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Pricing Actuary Careers

The job of a pricing actuary basically boils down to being very good at The Price is Right. Statisticians by trade, pricing actuaries work with finance, investment, and insurance companies to determine the pricing of their products. They do this through market data analysis and thorough risk calculation.

Because the work involves complicated computations and mathematical concepts, most employers require their pricing actuaries to have at least a bachelor's degree in statistics, mathematics, economics, or other similar fields of study. Some even are doctorates-about one in ten pricing actuaries in America are Ph.D. holders.

Because they must demonstrate such a high level of technical expertise, pricing actuaries are well-compensated for their work. On average, they earn about $78,000 a year in US companies. Fortune 500 companies like the United Services Automobile Association (USAA), The Hartford, and the Lincoln Financial Group pay their pricing actuaries a yearly salary of well over $100,000.

There is more than meets the eye when it comes to being a pricing actuary. For example, did you know that they make an average of $36.45 an hour? That's $75,821 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 a Pricing Actuary Do

There are certain skills that many pricing 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 computer skills, math skills and problem-solving skills.

When it comes to the most important skills required to be a pricing actuary, we found that a lot of resumes listed 82.7% of pricing actuaries included product development, while 7.9% of resumes included capital requirements, and 6.6% of resumes included level changes. 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 pricing actuary job title. But what industry to start with? Most pricing actuaries actually find jobs in the insurance and finance industries.

How To Become a Pricing Actuary

If you're interested in becoming a pricing actuary, one of the first things to consider is how much education you need. We've determined that 85.2% of pricing actuaries have a bachelor's degree. In terms of higher education levels, we found that 11.1% of pricing actuaries have master's degrees. Even though most pricing actuaries have a college degree, it's impossible to become one with only a high school degree or GED.

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

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Average Salary
$75,821
Average Salary
Job Growth Rate
20%
Job Growth Rate
Job Openings
2,677
Job Openings

Average Salary for a Pricing Actuary

Pricing Actuaries in America make an average salary of $75,821 per year or $36 per hour. The top 10 percent makes over $173,000 per year, while the bottom 10 percent under $33,000 per year.
Average Salary
$75,821
Find Your Salary Estimate
How much should you be earning as an Architect? Use Zippia's Salary Calculator to get an estimation of how much you should be earning.

Best Paying Cities

City
ascdesc
Average Salarydesc
New York, NY
Salary Range80k - 162k$114k$113,993
Boston, MA
Salary Range65k - 138k$95k$95,019
Stamford, CT
Salary Range65k - 134k$94k$94,300
Richmond, VA
Salary Range65k - 132k$93k$92,844
Newark, NJ
Salary Range59k - 121k$85k$85,203
Chicago, IL
Salary Range55k - 120k$82k$82,134
$46k
$162k

Recently Added Salaries

Job TitleCompanyascdescCompanyascdescStart DateascdescSalaryascdesc
Director, P&C Pricing and Reserving Actuary Remote Available)
Director, P&C Pricing and Reserving Actuary Remote Available)
USAA
USAA
03/28/2021
03/28/2021
$117,60003/28/2021
$117,600
Pricing Actuary-Accident & Health-Windsor, CT/Kansas City, MO/Chicago, IL/New
Pricing Actuary-Accident & Health-Windsor, CT/Kansas City, MO/Chicago, IL/New
DW Simpson
DW Simpson
10/29/2020
10/29/2020
$150,00010/29/2020
$150,000
Property & Casualty Pricing Actuary
Property & Casualty Pricing Actuary
DW Simpson
DW Simpson
10/22/2020
10/22/2020
$90,00010/22/2020
$90,000
Pricing Actuary Lead
Pricing Actuary Lead
National Union Fire Insurance Company of Pittsburgh, Pa.
National Union Fire Insurance Company of Pittsburgh, Pa.
03/05/2020
03/05/2020
$143,00003/05/2020
$143,000
Pricing Actuary
Pricing Actuary
Zurich American Insurance Company
Zurich American Insurance Company
01/31/2020
01/31/2020
$183,74701/31/2020
$183,747
See More Recent Salaries

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Pricing Actuary Demographics

