Actuarial Analyst Salary in United States during 2024

Salary details

The average Actuarial Analyst salary lies between USD 56,000 and USD 120,000 in the United States. It represents the overall compensation/gross salary amount for the working year (before deductions like social security, taxes and other contributions), not including equity/stock options or similar benefits.

Region represents the primary country of residence of an employee during the year (or residence for tax purposes). All data shown are full-time equivalent (FTE) salaries. Part-time salary information has been extrapolated to its FTE value.

Last updated: Nov. 24, 2024

Top 20 Job Tags for Actuarial Analyst roles

The three most common job tag items assiciated with Actuarial Analyst job listings are Python, R and Mathematics. Below you find a list of the 20 most occuring job tags in 2024 and the number of open jobs that where associated with them during that period:

Python | 47 jobs R | 44 jobs Mathematics | 41 jobs Statistics | 39 jobs SQL | 34 jobs Excel | 31 jobs SAS | 22 jobs Economics | 18 jobs Finance | 16 jobs Research | 14 jobs Data Analytics | 13 jobs Consulting | 10 jobs Machine Learning | 9 jobs Tableau | 9 jobs Power BI | 8 jobs Data analysis | 8 jobs Data management | 7 jobs Physics | 7 jobs Engineering | 6 jobs Testing | 6 jobs

Top 20 Job Perks/Benefits for Actuarial Analyst roles

The three most common job benefits and perks assiciated with Actuarial Analyst job listings are Career development, Insurance and Health care. Below you find a list of the 20 most occuring job perks or benefits in 2024 and the number of open jobs that where offering them during that period:

Career development | 40 jobs Insurance | 24 jobs Health care | 23 jobs Flex hours | 21 jobs Competitive pay | 13 jobs Flex vacation | 12 jobs Salary bonus | 10 jobs Parental leave | 8 jobs Team events | 8 jobs Medical leave | 7 jobs Startup environment | 5 jobs Equity / stock options | 4 jobs Fertility benefits | 4 jobs 401(k) matching | 2 jobs Wellness | 2 jobs Relocation support | 2 jobs

Salary Composition

In the United States, the salary composition for an AI/ML/Data Science role can vary significantly based on factors such as region, industry, and company size. Typically, the salary is composed of a fixed base salary, which forms the bulk of the compensation package. This base salary can range widely depending on the cost of living in the region and the demand for AI/ML skills in the local job market.

In addition to the base salary, many companies offer performance-based bonuses. These bonuses can be annual or quarterly and are often tied to individual performance metrics or company-wide goals. The bonus percentage can vary, but it is generally between 5% to 20% of the base salary.

Additional remuneration may include stock options or equity, especially in tech startups or larger tech companies. Benefits such as health insurance, retirement contributions, and professional development allowances are also common. In regions with a high concentration of tech companies, such as Silicon Valley, the total compensation package, including bonuses and stock options, can be significantly higher.

Steps to Increase Salary

To increase your salary from the position of an Actuarial Analyst transitioning into AI/ML/Data Science, consider the following strategies:

• Skill Enhancement: Continuously upgrade your technical skills. Proficiency in programming languages like Python or R, and expertise in machine learning frameworks such as TensorFlow or PyTorch, can make you more valuable.

• Advanced Education: Pursuing a master's degree or a Ph.D. in data science, computer science, or a related field can open doors to higher-paying positions.

• Networking: Engage with professional networks and communities. Attending conferences, meetups, and workshops can help you connect with industry leaders and learn about new opportunities.

• Specialization: Consider specializing in a niche area within AI/ML, such as natural language processing or computer vision, which can command higher salaries.

• Leadership Roles: Aim for leadership or managerial roles, which typically offer higher compensation.

Educational Requirements

Most AI/ML/Data Science positions require at least a bachelor's degree in a related field such as computer science, mathematics, statistics, or engineering. However, many employers prefer candidates with a master's degree or higher, especially for more advanced roles. A strong foundation in mathematics, particularly in areas like linear algebra, calculus, and probability, is essential.

Helpful Certificates

Several certifications can enhance your credentials and demonstrate your expertise to potential employers:

• Certified Data Scientist (CDS): Offered by various organizations, this certification validates your data science skills and knowledge.

• TensorFlow Developer Certificate: Demonstrates proficiency in using TensorFlow, a popular machine learning framework.

• AWS Certified Machine Learning – Specialty: Validates your ability to design, implement, and maintain machine learning solutions on the AWS platform.

• Microsoft Certified: Azure AI Engineer Associate: Shows expertise in using Azure AI services to build and deploy AI solutions.

Required Experience

The typical experience required for an AI/ML/Data Science role varies, but most positions require at least 2-5 years of relevant experience. This experience can be gained through previous roles in data analysis, software development, or actuarial work that involved statistical modeling and data manipulation. Internships, research projects, and hands-on experience with machine learning projects can also be valuable.

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