Actuarial Manager Salary
The salary of an Actuarial Manager varies widely based on factors such as the region, size of firm, and type of job. An Actuarial Manager is a crucial role in the insurance and finance industry, performing complex analysis to assess risk and develop strategies to ensure financial security. Actuarial Managers are highly sought after, and typically receive competitive salaries.
On average, an Actuarial Manager earns a median base salary of $126,361 a year, according to 2020 estimates from PayScale. However, the range for high earning actuarial managers can reach as high as $216,000 a year. PayScale also notes that Actuarial Managers tend to have higher salaries when working for larger organizations.
In addition to salaries, the job of an Actuarial Manager often comes with a generous benefits package. These benefits may include medical and dental insurance, 401(k) matching, and life insurance plans. Many Actuarial Managers also have access to employee stock purchase plans and bonuses.
- Advertisement -
The qualifications to become an Actuarial Manager also vary based on the organization. The minimum requirement is a Bachelor’s Degree in an actuarial discipline, such as mathematics or statistics. This is often combined with actuarial certifications such as the Chartered Enterprise Risk Analyst (CERA) and the Fellowship of the Society of Actuaries (FSA). In the United States, Actuarial Managers must also be registered with the Society of Actuaries.
Overall, the salary potential for Actuarial Managers is competitive and includes numerous benefits. The job is demanding and requires a high amount of technical and financial knowledge, but it also provides ample opportunity for career growth in the finance and insurance industries. It is a position suited for those looking for a challenging and rewarding career.
The Actuarial Manager Salary
The actuarial manager salary can be an attractive option for those people seeking a career in the actuarial field. This field of work offers a competitive salary and the opportunity to work on complex problems in the world of finance and insurance.
The average salary of an actuarial manager is between $80,000 – $130,000 per year. However, depending on the region, state and level of experience, this range can increase or decrease.
- Advertisement -
Actuarial managers enjoy a number of advantages. These include:
- High Salary: The salary for an actuarial manager is often quite competitive in comparison to similar managerial positions.
- Creative Problem Solving: Actuarial managers often have the unique opportunity to solve complex problems related to insurance and finance.
- Strong Career Path: Depending on the organization, actuarial managers may have the opportunity to progress to different levels of management.
As with any profession, there are challenges associated with working in the actuarial field. These challenges include:
- Heavy Responsibility: Actuarial managers typically have a lot of responsibility, as they are expected to make decisions which carry significant financial and/or legal ramifications.
- Stressful Work Environment: The hectic pace and frequent deadlines associated with an actuarial manager role can make it a stressful work environment.
- Limited Job Prospects: The number of actuary-specific management roles is limited, which can create challenges in finding a new role when necessary.
In conclusion, the actuarial manager salary is an attractive option for those interested in working in the actuarial field. These positions offer a competitive salary and plenty of opportunities for creative problem solving. However, these jobs also require a significant amount of responsibility and can be quite stressful.
Actuarial Manager Salary
An Actuarial Manager is responsible for leading a team of actuaries in ensuring the accuracy of financial reporting. Their main duties include forecasting risk, modelling and analyzing data, monitoring the financial performance of an organization, and advising on risk management strategies. Professionals in this role are highly sought after and earn significantly higher salaries than the national average.
Average Salary of an Actuarial Manager
Actuarial Managers with 1-4 years of experience earn an average salary of $81,513 according to PayScale. With 5-9 years of experience, the median salary is $106,676. Those with 10-19 years of experience earn an average salary of around $118,303. Professionals with more than 20 years of experience can expect to earn an average salary of $144,564.
Factors that Affect Actuarial Manager Salaries
Actuarial Manager salaries are affected by various factors, such as industry, type of job, geography and experience.
Industry: Actuarial Manager salaries vary depending on the industry they work in. For instance, Actuarial Managers in financial services tend to earn more than Actuarial Managers in government positions.
Type of Job: Actuarial Manager salaries also reflect the type of job they have. Those in consulting roles tend to have higher salaries than those in in-house roles.
Geography: Actuarial Managers in larger cities tend to have higher salaries than those in smaller cities.
Experience: Professionals with more experience tend to have higher salaries than those with less experience.
How to Increase Actuarial Manager Salaries
There are several ways to increase an Actuarial Manager’s salary. Here are a few:
- Earn certifications and qualifications.
- Gain specialized experience in a specific industry.
- Develop strong communication and leadership skills.
- Stay up to date with trends and advancements in the actuarial industry.
Actuarial Managers are highly valued professionals and tend to have higher salaries than the national average. By taking steps to increase their experience and qualifications, they can further increase their salaries and become even more valuable to employers. Actuary Manager salaries have been steadily increasing an average of 4.8% per year over the past 5 years. However, the profession of Actuary Manager is highly competitive and those who are successful within the profession are the ones who are able to command the highest salaries.
Actuary Managers come in all shapes and sizes, depending on the employer and the region of the country. Salaries in the Midwest and Southeast tend to be slightly lower than salaries in the Northeast and West, although the cost of living can also factor into this disparity. For example, in Los Angeles, an Actuary Manager with 5 years of experience may earn an average salary of $109,670, while the same manager in Chicago may earn an average salary of $105,510.
To be successful in the Actuary Manager job market, one should possess exceptional problem solving skills, as well as a deep understanding of probability and statistics. Those with a specialized Master’s degree in actuarial science from a top-tier university stand to benefit the most from the highest salaries. As the profession becomes increasingly competitive, employers are demanding higher levels of education for Actuary Managers, which may be reflected in the recovering salaries across the profession.
Job demand for Actuary Managers is expected to remain strong for the foreseeable future, especially in California and the West Coast states. Employers are continually on the lookout for certified Actuaries to manage their risk exposures and liabilities. The likelihood of obtaining a wage increase is highest near the coasts where employers are eagerly looking for qualified professionals to assist their organizations.
Based on the current job market trends and salary conditions, Actuary Managers are undoubtedly among the best compensated professionals in the nation. With continued education, an understanding of the principles of risk management and probability, and an eye for detail, one can easily make a great career as an Actuary Manager.