Actuary Salary Overview
A Actuary in the United States earns a median of $120,000 a year, or about $57.69 an hour over a full-time year of 2,080 hours. 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 band runs from $70,800 to $196,200, a spread of 177 per cent between the two ends, which for this occupation is decided mainly by years in the role and by the employer rather than by job title. On the median salary, federal income tax takes about $17,570 and FICA another $9,180, leaving $93,250 in a state with no income tax such as Texas or Florida; add California income tax of roughly $6,930 and take-home pay falls to about $86,320, an effective rate of 28.1 per cent. Education: The typical path to becoming a Actuary involves earning a Bachelor's in Actuarial Science, Mathematics, Statistics, or related quantitative field.
From entry to lead, pay for a Actuary roughly 2.2-doubles, running from $82,800 to $186,000. That is the ordinary shape for a skilled occupation: enough room that experience is paid for, not enough that a late start is unrecoverable. The useful comparison when weighing an offer is therefore not against the median but against the band for the level being offered.
The largest single step is the one out of the entry level, worth about $37,200 a year. That places the decisive moment early: the two or three years it takes to stop being junior are worth more than any later promotion, which argues for choosing a first employer on what it will teach rather than on what it pays.
Every one of the best-paying states for this occupation (CT, NY, NJ) levies an income tax, which means the highest gross offers are also the most heavily taxed. The comparison worth making is against a lower gross in a state without income tax: on this median salary the state layer is large enough that the ranking by take-home pay differs from the ranking by salary.
Demand concentrates in Hartford, CT, New York, NY, Chicago, IL, and those are also among the most expensive places to live in the country. A premium of ten or twenty per cent on the median does not survive a housing cost twice the national figure, so the right comparison for a Actuary weighing a move is take-home pay minus rent, not salary against salary.
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
| Level | Salary | Hourly | Take-Home |
|---|---|---|---|
| Entry | $82,800 | $40/hr | $63,609 |
| Mid | $120,000 | $58/hr | $86,320 |
| Senior | $151,200 | $73/hr | $104,779 |
| Lead | $186,000 | $89/hr | $125,422 |
Best and Worst States for Actuary Pay
Which states let a Actuary keep the most, and least, of their salary, ranked by annual take-home pay.
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.
Geographic location creates dramatic differences in Actuary take-home pay. On the same $120,000 salary, the gap between the highest and lowest take-home states spans $7,083 annually. Texas offers the best net income at $93,250, while California results in the lowest at $86,167. This $7,083 difference represents real purchasing power that compounds year over year.
Cost-of-Living Adjusted Analysis: When factoring in regional cost of living, Texas offers the best purchasing power for a Actuary salary. While high-tax states like California and New York offer robust Business & Finance job markets, their combined tax burden and cost of living can reduce effective purchasing power by 25-40% compared to states like Texas or Georgia. A Actuary earning $120,000 in Texas enjoys purchasing power equivalent to approximately $100,269 in a baseline cost area.
Financial Center Analysis: Actuary roles concentrate in New York (Wall Street premium), Chicago (derivatives and insurance hub), Charlotte (banking sector), and San Francisco (fintech). New York's city tax adds 3-4% on top of state rates, meaning a Actuary earning $120,000 pays approximately $4,800 more in local taxes than surrounding suburbs. Connecticut and New Jersey offer proximity to Manhattan with different (though not always lower) tax structures.
