For conversion formulas, overtime scenarios, and annual-pay planning, see the Hourly to Annual hub.
Actuaries in the US earn $113,990 on average — but that’s just the midpoint of a highly structured career path. Entry-level actuaries start at $65,000-$80,000, while credentialed Fellows earn $180,000-$400,000+, and Chief Actuaries can reach $800,000+. This guide covers every aspect of actuary compensation in 2026.
Average Actuary Salary in 2026
Metric
Amount
Average actuary salary
$113,990
Median actuary salary
$113,000
Entry level (1-2 exams)
$65,000-$80,000
ASA/ACAS credential
$110,000-$160,000
FSA/FCAS credential
$160,000-$300,000+
Chief Actuary
$300,000-$800,000+
Bottom 10% earn
<$72,000
Top 10% earn
$190,000+
Hourly equivalent
$54.80
How this compares: At $113,990, the average actuary earns more than 90% of U.S. workers. Actuaries consistently rank among the top 5 careers for pay, job outlook, and work environment in major rankings.
What Actuaries Actually Do
Understanding the work helps contextualize the pay:
Function
Description
Typical Settings
Pricing
Calculate premiums, determine rates
Insurance carriers, consulting
Reserving
Estimate future claim liabilities
Insurance companies
Risk Management
Assess financial risks, stress testing
ERM departments, banking
Product Development
Design insurance/financial products
Carriers, reinsurers
Predictive Modeling
Build statistical/ML models
All actuarial settings
Regulatory Compliance
Ensure solvency, meet requirements
Insurance companies, government
Daily reality: Actuaries spend significant time with spreadsheets, actuarial software (Prophet, GGY AXIS, ReservePro), and statistical programming (R, Python, SAS). The work is analytical and detail-oriented. Most roles offer 40-50 hour weeks with occasional deadlines — significantly better work-life balance than investment banking or Big Law.
Actuary Salary by Exam Progress
SOA Track (Life, Health, Pension)
Level
Exams
Years
Typical Salary
Total Comp
Entry-Level
1-2
0-1
$65,000-$80,000
$68,000-$85,000
Actuarial Analyst
3-4
1-3
$80,000-$100,000
$85,000-$110,000
Senior Analyst
5-6
2-4
$100,000-$125,000
$110,000-$140,000
ASA
All prelims + modules
4-6
$115,000-$160,000
$125,000-$180,000
Senior Actuary (ASA)
ASA + experience
6-10
$140,000-$185,000
$155,000-$210,000
FSA
Full Fellowship
7-10
$175,000-$280,000
$200,000-$350,000
AVP/2nd VP
FSA + leadership
10-15
$220,000-$350,000
$260,000-$450,000
VP/Director
FSA + management
12-18
$280,000-$450,000
$350,000-$600,000
Chief/SVP Actuary
FSA + executive
15+
$350,000-$600,000
$450,000-$800,000+
CAS Track (Property & Casualty)
Level
Exams
Years
Typical Salary
Total Comp
Entry-Level
1-2
0-1
$68,000-$85,000
$72,000-$90,000
Actuarial Analyst
3-4
1-3
$88,000-$110,000
$95,000-$120,000
Senior Analyst
5-6
2-4
$110,000-$140,000
$120,000-$155,000
ACAS
Associate credential
4-6
$130,000-$175,000
$145,000-$200,000
Senior Actuary (ACAS)
ACAS + experience
6-10
$155,000-$210,000
$175,000-$250,000
FCAS
Full Fellowship
7-10
$190,000-$320,000
$220,000-$400,000
AVP/Director
FCAS + leadership
10-15
$260,000-$400,000
$320,000-$520,000
VP/Chief Pricing
FCAS + management
12-18
$320,000-$500,000
$400,000-$650,000
Chief Actuary
FCAS + executive
15+
$400,000-$700,000
$520,000-$950,000+
P&C vs Life/Health: CAS actuaries typically earn 5-15% more than SOA actuaries at equivalent levels. The P&C exam path has fewer exams (9 vs 10+) but higher failure rates. P&C also has greater bonus potential due to profitability-linked compensation.
