Actuary Salary Overview
The Actuary is one of the most important roles in the Business & Finance sector of the US economy in 2026. With a median annual salary of $120,000, compensation for this position ranges from $70,800 at the entry level to $196,200 for highly experienced professionals in top-paying markets.
This career typically requires Bachelor's in Actuarial Science, Mathematics, Statistics, or related quantitative field. Valued professional credentials include SOA (Society of Actuaries) or CAS (Casualty Actuarial Society) exams—ASA/ACAS (5-7 exams) then FSA/FCAS (3-4 more). Full credentialing takes 7-10 years. On a day-to-day basis, professionals in this role focus on calculating insurance premiums and reserves, building predictive risk models, analyzing mortality and morbidity tables, ensuring regulatory solvency requirements, pricing new insurance products, conducting experience studies, and advising on enterprise risk management.
The job market for this position shows 21% from 2022-2032 (much faster than average) driven by expanding applications in enterprise risk management, climate risk, and insurtech growth, with demand strongest in specializations including life/health insurance, property/casualty insurance, pension/retirement, enterprise risk management, and climate/catastrophe risk. AI enhances predictive modeling capabilities, but actuarial judgment in pricing complex risks, regulatory compliance, and communicating uncertainty to decision-makers remains human-critical
Salary Range: The typical Actuary in the US earns between $70,800 and $196,200 per year, with a median of $120,000.
What Does a Actuary Do?
A Actuary spends their workday calculating insurance premiums and reserves, building predictive risk models, analyzing mortality and morbidity tables, ensuring regulatory solvency requirements, pricing new insurance products, conducting experience studies, and advising on enterprise risk management. The role requires proficiency with industry-standard tools and technologies including Excel, R/Python, SQL, SAS, actuarial modeling software (Prophet, AXIS, GGY), data visualization tools, statistical modeling packages.
The typical work environment involves insurance companies, consulting firms (Milliman, Oliver Wyman), reinsurers, or corporate risk departments; standard office hours with exam study time accommodated. Within the profession, you can specialize in areas such as life/health insurance, property/casualty insurance, pension/retirement, enterprise risk management, and climate/catastrophe risk, each requiring different skill sets and offering different compensation levels.
Day-to-day responsibilities vary based on seniority and organization size. Entry-level professionals often focus on execution tasks under supervision, while senior professionals take on strategic planning, mentoring, and cross-functional leadership.
Actuary Salary by Experience
Compensation for a Actuary increases substantially with experience. Entry-level professionals (0-2 years) typically earn around $82,800, while mid-career professionals (3-6 years) reach the median of $120,000. Senior professionals (7-12 years) earn approximately $151,200, and those in lead or principal roles can expect $186,000 or more.
The typical career progression follows this path: Actuarial Analyst → Actuarial Associate (ASA) → Actuary (FSA/FCAS) → Senior Actuary → Chief Actuary → Chief Risk Officer. Each advancement typically requires 2-4 years and demonstrating increasing scope of responsibility.
| Level | Salary | Hourly | Take-Home |
|---|---|---|---|
| Entry | $82,800 | $40/hr | $62,798 |
| Mid | $120,000 | $58/hr | $85,475 |
| Senior | $151,200 | $73/hr | $103,899 |
| Lead | $186,000 | $89/hr | $125,062 |
Actuary Salary by State (After Tax)
Gross salary, federal tax, state tax, and estimated take-home pay for a Actuary in each US state.
Geographic location significantly impacts Actuary compensation. The top-paying states for this role include Connecticut (insurance capital), New York (reinsurance), Illinois (insurance companies), Massachusetts (financial services), Pennsylvania (insurance headquarters).