Top 10 Best States for Actuary Salary
| # | State | Gross | Federal | State Tax | FICA | Take-Home | Rate |
|---|---|---|---|---|---|---|---|
| 1 | Alaska | $120,000 | $17,570 | $0 | $9,180 | $93,250 | 22.3% |
| 2 | Florida | $120,000 | $17,570 | $0 | $9,180 | $93,250 | 22.3% |
| 3 | Nevada | $120,000 | $17,570 | $0 | $9,180 | $93,250 | 22.3% |
| 4 | New Hampshire | $120,000 | $17,570 | $0 | $9,180 | $93,250 | 22.3% |
| 5 | South Dakota | $120,000 | $17,570 | $0 | $9,180 | $93,250 | 22.3% |
| 6 | Tennessee | $120,000 | $17,570 | $0 | $9,180 | $93,250 | 22.3% |
| 7 | Texas | $120,000 | $17,570 | $0 | $9,180 | $93,250 | 22.3% |
| 8 | Washington | $120,000 | $17,570 | $0 | $9,180 | $93,250 | 22.3% |
| 9 | Wyoming | $120,000 | $17,570 | $0 | $9,180 | $93,250 | 22.3% |
| 10 | North Dakota | $120,000 | $17,570 | $1,081 | $9,180 | $92,169 | 23.2% |
Bottom 10 Worst States for Actuary Salary
| # | State | Gross | Federal | State Tax | FICA | Take-Home | Rate |
|---|---|---|---|---|---|---|---|
| 42 | Kansas | $120,000 | $17,570 | $5,896 | $9,180 | $87,354 | 27.2% |
| 43 | New York | $120,000 | $17,570 | $6,040 | $9,180 | $87,210 | 27.3% |
| 44 | Virginia | $120,000 | $17,570 | $6,086 | $9,180 | $87,164 | 27.4% |
| 45 | Delaware | $120,000 | $17,570 | $6,579 | $9,180 | $86,671 | 27.8% |
| 46 | Maine | $120,000 | $17,570 | $6,587 | $9,180 | $86,663 | 27.8% |
| 47 | Minnesota | $120,000 | $17,570 | $6,637 | $9,180 | $86,613 | 27.8% |
| 48 | California | $120,000 | $17,570 | $6,930 | $9,180 | $86,320 | 28.1% |
| 49 | District of Columbia | $120,000 | $17,570 | $7,232 | $9,180 | $86,018 | 28.3% |
| 50 | Hawaii | $120,000 | $17,570 | $7,590 | $9,180 | $85,660 | 28.6% |
| 51 | Oregon | $120,000 | $17,570 | $9,670 | $9,180 | $83,580 | 30.4% |
Actuary Take-Home Pay by City
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.
How to turn these figures into an actual offer, what to ask for besides base pay and when to name a number, is covered in the guide to negotiating a salary offer.
| City | Gross Salary | Total Tax | Take-Home | Rate |
|---|---|---|---|---|
| Hartford, CT | $120,000 | $31,800 | $88,200 | 26.5% |
| New York, NY | $120,000 | $32,790 | $87,210 | 27.3% |
| Chicago, IL | $120,000 | $32,545 | $87,455 | 27.1% |
| Boston, MA | $120,000 | $32,530 | $87,470 | 27.1% |
| Philadelphia, PA | $120,000 | $30,434 | $89,566 | 25.4% |
Calculate Actuary Take-Home Pay
Adjust the state and filing status to see your estimated after-tax income.
Estimated Take-Home Pay
Tax Breakdown
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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.
Among the roles most often held alongside or instead of this one, Statistician, Financial Analyst, Risk Analyst and Insurance Underwriter, the Actuary is the best paid: its median of $120,000 sits above every one of them, and the nearest, Statistician at $99,960, is $20,040 behind. Being at the top of an adjacent group has a practical meaning: a move sideways costs money, so progression has to come from within the occupation or from management, not from switching to a neighbouring title.
After tax the picture compresses. In California, this role's median leaves about $86,320, and across the whole adjacent group the spread between the highest and lowest take-home figure is $14,414 a year. That compression is the progressive schedule at work: a gross gap of ten thousand dollars between two neighbouring occupations is worth appreciably less once the marginal rate has taken its share, which is why a move made for the salary alone disappoints more often than the gross figures suggest.
Tax Tips for Actuary Earnings
The strategies that apply to every salaried professional, the contribution limits, the bracket arithmetic and the question of moving to a state without an income tax, are set out once in the guide to tax strategies for salaried professionals rather than repeated on each occupation page.
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 median salary of $120,000, take-home pay works out to about $86,320 a year before state-specific credits.
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. On a median salary of $120,000, take-home pay works out to about $86,320 a year before state-specific credits.
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. On a median salary of $120,000, take-home pay works out to about $86,320 a year before state-specific credits.
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. On a median salary of $120,000, take-home pay works out to about $86,320 a year before state-specific credits.
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. On a median salary of $120,000, take-home pay works out to about $86,320 a year before state-specific credits.
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.
Personal finance and taxation expert. Specialized in US federal and state tax calculations, paycheck analysis, and helping Americans understand their take-home pay across all 50 states.
Sources & References
Tax rates, salary data, and deduction figures used on this page are sourced from official US government publications:
- IRS.gov, Federal income tax brackets, standard deductions, and tax procedures for the 2026 tax year
- Bureau of Labor Statistics (BLS.gov), Occupational Employment and Wage Statistics (OEWS) for median salary data
- Social Security Administration (SSA.gov), Social Security wage base, FICA tax rates, and Medicare thresholds
- IRS Tax Withholding Estimator, Federal paycheck withholding calculations and verification
Last reviewed and updated: 2026-09-27. This content is for informational purposes only and does not constitute tax advice.