The salary for an Associate of the Society of Actuaries (ASA) varies significantly based on factors such as location, experience level, industry, and the specific company. While a national average provides a general benchmark, specific state data offers a more precise understanding of earnings. An ASA is a professional designation indicating a significant level of actuarial expertise, achieved through a series of rigorous exams and validation requirements.
For example, salaries for ASAs in top-paying states can exceed $130,000 annually.
Average ASA Actuary Salaries by State
Based on recent data, here are some average annual and hourly salaries for ASA actuaries in various states:
| State | Annual Salary | Hourly Wage |
|---|---|---|
| California | $130,115 | $62.56 |
| Minnesota | $129,127 | $62.08 |
| Rhode Island | $129,114 | $62.07 |
To explore detailed state-by-state salary data for ASA actuaries, you can refer to comprehensive salary guides.
Factors Influencing ASA Salary
Several key factors can impact an ASA's earning potential:
- Geographic Location: As shown above, salaries can differ substantially across states and metropolitan areas due to varying costs of living and demand for actuarial talent.
- Experience Level: Entry-level ASAs typically earn less than those with several years of post-designation experience. Senior ASAs or those moving into management roles can command higher salaries.
- Industry: ASAs are employed across various sectors, including insurance (life, health, property & casualty), consulting, and government. Salaries can vary between these industries, with consulting often offering competitive compensation.
- Company Size and Type: Larger companies or those with more complex operations may offer higher salaries and more comprehensive benefits packages.
- Specialization: Actuaries specializing in high-demand areas or niche fields might earn a premium.
- Additional Designations: Pursuing further designations, such as Fellow of the Society of Actuaries (FSA), significantly increases earning potential and career advancement opportunities.