SOA vs CAS Comparison
Factor
SOA (Life/Health/Pension)
CAS (P&C)
Total exams
10+ (prelims + FSA track)
9 (to FCAS)
Average time to Fellowship
7-10 years
6-9 years
Exam pass rates
40-55% typical
30-45% typical
Entry salary
$65,000-$80,000
$68,000-$85,000
FSA/FCAS salary
$175,000-$280,000
$190,000-$320,000
Chief Actuary
$350,000-$600,000
$400,000-$700,000
Work types
Life, annuities, pensions, health
Auto, home, commercial, catastrophe
Job availability
More positions overall
Fewer positions, higher-paying
Consulting presence
Strong
Strong
Stress level
Generally moderate
Can be higher (CAT events)
Exam Raise Structure
Actuarial employers virtually all provide automatic raises for passing exams, plus study materials and exam fees:
Exam
Typical Raise
Cumulative
Study Time
Exam P (Probability)
$3,500-$5,000
$3,500-$5,000
250-350 hrs
Exam FM (Financial Math)
$3,500-$5,000
$7,000-$10,000
250-300 hrs
Exam FAM-L/FAM-S
$4,500-$6,500
$11,500-$16,500
300-400 hrs
Exam ALTAM/ASTAM
$5,000-$7,000
$16,500-$23,500
350-450 hrs
Exam SRM (Statistics)
$4,000-$6,000
$20,500-$29,500
250-300 hrs
Exam PA (Predictive Analytics)
$4,500-$6,500
$25,000-$36,000
200-250 hrs
ASA Modules (FAP, APC)
$2,500-$5,000
$27,500-$41,000
Variable
Each FSA exam
$5,500-$8,500
Varies
400-500 hrs
Total exam raises to FSA
$40,000-$65,000
—
3,500-5,000 hrs
Additional employer benefits:
Exam registration fees paid ($500-$1,500 per exam)
Study materials/courses paid ($1,000-$3,000 per exam)
Study hours (time off work): 40-100 hours per exam
Exam day and day after: paid time off
Some employers offer passing bonuses on top of raises
Total employer investment to FSA: Approximately $50,000-$80,000 in fees, courses, study time, and raises.
Verdict: Consulting pays 15-30% more in cash compensation but requires significantly more hours. On an hourly basis, the gap narrows substantially. Carriers offer better work-life balance and benefits.
Actuary Salary by State/City
Highest Paying States
State
Average Salary
Cost-Adjusted
Notable Employers
New York
$142,500
$101,800
Met, AXA, Transamerica, Big 4
New Jersey
$138,000
$106,200
Prudential, Chubb
Connecticut
$135,000
$108,000
Hartford, Travelers, Aetna
California
$133,000
$95,000
Anthem, Blue Shield, tech
Illinois
$127,000
$107,900
Allstate, CUNA, health insurers
Massachusetts
$132,000
$102,200
Liberty Mutual, John Hancock
Pennsylvania
$118,000
$105,400
Lincoln, Cigna, consulting
Texas
$116,000
$111,400
USAA, various carriers
Ohio
$112,000
$112,000
Nationwide, Progressive
Iowa
$108,000
$117,400
Principal, Wellmark, EMC
Highest Paying Metro Areas
Metro Area
Average FSA Salary
Notes
New York City
$155,000-$250,000
Consulting, reinsurance hub
San Francisco
$150,000-$240,000
Tech companies, limited positions
Boston
$145,000-$230,000
Liberty Mutual, John Hancock
Philadelphia
$130,000-$210,000
Lincoln, Cigna, consulting
Chicago
$135,000-$215,000
Health, life insurance hub
Hartford
$130,000-$210,000
“Insurance Capital” - most positions
Los Angeles
$140,000-$220,000
Entertainment, health
Washington DC
$135,000-$215,000
Health policy, consulting
Dallas-Fort Worth
$125,000-$200,000
Growing insurance hub
Minneapolis
$125,000-$195,000
Health insurers
Major Actuarial Hubs
City
Why It’s a Hub
Average FSA Salary
Cost-Adjusted
Hartford, CT
Most insurance HQs per capita
$185,000
$148,000
Des Moines, IA
Principal, Wellmark, EMC
$155,000
$168,900
Columbus, OH
Nationwide, many regionals
$165,000
$165,000
Chicago, IL
Diverse insurance sector
$180,000
$153,000
Philadelphia, PA
Lincoln, Cigna, consulting
$175,000
$156,300
Boston, MA
Consulting, Liberty Mutual
$190,000
$147,300
Charlotte, NC
Growing insurance hub
$160,000
$163,200
Best value locations: Des Moines, Columbus, and Charlotte offer the best salary-to-cost-of-living ratios. Actuaries in these cities can save more despite lower nominal salaries.
