Mathematics and Actuary Salary Guide

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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.

What mathematics and actuary pay looks like by credential level

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

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

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Conclusion

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.