Gender

male

66.7 %

female

25.9 %

unknown

7.4 %

Ethnicity

White

79.3 %

Asian

14.4 %

Hispanic or Latino

2.7 %
See More Demographics

Pricing Actuary Education

Majors

Degrees

Bachelors

85.2 %

Masters

11.1 %

Doctorate

3.7 %

Top Colleges for Pricing Actuarys

1. University of Pennsylvania

Philadelphia, PA • Private

In-State Tuition
$55,584
Enrollment
10,764

2. Columbia University in the City of New York

New York, NY • Private

In-State Tuition
$59,430
Enrollment
8,216

3. Northwestern University

Evanston, IL • Private

In-State Tuition
$54,568
Enrollment
8,451

4. New York University

New York, NY • Private

In-State Tuition
$51,828
Enrollment
26,339

5. Stanford University

Stanford, CA • Private

In-State Tuition
$51,354
Enrollment
7,083

6. University of California, Berkeley

Berkeley, CA • Public

In-State Tuition
$14,184
Enrollment
30,845

7. University of Southern California

Los Angeles, CA • Private

In-State Tuition
$56,225
Enrollment
19,548

8. Harvard University

Cambridge, MA • Private

In-State Tuition
$50,420
Enrollment
7,582

9. University of Michigan - Ann Arbor

Ann Arbor, MI • Public

In-State Tuition
$15,262
Enrollment
30,079

10. Cornell University

Ithaca, NY • Private

In-State Tuition
$55,188
Enrollment
15,105
See More Education Info

Online Courses For Pricing Actuary That You May Like

Introduction to Actuarial Science
edX (Global)

You may have heard of actuarial science, or you might even know an actuary, but do you know what an actuary does? During the course you’ll hear from a wide variety of actuaries about their careers. And don’t be scared that the course will be “just a whole lot of mathematics”. Together, we will go beyond the math to learn how actuaries approach problems relating to risk, using examples from: Finance Investments Banking Insurance You will learn how actuarial science applies mathematical and...

Marketing Analytics: Pricing Strategies and Price Analytics
udemy
4.2
(725)

Boost Profit by learning diff Pricing Strategies & Advanced Pricing Models in Excel. Complete Pricing Analytics in Excel...

Smart Marketing with Price Psychology
udemy
4.5
(1,451)

Improve online marketing success with fundamental psychological pricing research for your business and marketing...

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Top Skills For a Pricing Actuary

The skills section on your resume can be almost as important as the experience section, so you want it to be an accurate portrayal of what you can do. Luckily, we've found all of the skills you'll need so even if you don't have these skills yet, you know what you need to work on. Out of all the resumes we looked through, 82.7% of pricing actuaries listed product development on their resume, but soft skills such as computer skills and math skills are important as well.

Best States For a Pricing Actuary

Some places are better than others when it comes to starting a career as a pricing actuary. The best states for people in this position are New York, Rhode Island, Delaware, and Maine. Pricing actuaries make the most in New York with an average salary of $110,489. Whereas in Rhode Island and Delaware, they would average $100,722 and $96,822, respectively. While pricing actuaries would only make an average of $95,393 in Maine, 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. New York

Total Pricing Actuary Jobs:
114
Highest 10% Earn:
$196,000
Location Quotient:
1.39
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. Rhode Island

Total Pricing Actuary Jobs:
9
Highest 10% Earn:
$184,000
Location Quotient:
1.16
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. North Carolina

Total Pricing Actuary Jobs:
99
Highest 10% Earn:
$173,000
Location Quotient:
1.62
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 Pricing Actuary Employers

1. Westport
4.6
Avg. Salary: 
$42,598
Pricing Actuarys Hired: 
4+
2. Genworth Financial
4.8
Avg. Salary: 
$132,744
Pricing Actuarys Hired: 
3+
3. Kemper
4.3
Avg. Salary: 
$103,725
Pricing Actuarys Hired: 
2+
4. USAA
4.8
Avg. Salary: 
$133,664
Pricing Actuarys Hired: 
2+
5. American International Group
4.7
Avg. Salary: 
$132,239
Pricing Actuarys Hired: 
2+
6. John Hancock Life Insurance Company
4.6
Avg. Salary: 
$104,336
Pricing Actuarys Hired: 
2+
Updated October 2, 2020