits 10.7% below the Illinois state average.
Based on BLS state-level estimates · View source
In Elgin, Illinois, actuaries can expect a median annual salary of $116,323, which reflects a notable difference compared to the national median of $134,160 for 2026. The salary range for actuaries here varies significantly, with the lowest earning around $71,809 and the highest reaching up to $180,301. These figures have been projected based on 2025 BLS state-level data and adjusted for regional cost considerations, making them essential for understanding the local job market. Actuarial professionals in Elgin often select between specialties in life, health, or pension (SOA) versus property and casualty (CAS), which can influence both the level of compensation and the abundance of job opportunities in the area.
About the Elgin Market
Salary estimated from Illinois average ($130,000) adjusted for local cost of living.
Salary Breakdown
| Percentile | Annual | Hourly |
|---|---|---|
| Entry Level (P10) | $71,809 | $34.52 |
| Lower Range (P25) | $85,696 | $41.20 |
| Median (P50)(typical) | $116,323 | $55.92 |
| Upper Range (P75) | $148,893 | $71.58 |
| Top Earners (P90) | $180,301 | $86.69 |
Median Salary Position
13.3% below the national average
2026 Salary Percentile Distribution in Elgin
In Elgin, IL, the actuary salary spread from the 10th to 90th percentile is $108,492 (2026 est.). At $116,323, the local median is 13.3% below the national median of $134,160.
Salary Calculator
At 40 hours/week in Elgin: You'd be in the lower-middle range
How Elgin Actuary Pay Compares
Elgin median: $116,323/year (2026)
| Compared To | Median Salary | Elgin Pays |
|---|---|---|
| Illinois Average | $130,261 | -10.70% less |
| National Average | $134,160 | -13.30% less |
Actuarys in Elgin, IL earn a median of $116,323 per year (2026 est.), which is 13.30% lower than the national median of $134,160 and 10.70% below the Illinois state average of $130,261.
Cost-of-Living Adjusted Salary
Elgin has a cost of living 2.90% below the national average, meaning your salary goes further here.
Adjusted salary = nominal × (100 / CoL index). CoL index: 100 = national average.
Elgin, IL has a cost-of-living index of 97.1 (below the national average of 100). A actuary earning $116,323 nominally has purchasing power equivalent to $119,797 in an average-cost city — an effective 2.99% boost.
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2019 BLS Actual
$93,944
2025 BLS Actual
$112,716
2026 Current Est.
$116,323
2019–2027 Growth
+27.8%
Salary Trajectory for Actuaries in Elgin (2019–2027)
2019–2025: actual BLS OEWS data for this metro area. 2026+: CAGR 3.20% projection.
| Year | Annual Salary | Status |
|---|---|---|
| 2019 | $93,944 | Actual |
| 2020 | $96,268 | Actual |
| 2021 | $91,820 | Actual |
| 2022 | $98,835 | Actual |
| 2023 | $104,046 | Actual |
| 2024 | $126,355 | Actual |
| 2025 | $112,716 | Actual |
| 2026(current) | $116,323 | Estimated |
| 2027 | $120,045 | Projected |
Based on 7 years of BLS OEWS data for the Elgin metropolitan area, the median actuary salary grew 20.0% from $93,944 (2019) to $112,716 (2025). At a 3.20% compound annual growth rate, salaries are projected to reach $120,045 by 2027 — a total increase of $26,101 (27.78%) from 2019.
Note: Historical values (2019–2025) are actual BLS OEWS figures for the Elgin metropolitan area, sourced from annual Occupational Employment and Wage Statistics surveys. 2026–2026 figures are current estimates, and 2027 values are projections, calculated using a 3.20% CAGR derived from 7-year BLS historical data. Actual salaries may vary based on employer, experience, certifications, and local market conditions.
Salary by Experience Level
| Experience | Estimated Salary Range |
|---|---|
| 0-2 years (New Graduate) | $71,809 – $85,696 |
| 3-5 years (Mid Career) | $85,696 – $116,323 |
| 5+ years (Experienced) | $116,323 – $148,893 |
| 10+ years (Top Earner) | $148,893 – $180,301 |
ASA, FSA salary ranges estimated from BLS percentile data. Individual actuary compensation varies by employer, certifications, and specialization.
Actuary Job Market in Elgin
With 16 actuaries currently employed in Elgin, the local job market provides a promising, albeit competitive, environment for professionals in this field. The city's cost of living, indexed at 97.1, suggests that take-home purchasing power is slightly more favorable compared to the national average. Notably, life insurance companies such as Prudential and MetLife tend to offer higher salaries, while health insurers like UnitedHealth and Cigna follow closely behind. The substantial pay gap between entry-level and more experienced actuaries can be attributed to exam progression; each passed exam typically adds $3,000 to $8,000 to a salary. For those looking to maximize actuary pay in Elgin, focusing on gaining credentials, specializing in in-demand areas, and aligning with consulting firms that offer premium salaries could be essential strategies for advancement.
More salary data for Elgin, IL:
Frequently Asked Questions
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Written by Maria Chen, FSA, MAAA
Career Analyst
Maria has 10 years of experience in life insurance. She specializes in risk assessment and pricing strategies.
Methodology & Data Source
Salary figures on this page are 2026 projections based on the Bureau of Labor Statistics Occupational Employment and Wage Statistics (OEWS) survey, May 2026 release. The BLS reported a median annual salary of $112,716 for actuariesin the Elgin metropolitan area. A 3.20% compound annual growth rate (CAGR), calculated from 6-year national BLS wage trends, was applied to project current 2026 compensation. Percentile ranges (P10–P90) represent the full salary distribution across experience levels and practice settings in this market.
Data Sources & Methodology
Salary data for Elgin is estimated from official BLS state-level occupational wage data (2025), adjusted for regional cost-of-living differences using BEA RPP (Regional Price Parities).
2026 figures are projected from 2025 BLS data using a compound annual growth rate (CAGR) of 3.20%, derived from historical BLS wage trends for actuarys (SOC 15-2011).
Compiled and verified by Maria Chen, FSA, MAAA, a licensed actuary with 10+ years of clinical experience. · View source data at BLS.gov