How Much Does An Actuary Make A Month?

Article Content:
How Much Does An Actuary Make A Month?
What is the job outlook for an actuary?
What education is needed to become an actuary?
Where do actuaries make the most money?

In the insurance business, you can be sure of good money as an actuary the highest-paid professional in the field. The climb up the income ladder is faster than in most other occupations too. 


As an actuary, you'd be an analyst, forecaster, and planner all rolled into one. You might study the frequency of hurricanes, tornadoes, fires, thefts, industrial accidents, explosions, or other chance occurrences. Then you'd tabulate the amount of damage and injury, calculate the probability of their happening again, and recommend the price your company should charge for insuring against these risks. 

Many actuaries move up to top executive positions in the insurance industry, but they normally start out by specializing. Growing fields include medical malpractice, product liability, workers compensation, pollution liability, dental, prepaid legal, and kidnap insurance. 

Whatever your specialty, you'd assemble and analyze statistics in order to calculate probabilities. You'd need to stay informed about economic and social trends, legislative developments, and changes in health care anything that might affect the risks of death, illness, injury, property loss, or the insurance industry as a whole. 


Of America's 21,000 actuaries, more than half work in private insurance companies and most of them in life insurance firms. Employment has been growing recently in rating bureaus, accounting firms, and consulting firms. As a consulting actuary, you might set up pension and welfare plans for private companies, unions, or government agencies. 

Whether you go into life, health, property and liability insurance, or pensions, you'll have to pass a series of nine or ten exams offered by the professional actuarial society in your field. About halfway through the series, you become an Associate; at the end, you've earned the title of Fellow. The entire process generally takes five to ten years, and your career advancement can depend on your progress. 

What is the job outlook for an actuary?

Excellent, with faster than average occupational growth expected. Because the U.S. population is getting older, insurance sales volume is expected to increase in the decades ahead. Competitive rating laws, companies that branch into several forms of coverage, and the development of new kinds of protection also will create actuarial jobs. 

What education is needed to become an actuary?

Bachelor's degree, including a strong math background. Actuarial science, math, and statistics majors preferred. 

Actuary Salary - Is this a High Paying Job?

Competition: 

Moderate, but opportunities will be best if you've passed at least two actuarial exams while still in college. 

Work Style: 

Desk job with a 35- to 40-hour week. 

Where do actuaries make the most money?

Forty percent of all actuaries work in New York, Chicago, Hartford, Philadelphia, or Boston. 

Work Force: 

77 percent male, 23 percent female, 1 percent minorities. 

Part-Time Work Available: 

Rarely.

How to make a lot of money as an actuary?

Pass the exams to become a Fellow; specialize and take a job in Boston (where actuarial earnings are highest).

How Much Does An Actuary Make A Month?

Yearly Salary $122,200
Monthly Salary  $10,100
Weekly Salary $2,550
Hourly Salary  $61

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