Remote Work Impact
Work Arrangement
Salary Impact
Availability
Fully Remote
-5% to -15% for high-COL home office
Growing
Hybrid (2-3 days)
-0% to -5%
Most common
Full In-Office
Full local salary
Declining
Remote + High-COL location
Full or slight premium
Rare, varies
Most actuarial employers now offer hybrid arrangements. Fully remote roles are increasingly common, especially post-COVID, though some employers adjust salary for location.
Actuary Salary by Experience
Experience
Pre-ASA
ASA/ACAS
FSA/FCAS
Management Track
0-2 years
$68,000-$85,000
N/A
N/A
N/A
2-4 years
$85,000-$110,000
$120,000-$145,000
N/A
N/A
4-6 years
$100,000-$130,000
$135,000-$165,000
$170,000-$200,000
N/A
6-10 years
$115,000-$145,000
$155,000-$195,000
$195,000-$260,000
$220,000-$300,000
10-15 years
$130,000-$165,000
$175,000-$225,000
$240,000-$350,000
$300,000-$450,000
15-20 years
$145,000-$180,000
$195,000-$250,000
$280,000-$420,000
$380,000-$550,000
20+ years
$155,000-$195,000
$210,000-$270,000
$320,000-$500,000+
$450,000-$700,000+
Key insight: The credential (ASA/FSA) matters more than years of experience. An FSA at year 8 typically earns more than a pre-ASA at year 15. Getting credentialed faster is the most reliable way to accelerate earnings.
Actuary Salary After Taxes
Federal, state, and FICA taxes significantly reduce take-home pay:
Gross Salary
Federal Tax
FICA
State Tax (5% avg)
Take-Home
Monthly
$70,000
$7,660
$5,355
$2,650
$54,335
$4,528
$85,000
$10,460
$6,503
$3,400
$64,637
$5,386
$110,000
$16,090
$8,415
$4,750
$80,745
$6,729
$140,000
$23,590
$10,710
$6,400
$99,300
$8,275
$175,000
$32,690
$13,388
$8,250
$120,672
$10,056
$220,000
$44,990
$15,772
$10,500
$148,738
$12,395
$280,000
$62,990
$17,632
$13,500
$185,878
$15,490
$350,000
$85,690
$19,492
$17,000
$227,818
$18,985
$450,000
$122,690
$21,352
$22,000
$283,958
$23,663
High-income state impact: In California or New York (10-13% state tax), an FSA earning $250,000 would keep ~$152,000 after tax vs ~$167,000 in Florida or Texas (no state income tax) — a $15,000 annual difference.
40-50 hours typical (better than banking, law, consulting)
Intellectual stimulation
Complex problem-solving, continuous learning
Clear career path
Defined exam progression, transparent advancement
Top career rankings
Consistently #1-5 in best jobs lists
Remote work options
Increasingly available post-COVID
Employer exam support
Study time, fees, materials paid
Strong benefits
Insurance companies offer excellent packages
Cons of Being an Actuary
Disadvantage
Details
7-10 years of difficult exams
3,500-5,000+ hours of studying while working
High exam failure rates
30-55% pass rates; many leave profession
Limited industry options
Primarily insurance/financial services
Can be repetitive work
Pricing, reserving cycles; less variety than consulting
Competition for entry
Many students, finite entry positions
Small professional network
~30,000 actuaries vs millions in other professions
Niche recognition
General public doesn’t understand the role
Golden handcuffs
Hard to leave lucrative career for passion pursuits
Studying impacts personal life
100-300 hours per exam while working
Geographic constraints
Major employers in specific regions
Who Should Become an Actuary?