States with no income tax (Texas, Florida, Washington, Nevada, Tennessee) offer an effective pay boost of 3-9% compared to high-tax states like California or New York, though these states often compensate with higher cost of living or property taxes. When evaluating offers, consider both gross salary and after-tax take-home pay.
| State | Gross | Federal | State Tax | FICA | Take-Home | Rate |
|---|---|---|---|---|---|---|
| Alabama | $120,000 | $18,047 | $5,835 | $9,180 | $86,938 | 27.6% |
| Alaska | $120,000 | $18,047 | $0 | $9,180 | $92,773 | 22.7% |
| Arizona | $120,000 | $18,047 | $2,635 | $9,180 | $90,138 | 24.9% |
| Arkansas | $120,000 | $18,047 | $5,054 | $9,180 | $87,719 | 26.9% |
| California | $120,000 | $18,047 | $7,298 | $9,180 | $85,475 | 28.8% |
| Colorado | $120,000 | $18,047 | $4,620 | $9,180 | $88,153 | 26.5% |
| Connecticut | $120,000 | $18,047 | $5,950 | $9,180 | $86,823 | 27.6% |
| Delaware | $120,000 | $18,047 | $6,689 | $9,180 | $86,084 | 28.3% |
| District of Columbia | $120,000 | $18,047 | $7,359 | $9,180 | $85,414 | 28.8% |
| Florida | $120,000 | $18,047 | $0 | $9,180 | $92,773 | 22.7% |
| Georgia | $120,000 | $18,047 | $5,929 | $9,180 | $86,844 | 27.6% |
| Hawaii | $120,000 | $18,047 | $8,972 | $9,180 | $83,801 | 30.2% |
| Idaho | $120,000 | $18,047 | $6,113 | $9,180 | $86,660 | 27.8% |
| Illinois | $120,000 | $18,047 | $5,803 | $9,180 | $86,970 | 27.5% |
| Indiana | $120,000 | $18,047 | $3,660 | $9,180 | $89,113 | 25.7% |
| Iowa | $120,000 | $18,047 | $4,560 | $9,180 | $88,213 | 26.5% |
| Kansas | $120,000 | $18,047 | $6,183 | $9,180 | $86,590 | 27.8% |
| Kentucky | $120,000 | $18,047 | $4,674 | $9,180 | $88,099 | 26.6% |
| Louisiana | $120,000 | $18,047 | $4,519 | $9,180 | $88,254 | 26.5% |
| Maine | $120,000 | $18,047 | $7,042 | $9,180 | $85,731 | 28.6% |
| Maryland | $120,000 | $18,047 | $5,570 | $9,180 | $87,203 | 27.3% |
| Massachusetts | $120,000 | $18,047 | $5,780 | $9,180 | $86,993 | 27.5% |
| Michigan | $120,000 | $18,047 | $4,862 | $9,180 | $87,911 | 26.7% |
| Minnesota | $120,000 | $18,047 | $6,723 | $9,180 | $86,050 | 28.3% |
| Mississippi | $120,000 | $18,047 | $5,062 | $9,180 | $87,711 | 26.9% |
| Missouri | $120,000 | $18,047 | $4,889 | $9,180 | $87,884 | 26.8% |
| Montana | $120,000 | $18,047 | $5,973 | $9,180 | $86,800 | 27.7% |
| Nebraska | $120,000 | $18,047 | $5,487 | $9,180 | $87,286 | 27.3% |
| Nevada | $120,000 | $18,047 | $0 | $9,180 | $92,773 | 22.7% |
| New Hampshire | $120,000 | $18,047 | $0 | $9,180 | $92,773 | 22.7% |
| New Jersey | $120,000 | $18,047 | $5,518 | $9,180 | $87,255 | 27.3% |
| New Mexico | $120,000 | $18,047 | $4,885 | $9,180 | $87,888 | 26.8% |
| New York | $120,000 | $18,047 | $6,464 | $9,180 | $86,309 | 28.1% |
| North Carolina | $120,000 | $18,047 | $4,826 | $9,180 | $87,947 | 26.7% |
| North Dakota | $120,000 | $18,047 | $2,055 | $9,180 | $90,718 | 24.4% |
| Ohio | $120,000 | $18,047 | $2,730 | $9,180 | $90,043 | 25.0% |
| Oklahoma | $120,000 | $18,047 | $5,210 | $9,180 | $87,563 | 27.0% |
| Oregon | $120,000 | $18,047 | $9,975 | $9,180 | $82,798 | 31.0% |
| Pennsylvania | $120,000 | $18,047 | $3,684 | $9,180 | $89,089 | 25.8% |
| Rhode Island | $120,000 | $18,047 | $4,464 | $9,180 | $88,309 | 26.4% |
