Salary Survey Methodology
This survey began in early March 2012, and was closed the fourth week of March, 2012. The results were distributed to participants in June of 2012.
The goal of the survey was to gather individual compensation information rather than company compensation policies. The Survey population consisted of Life and Property Casualty Actuaries based in the United States with the following designations: FSA and FCAS receiving their designations between 2006 and 2011; ASA and ACAS receiving their designations between 2008 and 2011.
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. In order to maintain the integrity of the data, outliers were removed, including responses from part-time or non-traditional actuaries.
Due to recent changes in the Casualty Actuarial exam program, the number of new Casualty Associates (ACAS 2011) was abnormally low when compared to previous years, and as a result, we did not receive a statistically sound response that would allow for reliable data to be reported.
The tables below list the average base and average bonus reported by the actuaries surveyed. Results are reported by the year the designation was achieved, allowing participants to compare themselves to their peers. Copensation Information for consultants is reported separately from the information for company actuaries.
|
Average base reported in 2012 |
Average bonus reported in 2012 |
ASA Company 2008 |
$95,048 |
$8,808 |
ASA Company 2009 |
$93,155 |
$9,785 |
ASA Company 2010 |
$91,081 |
$9,561 |
ASA Company 2011 |
$88,210 |
$6,136 |
|
|
|
ASA Consulting 2008 |
$101,178 |
$17,133 |
ASA Consulting 2009 |
$100,736 |
$14,815 |
ASA Consulting 2010 |
$87,665 |
$7,800 |
ASA Consulting 2011 |
$85,809 |
$6,555 |
|
|
|
FSA Company 2006 |
$141,170 |
$28,559 |
FSA Company 2007 |
$139,651 |
$24,236 |
FSA Company 2008 |
$131,887 |
$23,826 |
FSA Company 2009 |
$119,115 |
$19,085 |
FSA Company 2010 |
$114,899 |
$18,552 |
FSA Company 2011 |
$108,655 |
$11,149 |
|
|
|
FSA Consulting 2006 |
$149,233 |
$35,120 |
FSA Consulting 2007 |
$156,723 |
$37,572 |
FSA Consulting 2008 |
$125,780 |
$35,523 |
FSA Consulting 2009 |
$131,778 |
$22,178 |
FSA Consulting 2010 |
$112,363 |
$18,688 |
FSA Consulting 2011 |
$108,174 |
$19,983 |
|
Average base reported in 2012 |
Average bonus reported in 2012 |
ACAS Company 2008 |
$114,175 |
$9,925 |
ACAS Company 2009 |
$107,903 |
$4,400 |
ACAS Company 2010 |
$105,069 |
$5,600 |
ACAS Company 2011 |
$97,580 |
$5,750 |
|
|
|
ACAS Consulting 2008 |
* |
* |
ACAS Consulting 2009 |
$102,000 |
13,188 |
ACAS Consulting 2010 |
$109,700 |
$9,050 |
ACAS Consulting 2011 |
* |
* |
|
|
|
FCAS Company 2006 |
$151,536 |
$27,543 |
FCAS Company 2007 |
$140,823 |
$22,174 |
FCAS Company 2008 |
$133,352 |
$24,308 |
FCAS Company 2009 |
$123,331 |
$17,125 |
FCAS Company 2010 |
$114,461 |
$12,732 |
FCAS Company 2011 |
$108,596 |
$11,745 |
|
|
|
FCAS Consulting 2006 |
* |
* |
FCAS Consulting 2007 |
$137,003 |
$26,250 |
FCAS Consulting 2008 |
* |
* |
FCAS Consulting 2009 |
$131,560 |
$22,390 |
FCAS Consulting 2010 |
$122,800 |
$17,222 |
FCAS Consulting 2011 |
$108,745 |
$16,000 |
Job Changes and Relocation
An average of 10% of respondents indicated that they had made a job change within the past two years. That is the same percentage reported in 2011; in 2010 it was 8%. Reasons for the job change were evenly divided: more money, responsibility, and better location.
When asked if they would relocate for a better job opportunity a little more than half of all respondents said no.
The average increase in base salary for making a job change was 15% for consulting actuaries, and 12% for company actuaries.
Job Market for Actuaries in 2012
65% of the consulting firm respondents anticipate that their firm will be adding staff.
87% of company respondents anticipate their firms adding actuarial staff.
The number of anticipated layoffs has dropped from a reported high of 20% in 2009 for both groups, to 5% for company actuaries and 10% for consultants projected for this year.