What Is an Actuary Salary Survey?

An actuary salary survey is a poll done of people in the actuarial profession to find out what the salaries are in different areas of the country and different aspects of the business. It is also called a compensation survey. These surveys are conducted on all professions and jobs, and information from the surveys is available from the Bureau of Labor Statistics and similar sites.

Available Jobs

Actuary salary surveys also show what types of jobs are available and where the jobs are. In some cases, these surveys are used to predict the rise or decline in positions. They also give valuable information for people considering going into specific fields.

What Is an Actuary?

An actuary is a person with a background in finance and statistics that analyzes and predicts insurance risks and premiums. The work is challenging and well-paid, and many actuaries are key players in their respective fields. Actuaries evaluate the possibility of future events, develop ways to reduce the chance of unfavorable events, and look for ways to decrease the impact of these results if they do occur. Although the term is generally used in reference to the insurance industry, actuaries also work in any field that needs to evaluate financial risk. These fields include banks, retirement funds, large corporations, and state and federal governments.

Information in the Survey

An actuarial salary survey will contact a sample of actuaries in various positions and in different parts of the country. The survey compiles information about how much they make, what kinds of work they do, and what the growth prospects are in the various fields. Among the information that is gathered, they will include maximum salaries, average salaries, and starting salaries. They may also include information about the benefits of particular jobs or fields. This information is then broken down by geographical area and industry.