How Much Do Actuaries Make in 2026? (Salary by Exams Passed)

Updated

Actuaries in the US earn $113,990 on average — with credentialed Fellows earning $180,000-$400,000+.

Average Actuary Salary in 2026

Metric Amount
Average actuary salary $113,990
Median actuary salary $113,000
Entry level (1-2 exams) $65,000-$80,000
ASA/ACAS credential $110,000-$150,000
FSA/FCAS credential $150,000-$250,000+
Chief Actuary $250,000-$500,000+
Top 10% earn $190,000+

Actuary Salary by Exam Progress

SOA Track (Life, Health, Pension)

Level Exams Typical Salary
Entry-Level 1-2 $65,000-$80,000
Actuarial Analyst 3-4 $80,000-$100,000
Senior Analyst 5-6 $100,000-$125,000
ASA All prelims + modules $115,000-$150,000
Senior Actuary (ASA) ASA + experience $130,000-$170,000
FSA Full Fellowship $160,000-$250,000
Chief/VP Actuary FSA + leadership $250,000-$500,000+

CAS Track (Property & Casualty)

Level Exams Typical Salary
Entry-Level 1-2 $68,000-$82,000
Actuarial Analyst 3-4 $85,000-$105,000
Senior Analyst 5-6 $105,000-$130,000
ACAS Associate credential $125,000-$160,000
Senior Actuary (ACAS) ACAS + experience $145,000-$185,000
FCAS Full Fellowship $170,000-$280,000
Chief Actuary FCAS + leadership $280,000-$600,000+

P&C actuaries typically earn 5-10% more than life/health at similar levels.

Exam Raise Structure

Exam Typical Raise
Exam P/1 $3,000-$5,000
Exam FM/2 $3,000-$5,000
Exam IFM/3F $4,000-$6,000
Exam STAM/MAS-I $4,000-$6,000
Exam LTAM/MAS-II $5,000-$7,000
Each advanced exam $5,000-$8,000
Module/FAP $2,000-$4,000
Total exam raises to FSA $30,000-$50,000

Plus annual merit raises of 3-5% and promotions.

Actuary Salary by Specialty

Specialty Average Salary (FSA/FCAS)
Enterprise Risk Management $180,000-$280,000
Reinsurance $175,000-$275,000
Property & Casualty $170,000-$270,000
Investment/Quantitative $175,000-$300,000
Life Insurance $160,000-$250,000
Health Insurance $155,000-$240,000
Pension/Retirement $150,000-$230,000
Consulting $165,000-$350,000

Actuary Salary by Employer Type

Employer Salary Range (FSA/FCAS)
Consulting (Big 4, specialty) $170,000-$350,000
Reinsurance companies $170,000-$300,000
P&C Insurance carriers $160,000-$280,000
Life Insurance carriers $150,000-$250,000
Health Insurance $145,000-$240,000
Government/Regulatory $130,000-$180,000
Tech companies $180,000-$300,000

Actuary Salary by State/City

Highest Paying Locations

Location Average Salary
New York City $145,000
San Francisco $140,000
Boston $135,000
Chicago $125,000
Hartford $120,000
Philadelphia $118,000

Major Actuarial Hubs

City Notes
Hartford, CT “Insurance Capital”
New York, NY Consulting, reinsurance
Chicago, IL Health, life insurance
Des Moines, IA Life insurance HQs
Columbus, OH Major insurers

Actuary Salary by Experience

Experience Pre-ASA ASA/ACAS FSA/FCAS
0-2 years $70,000 N/A N/A
2-4 years $90,000 $115,000 N/A
4-7 years $105,000 $135,000 $165,000
7-10 years $120,000 $155,000 $200,000
10-15 years $135,000 $175,000 $250,000
15+ years $150,000 $195,000 $300,000+

Actuary Salary After Taxes

Gross Salary Federal Tax FICA State Tax (avg) Take-Home
$80,000 $10,200 $6,120 $3,200 $60,480
$120,000 $18,400 $9,180 $4,800 $87,620
$180,000 $35,800 $13,770 $7,200 $123,230
$250,000 $56,500 $15,772 $10,000 $167,728

Career Progression Timeline

Year Typical Status Typical Salary
Year 1 1-2 exams $70,000
Year 2 3 exams $82,000
Year 3 4 exams $95,000
Year 4 5-6 exams $110,000
Year 5 Near ASA $125,000
Year 6 ASA $140,000
Year 7-8 FSA track $155,000
Year 8-10 FSA $180,000
Year 12+ Senior FSA $220,000+

How to Maximize Actuary Salary

  1. Pass exams quickly — Each exam = $3,000-$7,000 raise
  2. Target P&C — 5-10% higher than life/health
  3. Consulting — Higher salaries than carriers
  4. ERM specialization — Growing, high-paying field
  5. Job hop strategically — 15-25% raises common
  6. Leadership track — Chief Actuary $300K-$600K
  7. High-cost cities — NYC, SF pay premiums
  8. Data science skills — Valuable combination

Education Requirements

Requirement Details
Bachelor’s degree Math, actuarial science, economics
GPA 3.0+ preferred
Exams before graduation 1-3 recommended
Internship Nearly essential
Total exam journey 7-10 years to Fellowship

Job Outlook for Actuaries

Metric Data
Projected growth (2022-2032) 23% (much faster than average)
Annual job openings 2,400
Current employment ~28,000
Demand drivers Risk management, healthcare, climate
Role Average Salary Exams/Education
Actuary (FSA/FCAS) $180,000+ 7-10 years of exams
Actuary (entry) $72,000 1-2 exams
Data Scientist $108,000 Master’s preferred
Statistician $98,920 Master’s typically
Financial Analyst $95,570 Bachelor’s/CFA
Quantitative Analyst $150,000+ PhD often

Is Actuary a Good Career?

Pros:

  • Excellent salary trajectory ($70K to $200K+)
  • Top job in multiple rankings
  • Low stress compared to finance
  • Work-life balance generally good
  • Exam raises guarantee salary growth
  • 23% job growth outlook
  • Recession-resistant

Cons:

  • 7-10 years of difficult exams
  • Exam failure rate is significant
  • Limited to specific industries
  • Can be repetitive work
  • Fewer actuaries = smaller network
  • Not highly visible career

Bottom Line

Actuaries earn $113,990/year on average, with credentialed Fellows (FSA/FCAS) earning $180,000-$300,000+ and Chief Actuaries reaching $400,000-$600,000. The path requires 7-10 years of difficult exams, but each exam passed adds $3,000-$7,000 to salary. P&C actuaries typically earn 5-10% more than life/health. With 23% projected growth, actuarial science offers exceptional long-term career prospects.

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