Actuaries in Illinois earn an average annual salary of $126,280, which is slightly below the national average of $135,770. This difference can be attributed to a combination of factors including the local demand for actuarial services and the state's overall economic landscape, which influences compensation benchmarks.
Executive Summary
- Average Salary: $126,280 per year.
- Growth Trend: Salaries have shifted 7.7% ↗ over the last 5 years.
- Top Earners: Senior professionals (90th percentile) earn up to $190,510.
- Outlook: With a local workforce of 2,120 actuaries and a Location Quotient of 1.9, Illinois demonstrates a significant concentration of these professionals, suggesting a robust and active job market. This higher-than-average concentration indicates a strong demand for actuarial expertise within the state, pointing towards a stable and potentially growing employment environment for actuaries.
Actuaries Salary Trends (2020-2024)
While specific historical data isn't provided, it's reasonable to assume that salaries for actuaries in Illinois have experienced steady growth over the past four years, mirroring national trends. Factors such as increasing demand for risk assessment, evolving regulatory landscapes, and the general economic climate likely contribute to upward pressure on compensation for this specialized role.
Actuaries Salary Distribution in Illinois
Salary progression for actuaries in Illinois typically scales significantly with experience. Entry-level positions may start considerably lower than the average, while senior actuaries with extensive experience and specialized certifications can command salaries well above the $126,280 mark. The widening percentile gaps clearly signify substantial career advancement opportunities and earning potential.
| Experience Level | Market Percentile | Annual Wage | Hourly Rate |
|---|---|---|---|
| Junior / AssociateEntry level. Focus on learning core skills & codebase. | 10% (Entry) | $55,010 | $26.4 |
| Engineer IProficient contributor. Handles tasks independently. | 25% (Junior) | $94,710 | $45.5 |
| Senior EngineerSystem design, complex problem solving, mentoring. | 50% (Median) | $121,960 | $58.6 |
| Lead / StaffTechnical strategy, architecture, cross-team impact. | 75% (Senior) | $157,850 | $75.9 |
| Principal / ArchitectIndustry expert. Driving technical vision & innovation. | 90% (Expert) | $190,510 | $91.6 |
Detailed Actuaries Market Analysis
Relocation Context
Nominal Salary
$126,280
Gross Pay
Real Wage (Purchasing Power)
$137,560
Adjusted for COL (91.8)
The nominal average salary of $126,280 in Illinois presents a favorable financial outlook when considered against the state's Cost of Living Index of 91.8. This index, being below the national average of 100, suggests that the purchasing power of an actuary's salary in Illinois is likely higher than the national average, making the state an economically attractive location.
Job Market Context
2,120
Total Jobs
0.349
Per 1K Jobs
1.9
Location Quotient
Illinois has 1.9x 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.
Illinois's Location Quotient of 1.9 signifies that actuaries are employed in the state at nearly double the national average rate per worker. This indicates a highly concentrated and competitive job market, where employers actively seek out actuarial talent, potentially leading to more specialized roles and opportunities for career growth within the state.
Nearby Job Markets
Nearby Cities for Actuaries
| City | Salary | Dist. |
|---|---|---|
| Peoria, IL Actuaries Salary | $108,240↓ 14% | 43 mi |
Comparing salaries near Illinois
Hiring Actuariess?
Frequently Asked Questions
How much does a Actuaries make in Illinois?
The median annual salary for a Actuaries in Illinois is $126,280. This typically ranges from $55,010 for entry-level positions to $190,510 for top-level roles.
How does the salary compare to the national average?
The average salary for this role in Illinois is 7.0% lower than the national median of $135,770.
Is Illinois a lucrative place for Actuaries?
Yes, Illinois offers a lucrative environment for actuaries.Actuaries in Illinois earn a substantial average salary of $126,280, and the state's cost of living is below the national average, enhancing purchasing power.
Is Illinois a good place to live for Actuaries?
With a Cost of Living Index of 91.8 (lower than the national average of 100), your salary goes further here.
Where are the highest paying cities near Illinois?
Some top paying nearby cities include Peoria, IL ($108,240) and others.
How does the number of actuaries in Illinois compare nationally?
Illinois has a local workforce of 2,120 actuaries, and its Location Quotient of 1.9 indicates a concentration nearly twice the national average, suggesting a strong presence of actuarial professionals.
What is the cost of living impact on an actuary's salary in Illinois?
With a Cost of Living Index of 91.8, Illinois is more affordable than the national average, meaning the $126,280 salary offers greater purchasing power than it might in a higher-cost state.
Are there many job opportunities for actuaries in Illinois?
The Location Quotient of 1.9 suggests a high demand and concentration of actuaries in Illinois, indicating a robust job market with ample opportunities.
How does the average actuary salary in Illinois compare to the national average?
The average actuary salary in Illinois is $126,280, which is slightly lower than the national average of $135,770.
Methodology: Salary data is derived from the Bureau of Labor Statistics (BLS) OEWS 2024 release. Figures represent gross pay before taxes. Analysis includes 2,120 employees in the Illinois area with a job density of 0.349 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 Illinois