Becoming an actuary is a commitment to becoming excellent in your mathematics and logic skills. This commitment will pay off with good salaries available in this career path. The Bureau of Labor and Statistics reports the median pay for an actuary in 2012 was $93,680.
This is pay scale is higher than what most auditors earn who are also in the financial areas of business. Actuaries also earn more than the average salary in the related fields of computer and mathematical jobs. Their salary median is near $77,000. Going on to become an actuary has its dividends.
As reported this is a median pay, meaning that over half of the actuaries earned more than this pay and half of the actuaries earned less than this pay. The top ten percent of workers in this field earned more than $174,000. The lowest ten percent of the actuaries reporting earned less than $55,000. This reveals that an actuary’s overall salary is on average greater than many other financial positions.
These salaries are for full time positions of forty hours per week. Statistics also report that as an actuary three out of ten workers will work more than forty hours a week as an actuary.
Compensation can vary greatly depending on experience, the industry you work in, the geographic area you live in and responsibilities assigned. For instance an actuary working in the banking industry will earn more than their counterpart doing the same exact tasks working in the health insurance industry.
Some highly experienced actuaries can earn as much as $250,000 per year with a few even going higher. It pays to get good at what you do as an actuary. Another perk that is beneficial especially to beginners, is many companies will pay you to study to become better at your skills. An actuary will need several years of schooling and many companies support both the educational costs and pay you while you learn.
Sources Cited: Bureau of Labor Statistics