Salary, Wages, Pay: Actuaries

Median annual earnings of actuaries were $69,970 in 2002. The middle 50 percent earned between $50,510 and $99,820. The lowest 10 percent had earnings of less than $39,700, while the top 10 percent earned more than $137,650.

According to the National Association of Colleges and Employers, annual starting salaries for graduates with a bachelor’s degree in actuarial science averaged $40,396 in 2003.

Insurance companies and consulting firms give merit increases to actuaries as they gain experience and pass examinations. Some companies also offer cash bonuses for each professional designation achieved. A 2003 survey by Life Office Management Association, Inc., of the largest U.S. insurance and financial services companies indicated that the average base salary for an entry-level actuary was $46,991. Associate actuaries, who direct and provide leadership in the design, pricing, and implementation of insurance products, received an average salary of $99,446. Actuaries at the highest technical level without managerial responsibilities reportedly were paid an average of $104,235.