Actuary Salary - How Much Do Actuaries Make?
Being an actuary is one of the top paying jobs in the United States. The job involves a lot of pressure, but in exchange, an actuary's salary is extremely rewarding. For potential actuaries, here’s what’s in store for you.
In 2010, the average earning of actuaries was $98,620. The median salary was $87,650, while the lowest ten percent was $53,100, and the top ten percent was $160,000. However, salaries may vary depending on industries, geographic region, experience, and level of certification.
Industry
Actuaries are very important to business. They help companies in many ways in order that companies would be more profitable. In industries, Management, Scientific, and Technical Consulting Services (MSTCS) have the highest level of employment for this profession. However, the industry that paid the highest was the Insurance and Employee Benefit Funds, where actuaries earned an average of $126,550.It is then followed by Federal Executive Branch (OES Designation), MSTCS, Agencies, Brokerages, and Other Insurance Related Activities , and Insurance Carriers.
Geographic Region
There are lots of job opportunities for actuaries in New York. Moreover, it also the top payer state where actuaries earned $115,740 in 2010. Kendall, Florida on the other hand was the top payer for metropolitan, while Southwest Montana for Nonmetropolitan, with $126,340 and $119,000 respectively.
Experience
According to the Ezra Penland Actuarial Recruitment, in 2011, actuaries with a year of experience, and only have one certification can earn up to $46,000 to $62,000 a year. On the other hand, those who are fully certified and with 20 plus years of experience can earn up to $151,000 to $447,000.
It is very evident that in order to increase your salary, you have to acquire plenty of experience and fulfill certification examinations. In addition, actuary salary is correlated with the actuary’s responsibility. This means that if the salary is high, it is then followed by lots of duties and responsibilities. The next step is to learn how to become an actuary and what the duties and responsibilities are so you can better understand if this is a career that you should consider.
Related posts:
