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 bachelorís 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.