According to the data reported by the U.S. Bureau of labor statistics (BLS), the median annual salary actuary – the person who analyzes statistical data to predict risk and responsibility – was $101,560 as of may 2017. This breaks down to an average compensation of $48.83 per hour. The typical actuary works full-time in the office for a specific employer, but some work as consultants, traveling frequently to meet with clients.
Actuaries work with insurance brokers and financial institutions earned the highest annual salary of $102,510, while those working for General with earned less – $95,060.
The most advantageous States for Actuaries | findthebest
The annual salary of the actuary also depends on the state. The top five payers in 2017, was in new York ($145,180), D.C. ($127,960), Connecticut ($127,380), Georgia ($121,780) and Washington ($121,330). Not surprisingly, actuaries working in Metropolitan areas earn more than those working in Metropolitan areas.
Actuaries are important to the insurance companies, and thus, the prospect of jobs for actuaries is very promising, with employment growth of 22% is expected from 2016 to 2026. It is much faster than the average growth for all occupations and is estimated at about 5 300 new jobs over the 10-year period. In General, however, it is a relatively small region, and only 23,600 actuaries working in 2016.
More actuaries will be needed in the health insurance industry to determine the impact of legislative changes in the field of health. Additional jobs will also be created in the property insurance and accident insurance to determine risks for communities exposed to more frequent storms and other extreme weather conditions. Enterprise risk management practice helps companies to manage their risks, will contribute to the growth of jobs for actuaries.