Actuarial salaries vary depending on employer type, company size and industry, experience, education, location, and non-financial benefits. Private firms offer higher salaries, and smaller companies may offer higher salaries due to fewer people to distribute profits among. Actuaries with more experience, certifications, and higher education degrees may also receive higher salaries. Populated cities and urbanized locations offer higher salaries than rural areas. Employers may also offer non-financial benefits as a form of compensation.
As with many jobs, actuarial salaries can vary depending on a number of factors. A common factor to consider is the type of employer. This includes private companies, large corporations, non-profit organizations and government agencies. In some cases, actuaries may be self-employed and work for a company on a freelance or contractual basis. Statistics show that actuaries working for private firms or companies demand a higher salary as compared to other employers.
If an actuary is choosing companies, he must consider the size and population within the company. The actuarial salary may be higher in smaller companies; Profits are distributed among fewer people, which contributes to a larger amount. Industry type also matters when it comes to wage rates. Some industries with the highest salaries include life and health insurance, financial consulting, and human resources consulting.
Another factor that affects actuarial salaries is experience. Generally, actuaries with more years of experience are more likely to receive higher salaries. This, however, does not just mean the amount of experience, but also the quality. This is reflected by certifications gained, workshops and seminars attended, and special skills. Potential employers can even look to past employers to gauge an actuary’s experience.
Education is also a determining factor for the wage rate. An actuary with a corresponding degree, such as mathematics and statistics, may receive or request a salary increase. Quality of education also counts. Graduating with honors can potentially get an actuary with a higher salary, and so do top universities. Of course, dual degrees and master’s can also positively affect actuarial salaries.
Actuarial salaries can also differ according to locations or cities. Generally, populated cities, where companies can be very competitive, can give higher wages than less populated ones. Urbanized locations are also opportunities for a salary increase compared to small towns or rural areas. The US cities that offer the highest salaries are Los Angeles, New York and Hartford.
Employers can sometimes increase an actuary’s salary in non-financial methods. In this case, actuarial salaries do not necessarily increase, but the cost of your employees’ benefits and privileges does. Actuaries can receive perks such as paid vacation and sick leave, education reimbursement, and increased insurance coverage. Sometimes they are rewarded with flexible working hours. Employers may give these “pay raises” based on performance appraisal or company loyalty.
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