| South Carolina | $120,000 | $18,047 | $6,053 | $9,180 | $86,720 | 27.7% |
| South Dakota | $120,000 | $18,047 | $0 | $9,180 | $92,773 | 22.7% |
| Tennessee | $120,000 | $18,047 | $0 | $9,180 | $92,773 | 22.7% |
| Texas | $120,000 | $18,047 | $0 | $9,180 | $92,773 | 22.7% |
| Utah | $120,000 | $18,047 | $5,580 | $9,180 | $87,193 | 27.3% |
| Vermont | $120,000 | $18,047 | $6,008 | $9,180 | $86,765 | 27.7% |
| Virginia | $120,000 | $18,047 | $6,384 | $9,180 | $86,389 | 28.0% |
| Washington | $120,000 | $18,047 | $0 | $9,180 | $92,773 | 22.7% |
| West Virginia | $120,000 | $18,047 | $5,256 | $9,180 | $87,518 | 27.1% |
| Wisconsin | $120,000 | $18,047 | $5,272 | $9,180 | $87,501 | 27.1% |
| Wyoming | $120,000 | $18,047 | $0 | $9,180 | $92,773 | 22.7% |
Top Cities for Actuary Pay
Hartford CT as insurance capital; New York for reinsurance and consulting; Chicago for diverse insurance industry roles
When comparing city compensation, factor in cost of living differences. A $120,000 salary in a mid-cost city often provides more purchasing power than a 20-30% premium in San Francisco or New York.
| City | Avg Salary |
|---|---|
| Hartford, CT | $132,000 |
| New York, NY | $132,000 |
| Chicago, IL | $132,000 |
| Boston, MA | $132,000 |
| Philadelphia, PA | $132,000 |
Calculate Actuary Take-Home Pay
Adjust the state and filing status to see your estimated after-tax income.
Estimated Take-Home Pay
Tax Breakdown
Tax Distribution
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Pay Frequency Breakdown
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How to Become a Actuary
Education: The typical path to becoming a Actuary involves earning a Bachelor's in Actuarial Science, Mathematics, Statistics, or related quantitative field. Some professionals enter the field through alternative pathways, but formal education provides the strongest foundation for long-term career growth.
Certifications: Key professional credentials for this role include SOA (Society of Actuaries) or CAS (Casualty Actuarial Society) exams—ASA/ACAS (5-7 exams) then FSA/FCAS (3-4 more). Full credentialing takes 7-10 years. These certifications demonstrate expertise to employers and often directly correlate with higher compensation.
Skills & Tools: Proficiency with Excel, R/Python, SQL, SAS, actuarial modeling software (Prophet, AXIS, GGY), data visualization tools, statistical modeling packages is expected for competitive candidates. Building a portfolio of work or gaining practical experience through internships, projects, or entry-level positions is essential for breaking into the field.
Timeline: Most professionals reach mid-level competency within 3-5 years of entering the field, with senior positions typically requiring 7-12 years of progressive experience.
Actuary Career Outlook
Employment for the Actuary role is projected to grow 21% from 2022-2032 (much faster than average) driven by expanding applications in enterprise risk management, climate risk, and insurtech, reflecting strong demand driven by industry evolution and changing workforce needs. The most in-demand specializations include life/health insurance, property/casualty insurance, pension/retirement, enterprise risk management, and climate/catastrophe risk.
