Actuarial Compensation and Benefits Survey
Each year, we conduct a compensation and benefits survey of Life/Health and Casualty actuaries.  We create customized reports for our clients so they can monitor compensation trends in the industry.  A condensed version of the survey is made available to all participants. 

We can design and conduct a customized survey to suit your unique needs.  Just contact us to learn more.

See below for a copy of the results sent to last year's participants.

Salary Survey Methodology 

This survey began in early March 2011, and was closed the fourth week of March, 2011. Of those who participated in this survey, 75% of company actuaries and 55% of consulting actuaries indicated that their last review had taken place within the past four months.  The Survey population consisted of Life and Property Casualty Actuaries based in the United States with the following designations:

• FSA: 2005 to the present
• ASA: 2007 to the present
• FCAS: 2005 to the present
• ACAS: 2007 to the present

The total number of U.S. - based actuaries contacted for this survey was 3,934.

Approximately one-third (33%) of the respondents were members of the Casualty Actuarial Society.

Actuaries were contacted via online survey.  The overall response rate from individual actuaries to the survey was 23%.

As this data is reviewed, the following points should be kept in mind:

• This data was collected from a national sample and the salary numbers cited are average amounts. Cost of living differences have not been factored into any of these numbers. However, since most insurance companies and consulting firms are located in major metropolitan areas, it seems logical to assume that our findings reflect the impact of the higher costs associated with that type of location.

• To maintain the integrity of the data, individuals with data who appeared out of line (outliers) were eliminated.  

Compensation Data

Participants were asked to provide the amount of base compensation and cash bonus they are currently receiving.  Results are reported by designation and by the year that designation was attained (i.e. ASA Company 2007 represent ASA's that received that designation in 2007 and are currently working in a company environment) in the following section: 

Life Actuaries

Observations

Base salaries of consulting actuaries and company actuaries are similar, but consulting actuaries receive larger bonuses (even with outliers removed). 

Compensation Data, Property Casualty Actuaries

Casualty Actuaries

*Insufficient Sample 

Observations

There is a significantly smaller population of Casualty actuaries than Life actuaries, so slight changes in the make-up of the respondents can impact the results.  For example, this year the majority of FCAS 2009 actuaries reported having 6-10 (or more) years of experience, which most likely accounts for the higher average base reported by this group.   

Additional Findings

Participants were asked to report on the amount of the increase to their base salary that they received at their last performance review.  34% of consulting actuaries received increases of 5% or more, while only 24% of company actuaries received 5% or more.

In 2009, approximately 20% of actuaries felt that their bonus had been negatively impacted by the general business environment. Those numbers dropped to 10% in 2010. This year only, 5% of company actuaries and 10% of consultants felt there had been a negative impact. About 60% of respondents felt the current business environment was having no impact, and that their individual performance had the strongest impact on their bonus.

The evidence is clear that the number of organizations looking to hire actuaries at all levels has increased significantly in the past two years. In 2009, about 10% of consulting firms and companies planned to add to staff. This year 55% of companies and 70% of consulting firm’s plan to add staff. However, the number of actuaries who have voluntarily left their current employer (especially consultants) has not increased much.