Good Fit
Not Good Fit
Strong math aptitude
Weak quantitative skills
Enjoys studying/exams
Hates standardized testing
Long-term career planner
Wants rapid variety/change
Values stability and structure
Entrepreneurial spirit
Detail-oriented, analytical
Big-picture only
Self-disciplined
Needs external motivation
Comfortable with delayed gratification
Wants immediate rewards
Interested in business/finance
Purely technical interest
Building Wealth as an Actuary
Actuaries are well-positioned for wealth building due to high, stable income:
Wealth Accumulation Projections
Career Stage
Annual Gross
Savings Rate
Annual Savings
Portfolio at End
Years 1-5 (Pre-ASA)
$75,000 avg
20%
$15,000
$90,000
Years 5-10 (ASA/FSA)
$150,000 avg
25%
$37,500
$400,000
Years 10-20 (FSA)
$240,000 avg
30%
$72,000
$1,500,000
Years 20-30 (Senior/Chief)
$350,000 avg
35%
$122,500
$4,000,000+
Assumes 7% real return, aggressive savings. Results vary significantly based on spending, location, family size.
Actuarial Advantages for Wealth Building
Factor
Why It Helps
Predictable income growth
Plan finances years ahead
Job security
Can buy home, take measured risks
High earning ceiling
More to invest, compound faster
Financial literacy
Understand risk, interest, insurance deeply
Good benefits
Max 401(k), pension plans, HSAs
Employer stock discounts
Insurance company ESPP programs
Professional network
Investment/career opportunities
Financial Milestones by Age (Typical Actuary)
Age
Career Stage
Expected Salary
Net Worth Target
25
Entry level
$72,000
$25,000-$50,000
30
ASA/Near-FSA
$145,000
$150,000-$300,000
35
FSA
$210,000
$400,000-$700,000
40
Senior FSA
$280,000
$800,000-$1,400,000
45
Director/AVP
$350,000
$1,500,000-$2,500,000
50
VP/Chief
$420,000
$2,500,000-$4,000,000
55
Chief/Senior Exec
$500,000+
$4,000,000-$6,000,000+
Bottom Line
Actuaries earn $113,990 on average in 2026, but that average masks the true income trajectory. Entry-level actuaries with 1-2 exams start at $65,000-$85,000, while credentialed Fellows (FSA/FCAS) earn $175,000-$350,000, and Chief Actuaries reach $400,000-$800,000+.
Key takeaways:
Exam progression is everything — Passing exams quickly is the primary salary driver. Each exam adds $4,000-$7,000, and reaching FSA before year 10 puts you on the fast track.
P&C pays more — CAS actuaries (property & casualty) typically earn 5-15% more than SOA actuaries (life/health/pension) at equivalent levels.
Consulting vs carrier trade-off — Consulting pays 15-30% more but demands 50-65 hour weeks. Carriers offer better work-life balance at competitive but lower pay.
Location matters for wealth — Des Moines and Columbus offer better savings potential than NYC or San Francisco despite lower nominal salaries.
23% job growth — Actuarial science remains one of the highest-growth, most stable career paths available.
The 7-10 year exam commitment is significant, but for those with quantitative aptitude and discipline, few careers offer the combination of high income, job security, work-life balance, and clear career progression that actuarial science provides.
Sources
Social Security Administration. “Benefits and Eligibility Information.” ssa.gov/benefits
Centers for Medicare & Medicaid Services. “Medicare Program Information.” medicare.gov
WealthVieu researches and writes data-driven personal finance guides using primary sources including the IRS, Bureau of Labor Statistics, Federal Reserve, and Census Bureau.
The content on Wealthvieu is for informational purposes only and should not be considered financial, tax, or investment advice. Consult a qualified professional before making financial decisions. Full disclaimer · Editorial policy