AI and Automation Impact: AI enhances predictive modeling capabilities, but actuarial judgment in pricing complex risks, regulatory compliance, and communicating uncertainty to decision-makers remains human-critical
Professionals who combine deep technical expertise with strong communication skills and adaptability will find the best opportunities in this evolving landscape.
Tax Tips for Actuary Earnings
At this income level, you're in the 24% federal bracket and have access to more sophisticated tax reduction strategies:
Backdoor Roth IRA: If your income exceeds direct Roth contribution limits, use the backdoor strategy—contribute to a traditional IRA then convert to Roth. This provides tax-free growth and withdrawals in retirement.
Mega Backdoor Roth: If your employer's 401(k) allows after-tax contributions and in-plan conversions, you can contribute up to $69,000 total (employee + employer) and convert the after-tax portion to Roth—a powerful wealth-building strategy.
SALT Cap Strategy: The $10,000 state and local tax deduction cap may limit your itemized deductions. If you're in a high-tax state, consider strategies like bunching charitable deductions in alternate years using a donor-advised fund.
Tax-Loss Harvesting: If you have taxable investment accounts, systematically harvesting losses to offset gains can save significant taxes while maintaining your investment strategy through substantially different replacement positions.
401(k) + HSA Maximum: Prioritize maxing both accounts—$23,500 (401k) + $4,300 (HSA) = $27,800 in pre-tax deductions, saving you $6,672 in federal taxes at the 24% bracket.
Actuary Salary FAQ
The median annual salary for a Actuary in the United States is $120,000 in 2026. Compensation typically ranges from $70,800 for entry-level positions to $196,200 for experienced professionals in top-paying markets. Actual pay depends on experience, location, certifications, and employer size.
On a $120,000 salary, a Actuary takes home approximately $85,000-$105,000 after federal, state, and FICA taxes, depending on the state and filing status. In no-income-tax states like Texas or Florida, take-home pay is higher than in states like California or New York.
Entry-level Actuary professionals with 0-2 years of experience can expect to earn around $82,800 per year. Starting salaries vary significantly by location, with major metro areas offering 15-30% premiums over rural areas.
The highest-paying states for Actuary professionals include CT, NY, NJ. However, when adjusted for cost of living, some mid-tier states offer better purchasing power. No-income-tax states provide an additional 3-9% effective pay boost.
The median hourly equivalent for a Actuary is approximately $57.69, based on 2,080 working hours per year. Actual hourly rates vary by experience level, with senior professionals earning $10-30 more per hour than entry-level.
To become a Actuary, you typically need Bachelor's in Actuarial Science, Mathematics, Statistics, or related quantitative field. Valuable certifications include SOA (Society of Actuaries) or CAS (Casualty Actuarial Society) exams—ASA/ACAS (5-7 exams) then FSA/FCAS (3-4 more). Full credentialing takes 7-10 years. Most employers also value practical experience gained through internships or entry-level positions.
Employment for Actuary professionals is projected to grow 21% from 2022-2032 (much faster than average) driven by expanding applications in enterprise risk management, climate risk, and insurtech. AI enhances predictive modeling capabilities, but actuarial judgment in pricing complex risks, regulatory compliance, and communicating uncertainty to decision-makers remains human-critical The strongest opportunities are in life/health insurance, property/casualty insurance, pension/retirement, enterprise risk management, and climate/catastrophe risk.
A Actuary typically spends their day calculating insurance premiums and reserves, building predictive risk models, analyzing mortality and morbidity tables, ensuring regulatory solvency requirements, pricing new insurance products, conducting experience studies, and advising on enterprise risk management. The work environment involves insurance companies, consulting firms (Milliman, Oliver Wyman), reinsurers, or corporate risk departments; standard office hours with exam study time accommodated.