Actuaries earned a median salary of $120,000 in May 2024, making actuarial science one of the highest-ROI STEM careers. Mathematicians earn a median of $112,000. Both fields reward specialized credentialing and exam passage, with clear salary jumps tied to professional certification milestones.

Salary Overview

Actuary salaries range from roughly $60,000 for entry-level analysts to over $200,000 for partners and consulting leaders. Mathematicians range from $55,000 to $160,000+. The credential-driven nature of both fields means salary is highly correlated with exam passage (actuarial exams) or advanced degree completion (PhDs).

Entry-level actuaries typically earn $60,000–$75,000 and must pass professional exams (ASA, FSA) to advance. Each exam passage typically adds $5,000–$15,000 in salary. Mathematicians without a PhD earn lower premiums, making the PhD or specialized credential critical for peak earnings.

Salary by Role and Experience

RoleMedian SalaryTop 10% SalaryEntry-level Actuary (no exams passed)$60,000–$75,000$90,000+Actuary (ASA-level, 1–2 exams)$75,000–$95,000$120,000+Actuary (FSA-level, 4+ exams)$110,000–$150,000$200,000+Mathematician (BS/MS)$70,000–$90,000$130,000+Mathematician (PhD)$85,000–$110,000$160,000+Consulting / Leadership$120,000–$160,000$250,000+

Return on Investment Analysis

A BS in Actuarial Science or Mathematics costs $40,000–$120,000. Actuarial exam passage (typically 4–6 exams over 3–5 years) adds $20,000–$60,000 in cumulative salary premiums. An entry-level actuary at $60,000–$75,000 reaching FSA-level at $120,000–$150,000 sees a payoff within 2–4 years.

A PhD in Mathematics takes 5–7 years and typically includes tuition coverage plus stipend ($25,000–$35,000). With a PhD median salary of $85,000–$110,000, the PhD pays back its implicit cost within 3–5 years relative to the BS baseline.

Factors That Affect Earnings

  • Actuarial exam passage — each exam adds $5,000–$15,000 premium
  • Credential level (ASA vs FSA vs EA) — the primary determinant of actuarial pay
  • Specialty — life insurance and pension actuaries earn lower medians; property & casualty and health earn higher premiums
  • Consulting vs corporate employment — consultancy pays $15,000–$40,000 premium
  • Geographic market — major insurance hubs (Connecticut, Illinois) pay above median

Career Growth Timeline

  1. Years 1–2: Entry-level actuary, earn $60,000–$75,000, study for first 2 exams
  2. Years 3–5: ASA-level actuarial analyst, earn $80,000–$110,000, complete 4–6 exams
  3. Years 5–8: FSA-level actuary or specialized role, earn $110,000–$150,000
  4. Years 8+: Consulting, management, or executive, earn $150,000–$250,000+

Geographic and Industry Variation

Connecticut (Hartford insurance corridor) and Illinois (Chicago financial center) lead in actuary pay, with mean wages for actuaries exceeding $130,000 (BLS May 2024). New York and Massachusetts also rank in the top five.

Cost-of-living matters: Connecticut and New York actuary salaries are offset by high living costs. Midwest and Southeast regional offices offer lower absolute pay but stronger purchasing power.

Key Takeaways

  • Actuary median is $120,000 — each professional exam adds $5K–$15K
  • FSA-level actuaries earn $120K–$200K+ with full credential stack
  • Math PhDs earn $85K–$110K with 5–7 year education investment

Sources

  • BLS May 2024 OES
  • NSF salary surveys
  • Levels.fyi

Actuarial science and mathematics offer high ROI through exam-driven and credential-driven pay progression. The actuary pathway is the clearest for rapid income growth; mathematics PhDs require longer educational investment but access comparable top-end earnings.