Salary by Career Stage
Actuarial compensation is directly tied to exam progress. Each exam you pass increases your earning power, and most employers provide formal exam raises on top of regular merit increases.
| Career Stage | Exams Passed | Typical Title | Salary Range |
|---|---|---|---|
| Entry Level | 0 to 2 | Actuarial Analyst | $55,000 to $80,000 |
| Mid-Level | 3 to 5 | Senior Analyst / Actuarial Associate | $75,000 to $115,000 |
| Near-Credential | 5 to 7 (near ASA/ACAS) | Senior Associate | $100,000 to $140,000 |
| Associate | ASA or ACAS | Actuary / Credentialed Actuary | $110,000 to $160,000 |
| Fellow | FSA or FCAS | Senior Actuary / Manager | $150,000 to $250,000 |
| Senior Leader | FSA or FCAS + experience | VP / Director / Chief Actuary | $200,000 to $400,000+ |
Exam Raises and Study Benefits
One of the unique aspects of the actuarial profession is the exam raise system. Most employers in insurance, consulting, and reinsurance offer structured incentives for passing exams:
- Exam raises: $3,000 to $5,000 per preliminary exam passed, sometimes more for upper-level exams
- Paid study time: 100 to 150 hours of company time per exam sitting, often more for upper-level exams
- Study materials: Employer pays for textbooks, online courses, and practice exams
- Exam fees: Registration fees covered by the employer (typically $200 to $1,000+ per exam)
- Designation bonus: $10,000 to $15,000 for reaching ASA/ACAS, sometimes more for FSA/FCAS
These benefits mean that your effective compensation while studying is higher than the base salary alone. A candidate who passes two exams per year can see their salary increase by $6,000 to $10,000 annually from exam raises alone, on top of regular merit increases.
Salary by Specialization
Your specialization within the actuarial field affects your long-term earning potential. Your choice between SOA and CAS determines which specializations are available. Here is a general comparison for experienced professionals with fellowship credentials:
| Specialization | Society | Fellow Salary Range |
|---|---|---|
| Life Insurance | SOA | $140,000 to $250,000 |
| Health Insurance | SOA | $140,000 to $260,000 |
| Retirement / Pensions | SOA | $130,000 to $240,000 |
| Enterprise Risk Management | SOA | $160,000 to $300,000 |
| Quantitative Finance | SOA | $160,000 to $300,000+ |
| Property & Casualty Pricing | CAS | $150,000 to $275,000 |
| Reserving | CAS | $145,000 to $265,000 |
| Reinsurance | CAS | $160,000 to $300,000+ |
Salary by Location
Actuarial salaries vary by region. Major insurance hubs tend to pay the most, though cost of living differences can offset some of the premium. Remote work has become more common since 2020, which has started to narrow geographic differences.
- New York / Connecticut: Highest salaries, major insurance and reinsurance hub. Entry-level $70,000 to $90,000.
- Chicago / Illinois: Strong market for health and life insurance. Entry-level $65,000 to $80,000.
- Hartford / Boston: Traditional insurance center with many major carriers. Entry-level $65,000 to $80,000.
- Des Moines / Midwest: Lower cost of living with strong purchasing power. Entry-level $55,000 to $72,000.
- Bermuda / London: International reinsurance markets. Often 20% to 40% premium over US salaries.
Consulting vs. Insurance Company
Actuaries work in two main settings: insurance companies (in-house) and consulting firms. Each has different compensation structures.
Insurance companies offer stable base salaries, strong benefits, and predictable hours. Study time policies tend to be generous. Total compensation at mid-career is solid but may trail consulting.
Consulting firms (Milliman, Oliver Wyman, Willis Towers Watson, Deloitte) generally pay 10% to 20% more in base salary and offer performance bonuses. In exchange, hours tend to be longer and the work pace faster. Consulting experience is highly valued in the market.
How to Maximize Your Actuarial Salary
- Pass exams quickly: Each exam means a raise. Passing two exams per year accelerates your earning growth significantly. Check the 2026 exam schedule to plan your sittings.
- Get your credential early: Reaching ASA or ACAS unlocks a salary tier that is difficult to reach without the credential.
- Build technical skills: SQL, Python, R, and data visualization skills command premium compensation.
- Consider consulting: Even a few years in consulting can boost your resume and long-term earning power.
- Negotiate at transitions: Changing employers is often the fastest way to a significant salary increase.
Frequently Asked Questions
How much do entry-level actuaries make?
Entry-level actuarial analysts with 1 to 2 exams passed typically earn $60,000 to $80,000 per year. With exam raises of $3,000 to $5,000 per exam, salary grows quickly in the first few years. Candidates with internship experience or a strong GPA may start at the higher end.
Do actuaries get raises for passing exams?
Yes. Nearly all actuarial employers offer structured exam raises. Preliminary exam raises are typically $3,000 to $5,000, while upper-level exam raises can be $5,000 to $10,000. The ASA/ACAS designation often comes with a $10,000 to $15,000 raise.
What is the highest paying actuarial specialization?
Enterprise risk management, reinsurance, and quantitative finance tend to offer the highest compensation. However, all actuarial specializations pay well compared to other professions. Your specific role, employer, and experience matter more than the specialization alone.
Start Passing Exams Faster
Every exam you pass means a raise. Start preparing with 1,400 flashcards and 210 practice exams.
Start Studying Free