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Working as an Insurance Actuary

There is more than meets the eye when it comes to being an insurance actuary. For example, did you know that they make an average of $31.22 an hour? That's $64,946 a year!

Between 2018 and 2028, the career is expected to grow 20% and produce 5,000 job opportunities across the U.S.

What Does an Insurance Actuary Do

There are certain skills that many insurance actuaries have in order to accomplish their responsibilities. By taking a look through resumes, we were able to narrow down the most common skills for a person in this position. We discovered that a lot of resumes listed analytical skills, math skills and computer skills.

When it comes to the most important skills required to be an insurance actuary, we found that a lot of resumes listed 46.4% of insurance actuaries included risk management, while 33.6% of resumes included health care, and 13.2% of resumes included gaap. Hard skills like these are helpful to have when it comes to performing essential job responsibilities.

When it comes to searching for a job, many search for a key term or phrase. Instead, it might be more helpful to search by industry, as you might be missing jobs that you never thought about in industries that you didn't even think offered positions related to the insurance actuary job title. But what industry to start with? Most insurance actuaries actually find jobs in the insurance and professional industries.

How To Become an Insurance Actuary

If you're interested in becoming an insurance actuary, one of the first things to consider is how much education you need. We've determined that 50.0% of insurance actuaries have a bachelor's degree. In terms of higher education levels, we found that 16.7% of insurance actuaries have master's degrees. Even though most insurance actuaries have a college degree, it's possible to become one with only a high school degree or GED.

Choosing the right major is always an important step when researching how to become an insurance actuary. When we researched the most common majors for an insurance actuary, we found that they most commonly earn bachelor's degree degrees or master's degree degrees. Other degrees that we often see on insurance actuary resumes include doctoral degree degrees or associate degree degrees.

You may find that experience in other jobs will help you become an insurance actuary. In fact, many insurance actuary jobs require experience in a role such as actuary. Meanwhile, many insurance actuaries also have previous career experience in roles such as senior consultant or actuarial analyst.

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Average Salary$64,946
Job Growth Rate20%

Insurance Actuary Jobs

Average Salary for an Insurance Actuary

Insurance Actuaries in America make an average salary of $64,946 per year or $31 per hour. The top 10 percent makes over $128,000 per year, while the bottom 10 percent under $32,000 per year.
Average Salary
$64,946

Best Paying Cities

City
Average Salary
New York, NY
Salary Range71k - 140k$100k$100,078
Philadelphia, PA
Salary Range68k - 134k$95k$95,467
Boston, MA
Salary Range63k - 127k$90k$89,809
Atlanta, GA
Salary Range58k - 123k$85k$84,748
Tampa, FL
Salary Range50k - 110k$74k$74,286
Chicago, IL
Salary Range52k - 104k$74k$73,889
$50k
$140k

Recently Added Salaries

Job TitleCompanyCompanyStart DateSalary
Senior Actuary, Insurance Pricing
Senior Actuary, Insurance Pricing
XL Global Services, Inc.
XL Global Services, Inc.
02/27/2019
02/27/2019
$181,89602/27/2019
$181,896
Actuary, Insurance Pricing
Actuary, Insurance Pricing
XL Global Services, Inc.
XL Global Services, Inc.
03/12/2018
03/12/2018
$109,28303/12/2018
$109,283
Actuary, Insurance Pricing
Actuary, Insurance Pricing
XL Global Services, Inc.
XL Global Services, Inc.
12/19/2017
12/19/2017
$109,28312/19/2017
$109,283
Director, Actuary, Individual Life Insurance
Director, Actuary, Individual Life Insurance
Prudential Insurance Company of America
Prudential Insurance Company of America
09/03/2016
09/03/2016
$121,00009/03/2016
$121,000
Fso-Insurance & Actuarial Advisory Services (Iaas)-Life and Health Senior
Fso-Insurance & Actuarial Advisory Services (Iaas)-Life and Health Senior
Ernst & Young U.S. LLP
Ernst & Young U.S. LLP
10/03/2015
10/03/2015
$136,20010/03/2015
$136,200
See More Recent Salaries

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Entry Level Jobs For Becoming An Insurance Actuary

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Best States For an Insurance Actuary

Some places are better than others when it comes to starting a career as an insurance actuary. The best states for people in this position are California, New York, Alaska, and Pennsylvania. Insurance actuaries make the most in California with an average salary of $98,592. Whereas in New York and Alaska, they would average $98,230 and $97,581, respectively. While insurance actuaries would only make an average of $93,123 in Pennsylvania, you would still make more there than in the rest of the country. We determined these as the best states based on job availability and pay. By finding the median salary, cost of living, and using the Bureau of Labor Statistics' Location Quotient, we narrowed down our list of states to these four.

1. Pennsylvania

Total Insurance Actuary Jobs:
57
Highest 10% Earn:
$168,000
Location Quotient:
1.45
Location Quotient is a measure used by the Bureau of Labor Statistics (BLS) to determine how concentrated a certain industry is in a single state compared to the nation as a whole. You can read more about how BLS calculates location quotients here

2. New York

Total Insurance Actuary Jobs:
87
Highest 10% Earn:
$176,000
Location Quotient:
1.87
Location Quotient is a measure used by the Bureau of Labor Statistics (BLS) to determine how concentrated a certain industry is in a single state compared to the nation as a whole. You can read more about how BLS calculates location quotients here

3. Connecticut

Total Insurance Actuary Jobs:
46
Highest 10% Earn:
$163,000
Location Quotient:
4.08
Location Quotient is a measure used by the Bureau of Labor Statistics (BLS) to determine how concentrated a certain industry is in a single state compared to the nation as a whole. You can read more about how BLS calculates location quotients here
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Top Insurance Actuary Employers

1. Ernst & Young
4.7
Avg. Salary: 
$97,282
Insurance Actuarys Hired: 
35+
2. Genworth Financial
4.8
Avg. Salary: 
$62,513
Insurance Actuarys Hired: 
1+
3. Kaiser Permanente
4.7
Avg. Salary: 
$48,146
Insurance Actuarys Hired: 
1+
4. XL Global Services
4.4
Avg. Salary: 
$92,377
Insurance Actuarys Hired: 
3+

Recently Added Insurance Actuary Jobs

Updated October 2, 2020