Average Actuaries Salary in Chicago-Naperville-Elgin, IL-IN
Actuaries in the Chicago-Naperville-Elgin, IL-IN metropolitan area can expect an average annual salary of $127,760. This figure is slightly below the national average of $135,770, a common occurrence in metropolitan areas where a higher concentration of talent can influence compensation benchmarks. However, the robust local economy and demand for specialized financial risk assessment professionals contribute to this competitive earning potential.
Executive Summary
- Average Salary: $127,760 per year.
- Growth Trend: Salaries have shifted 0.0% ↘ over the last 5 years.
- Top Earners: Senior professionals (90th percentile) earn up to $191,520.
- Outlook: The Actuary job market in Chicago-Naperville-Elgin, IL-IN appears robust, with a local workforce of 1,390 professionals. The Location Quotient of 1.69 indicates a significant concentration of actuaries compared to the national average, suggesting a strong and established demand for these specialized roles within the region. This concentration points to a healthy ecosystem of insurance companies, financial institutions, and consulting firms actively seeking actuarial expertise.
Salary Overview
The average Actuaries in Chicago-Naperville-Elgin, IL-IN earns-5.9%below the national average.
$61.4
$2,457
$10,647
Actuaries Salary Trends (2020-2024)
While specific historical data is not provided, it is reasonable to assume that Actuary salaries in the Chicago-Naperville-Elgin, IL-IN area have experienced steady growth over the past four years, mirroring national trends. Factors such as increasing demand for risk management professionals, evolving regulatory landscapes, and the general inflation rate likely contribute to upward pressure on compensation for experienced actuaries in this dynamic market.
Actuaries Salary Distribution in Chicago-Naperville-Elgin, IL-IN
Salary progression for Actuaries in Chicago-Naperville-Elgin, IL-IN typically scales significantly with experience. Entry-level positions will command lower salaries, while senior actuaries with extensive experience and specialized certifications can earn considerably more, potentially exceeding the average by a substantial margin. The gap between entry-level and senior-level compensation reflects the increasing value placed on expertise, analytical skills, and leadership within the actuarial field.
| Experience Level | Market Percentile | Annual Wage | Hourly Rate |
|---|---|---|---|
| Junior / AssociateEntry level. Focus on learning core skills & codebase. | 10% (Entry) | $60,320 | $29 |
| Engineer IProficient contributor. Handles tasks independently. | 25% (Junior) | $95,820 | $46.1 |
| Senior EngineerSystem design, complex problem solving, mentoring. | 50% (Median) | $126,040 | $60.6 |
| Lead / StaffTechnical strategy, architecture, cross-team impact. | 75% (Senior) | $159,700 | $76.8 |
| Principal / ArchitectIndustry expert. Driving technical vision & innovation. | 90% (Expert) | $191,520 | $92.1 |
Detailed Actuaries Market Analysis
Relocation Context
Nominal Salary
$127,760
Gross Pay
Real Wage (Purchasing Power)
$127,760
Adjusted for COL (100)
The average annual salary of $127,760 for Actuaries in Chicago-Naperville-Elgin, IL-IN aligns perfectly with the national average Cost of Living Index of 100. This means that the purchasing power of an Actuary's salary in this region is equivalent to the national average, making it a financially stable location for professionals in this field. Your earnings will go as far in Chicago as they would in a typical US city.
Job Market Context
1,390
Total Jobs
0.31
Per 1K Jobs
1.69
Location Quotient
Chicago-Naperville-Elgin, IL-IN has 1.7x the national concentration of Actuaries jobs — a major employment hub for this role. Job seekers will find significantly more opportunities here than in most other areas.
With a Location Quotient of 1.69, the Chicago-Naperville-Elgin, IL-IN area demonstrates a higher concentration of Actuaries than the national average. This suggests a competitive yet abundant job market, where employers actively seek out actuarial talent, and professionals have a good number of opportunities to choose from. The strong presence of industry players indicates a mature market with ongoing demand.
Nearby Job Markets
Hiring Actuariess?
Frequently Asked Questions
How much does a Actuaries make in Chicago-Naperville-Elgin, IL-IN?
The median annual salary for a Actuaries in Chicago-Naperville-Elgin, IL-IN is $127,760. This typically ranges from $60,320 for entry-level positions to $191,520 for top-level roles.
How does the salary compare to the national average?
The average salary for this role in Chicago-Naperville-Elgin, IL-IN is 5.9% lower than the national median of $135,770.
Is Chicago-Naperville-Elgin, IL-IN a lucrative place for Actuaries?
Yes, it is a lucrative place for Actuaries.Actuaries in this region earn a competitive average salary of $127,760, which holds strong purchasing power due to a Cost of Living Index matching the national average. The high concentration of actuaries (LQ of 1.69) also signifies robust demand and opportunity.
Is Chicago-Naperville-Elgin, IL-IN a good place to live for Actuaries?
The Cost of Living Index in Chicago-Naperville-Elgin, IL-IN is 100. While higher than average, this often correlates with higher wages.
How does the Chicago Actuary salary compare to the national average?
The average Actuary salary in Chicago-Naperville-Elgin, IL-IN is $127,760, which is slightly below the national average of $135,770. However, this is often offset by the stable cost of living.
What is the Cost of Living in Chicago-Naperville-Elgin, IL-IN for Actuaries?
The Cost of Living Index for Chicago-Naperville-Elgin, IL-IN is 100, which is exactly the national average. This means your salary will have average purchasing power in this region.
How many Actuaries work in the Chicago-Naperville-Elgin, IL-IN area?
There are approximately 1,390 Actuaries employed within the Chicago-Naperville-Elgin, IL-IN metropolitan area.
Is there high demand for Actuaries in Chicago?
Yes, the Location Quotient of 1.69 indicates a higher concentration of Actuaries than the national average, suggesting strong demand from local industries.
Methodology: Salary data is derived from the Bureau of Labor Statistics (BLS) OEWS 2024 release. Figures represent gross pay before taxes. Analysis includes 1,390 employees in the Chicago-Naperville-Elgin, IL-IN area with a job density of 0.31 per 1,000 jobs. Cost of Living data is estimated based on state and metro averages.
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Semantic Salary Analysis for Actuaries • Data source: BLS OEWS 2024 •Jobs in Chicago-Naperville-Elgin, IL-IN