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Actuaries are among the highest-paid professionals in the United States — and one of the few careers where every additional credential has a measurable, documented salary impact. Here is the full compensation picture.
Actuary Salary Overview
By Exam / Credential Progress
| Status | Exams Passed | Typical Salary Range |
|---|---|---|
| Student (no exams) | 0 | $55,000-$65,000 |
| Exam progress (1-2) | 1-2 | $65,000-$80,000 |
| Exam progress (3-4) | 3-4 | $80,000-$100,000 |
| Associate (ASA/ACAS) | 5-6 | $105,000-$140,000 |
| Fellow (FSA/FCAS) | All | $145,000-$250,000+ |
| Senior fellow / VP | All + experience | $200,000-$400,000+ |
By Experience Level
| Experience | Salary Range |
|---|---|
| 0-3 years | $65,000-$95,000 |
| 4-7 years | $95,000-$140,000 |
| 8-12 years | $140,000-$200,000 |
| 13-18 years | $185,000-$280,000 |
| 18+ years | $250,000-$500,000+ |
Salary by Industry
| Industry | Average Actuary Salary | Notes |
|---|---|---|
| Life insurance | $130,000-$220,000 | Largest employer |
| Property & casualty insurance | $120,000-$200,000 | FCAS path |
| Consulting | $130,000-$250,000 | Premium for expertise |
| Health insurance / managed care | $120,000-$190,000 | ACA-driven demand |
| Reinsurance | $140,000-$240,000 | Specialized, high-pay |
| Government | $90,000-$130,000 | Lower pay, stable |
| Banking / capital markets | $140,000-$260,000 | ERM roles |
Salary by State
| State | Average Actuary Salary |
|---|---|
| New York | $175,000 |
| Connecticut | $168,000 |
| Illinois | $150,000 |
| California | $158,000 |
| Massachusetts | $155,000 |
| Texas | $135,000 |
| New Jersey | $148,000 |
| Ohio | $128,000 |
| National average | $120,000 |
The Actuarial Exam Path and Pay Raise
Casualty Actuarial Society (P&C Insurance)
| Milestone | Approximate Salary Jump |
|---|---|
| Passed Exam 1/P | +$5,000-$8,000 |
| Passed Exam 2/FM | +$5,000-$8,000 |
| Each subsequent exam | +$5,000-$10,000 |
| ACAS designation | +$20,000-$35,000 |
| FCAS designation | +$25,000-$50,000 |
Society of Actuaries (Life/Health)
| Milestone | Approximate Salary Jump |
|---|---|
| Preliminary exams (P, FM, IFM) | +$5,000-$8,000 each |
| Upper-level exams | +$8,000-$15,000 each |
| ASA designation | +$20,000-$35,000 |
| FSA designation | +$30,000-$60,000 |
Actuary vs. Other High-Paying Careers
| Career | Avg Salary | Years of Training | Work-Life Balance |
|---|---|---|---|
| Actuary (FSA/FCAS) | $180,000 | 7-10 years | Good |
| Attorney (BigLaw) | $225,000 | 3 years law school | Poor |
| Physician (hospitalist) | $250,000 | 11-15 years training | Variable |
| CPA (Big 4 partner) | $300,000 | 5-10 years to partner | Poor early career |
| Software engineer (senior) | $165,000 | 4-year degree | Good |
Job Outlook
The BLS projects 23% growth in actuary jobs through 2032 — much faster than average. The expansion of enterprise risk management, healthcare complexity, and climate-related insurance modeling are all driving demand.
Related: Financial Advisor Salary | Accountant Salary | Consultant Salary
Sources
- U.S. Bureau of Labor Statistics. “Occupational Employment and Wage Statistics, May 2024.” bls.gov/oes
- Social Security Administration. “Benefits and Eligibility Information.” ssa.gov/benefits
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