How much does an Actuary I make in the United States? The average Actuary I salary in the United States is $78,570 as of February 26, 2024, but the range typically falls between $69,457 and $86,759. Salary ranges can vary widely depending on many important factors, including education, certifications, additional skills, the number of years you have spent in your profession. With more online, real-time compensation data than any other website, Salary.com helps you determine your exact pay target. 

Actuary I Salaries by Percentile
Percentile Salary Location Last Updated
10th Percentile Actuary I Salary $61,160 US February 26, 2024
25th Percentile Actuary I Salary $69,457 US February 26, 2024
50th Percentile Actuary I Salary $78,570 US February 26, 2024
75th Percentile Actuary I Salary $86,759 US February 26, 2024
90th Percentile Actuary I Salary $94,215 US February 26, 2024
25% $69,457 10% $61,160 90% $94,215 75% $86,759 $78,570 50%(Median) Didn’t find job title? Click
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Check out Actuary jobs in Ashburn, Virginia

Data Analyst

DRT Strategies, Inc. - Arlington, VA

Catastrophe Modeler

DRT Strategies, Inc. - Rosslyn, VA

What skills does an Actuary I need?

Each competency has five to ten behavioral assertions that can be observed, each with a corresponding performance level (from one to five) that is required for a particular job.

1.

Analysis: Analysis is the process of considering something carefully or using statistical methods in order to understand it or explain it.

2.

Underwriting: Underwriting services are provided by some large financial institutions, such as banks, or insurance or investment houses, whereby they guarantee payment in case of damage or financial loss and accept the financial risk for liability arising from such guarantee. An underwriting arrangement may be created in a number of situations including insurance, issue of securities in a public offering, and bank lending, among others. The person or institution that agrees to sell a minimum number of securities of the company for commission is called the underwriter. The name derives from the Lloyd's of London insurance market. Financial bankers, who would accept some of the risk on a given venture (historically a sea voyage with associated risks of shipwreck) in exchange for a premium, would literally write their names under the risk information that was written on a Lloyd's slip created for this purpose.

3.

Collective Bargaining: Collective bargaining is a process of negotiation between employers and a group of employees aimed at agreements to regulate working salaries, working conditions, benefits, and other aspects of workers' compensation and rights for workers. The interests of the employees are commonly presented by representatives of a trade union to which the employees belong. The collective agreements reached by these negotiations usually set out wage scales, working hours, training, health and safety, overtime, grievance mechanisms, and rights to participate in workplace or company affairs. The union may negotiate with a single employer (who is typically representing a company's shareholders) or may negotiate with a group of businesses, depending on the country, to reach an industry-wide agreement. A collective agreement functions as a labour contract between an employer and one or more unions. Collective bargaining consists of the process of negotiation between representatives of a union and employers (generally represented by management, or, in some countries such as Austria, Sweden and the Netherlands, by an employers' organization) in respect of the terms and conditions of employment of employees, such as wages, hours of work, working conditions, grievance procedures, and about the rights and responsibilities of trade unions. The parties often refer to the result of the negotiation as a collective bargaining agreement (CBA) or as a collective employment agreement (CEA).

Analysis 2.9%
Underwriting 0.66%
Collective Bargaining 0.31%
Others 96.13%

Job Description for Actuary I

Actuary I conducts analysis, pricing and risk assessment to estimate financial outcomes. Applies knowledge of mathematics, probability, statistics, principles of finance and business to calculations in life, health, social, and casualty insurance, annuities, and pensions. Being an Actuary I develops probability tables regarding fire, natural disasters, death, unemployment, etc. based on analysis of statistical data and other pertinent information. Typically requires a bachelor's degree. Additionally, Actuary I typically reports to a supervisor or manager. The Actuary I works on projects/matters of limited complexity in a support role. Work is closely managed. To be an Actuary I typically requires 0-2 years of related experience. (Copyright 2024 Salary.com)... View full job description

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Career Path for Actuary I

A career path is a sequence of jobs that leads to your short- and long-term career goals. Some follow a linear career path within one field, while others change fields periodically to achieve career or personal goals.

For Actuary I, the upper level is Actuary II and then progresses to Actuary IV.

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Actuary I salary varies from city to city. Compared with national average salary of Actuary I, the highest Actuary I salary is in San Francisco, CA, where the Actuary I salary is 25.0% above. The lowest Actuary I salary is in Miami, FL, where the Actuary I salary is 2.9% lower than national average salary.

City, State Compared to national average
City, State San Francisco, CA Compared to national average
+ 25.0%
City, State Washington, DC Compared to national average
+ 11.3%
City, State Miami, FL Compared to national average
-2.9%
City, State Chicago, IL Compared to national average
+ 5.5%
City, State Boston, MA Compared to national average
+ 12.7%
City, State New York, NY Compared to national average
+ 17.5%
City, State Dallas, TX Compared to national average
-0.7%

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Understand the total compensation opportunity for an Actuary I, base salary plus other pay elements

Average Base Salary

Core compensation

 
 
 
69457
86759
78570

Average Total Cash Compensation

Includes base and annual incentives

 
 
 
71586
91325
82380
These charts show the average base salary (core compensation), as well as the average total cash compensation for the job of Actuary I in the United States. The base salary for Actuary I ranges from $69,457 to $86,759 with the average base salary of $78,570. The total cash compensation, which includes base, and annual incentives, can vary anywhere from $71,586 to $91,325 with the average total cash compensation of $82,380.
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69457
86759

 

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Skills associated with Actuary I: Insurance Software, Risk Analysis, Rate Setting, Insurance Plan Design ...More

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Actuary I Salary in United States
Actuary I Salary Graph, Regional Distribution and Summary