Actuary Salary Guide 2025: Median $130,000, Fast Growth & How to Start
Actuaries made a median $130,000 in 2024, according to the Bureau of Labor Statistics. The top 10% earned over $215,100, while the bottom 10% earned below $78,570. With a mean wage of $141,480 ($63 per hour), this profession consistently ranks among the highest-paying office jobs in the U.S.
How much Actuaries earn
The typical actuary earns a six-figure salary, but your pay depends on experience, industry, and location. The BLS reports that the bottom 10% earn under $78,570, while the top 10% top $215,100. Most actuaries work for insurance carriers, but those in management of companies and enterprises earn a mean of $167,220.
Actuaries in finance and insurance earned a mean $144,560. Government actuaries earned $127,510, while those in professional, scientific, and technical services averaged $133,350. Experience drives earnings: entry-level salaries often start near $70,000, while senior actuaries with fellowships can exceed $200,000.
- National median: $130,000
- Mean annual wage: $141,480 ($63/hour)
- Typical range (10th–90th percentile): $78,570 – $215,100
- Employment: 26,670 jobs
Pay by state
Where you work as an actuary significantly affects your paycheck. The highest-paying state is Connecticut, with a mean wage of $166,800. The District of Columbia follows at $166,230, then New York at $156,480. New Jersey ($142,800) and Alabama ($136,950) round out the top five.
Lower-paying states include Indiana ($100,690), Michigan ($100,640), and Louisiana ($80,860). Keep in mind that cost of living varies—Connecticut's high pay may not go as far as Alabama's, even though Alabama also ranks in the top five for wages.
- Highest-paying: Connecticut ($166,800), DC ($166,230), New York ($156,480), New Jersey ($142,800), Alabama ($136,950)
- Lower-paying: Indiana ($100,690), Michigan ($100,640), Louisiana ($80,860)
How to become an Actuary
Becoming an actuary requires a strong math background, a bachelor's degree, and a series of professional exams. Most actuaries major in actuarial science, mathematics, statistics, or economics. The path involves two tiers of certification: Associate and Fellow, through either the Society of Actuaries (SOA) for life/health/pensions or the Casualty Actuarial Society (CAS) for property/casualty.
The typical route: earn a bachelor's degree (4 years), pass the first two actuarial exams (Exam P and Exam FM) while in college or shortly after, then land an entry-level job. You'll continue taking exams on the job—usually one per year—while gaining experience. Fully credentialed Fellows typically have 7–10 years of exam progress. Many employers offer study time and exam fee reimbursement.
- 1. Earn a bachelor's degree in actuarial science, math, statistics, or economics.
- 2. Pass the first two SOA/CAS exams (Probability P and Financial Mathematics FM).
- 3. Apply for internship or entry-level actuarial analyst positions.
- 4. Continue passing exams (one per year) to achieve Associate (ASA/ACAS) then Fellow (FSA/FCAS).
- 5. Consider earning a master's degree or MBA for senior roles, but not required.
Job outlook
Employment of actuaries is projected to grow 21.8% from 2024 to 2034, much faster than the average for all occupations. That translates to about 2,400 job openings per year over the decade, mostly from new positions and replacement needs. The demand is driven by insurance companies expanding their analytics, as well as healthcare and pension risk management.
The BLS notes that the field will gain about 5,800 new jobs by 2034. Skilled candidates with strong programming skills (R, Python, SQL) and passing grades on multiple exams have the best prospects. Competition is highest for entry-level roles, but those who persist through exams reliably find work.
- Projected growth 2024–2034: 21.8% (Much faster than average)
- Openings per year: ~2,400
- Employment (2024): 26,670
Frequently asked questions
Do actuaries make good money?
Yes. The median annual salary for actuaries is $130,000, with top earners exceeding $215,000. This is well above the national median for all occupations.
How long does it take to become an actuary?
Typically 4–7 years to reach Associate level after a bachelor's degree, depending on exam pacing. Fully credentialed Fellows often take 7–10 years. Most candidates work full-time while studying.
Which state pays actuaries the most?
Connecticut pays the highest mean wage at $166,800, followed by the District of Columbia ($166,230) and New York ($156,480).
What is the job growth for actuaries?
The BLS projects 21.8% growth from 2024 to 2034, much faster than average, creating about 2,400 openings per year.
Is actuary a stressful job?
The exam process can be intense, but the day-to-day work is analytical and typically low-stress. Actuaries often report high job satisfaction.
Salary figures are U.S. Bureau of Labor Statistics estimates (OEWS / Employment Projections). For informational purposes only; not career or financial advice. See the full Actuaries data.