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Average Actuaries Salary in Massachusetts

Actuaries in Massachusetts can expect an average annual salary of $130,780, which is slightly below the national average of $135,770. This localized pay is influenced by the state's robust financial sector and demand for specialized risk assessment professionals. The concentration of these roles within the state contributes to the specific compensation landscape.

Executive Summary

  • Average Salary: $130,780 per year.
  • Growth Trend: Salaries have shifted 1.8% ↗ over the last 5 years.
  • Top Earners: Senior professionals (90th percentile) earn up to $177,850.
  • Outlook: With a local workforce of 1,530 actuaries and a Location Quotient of 2.29, Massachusetts demonstrates a significant concentration of actuarial talent compared to the national average. This indicates a robust and specialized job market, suggesting strong demand and potential for continued employment opportunities within the state for this profession.
2024 Market Data

Salary Overview

$130,780

The average Actuaries in Massachusetts earns-3.7%below the national average.

BreakdownBased on 40h/week
Hourly

$62.9

Weekly

$2,515

Monthly

$10,898

Actuaries Salary Distribution in Massachusetts

The career trajectory for actuaries in Massachusetts shows a clear progression in earning potential. Entry-level positions typically start at a lower percentile, while seasoned actuaries with extensive experience and advanced certifications can command salaries significantly above the average. The widening gap between entry-level and senior-level salaries reflects the value placed on expertise and demonstrated success in the field.

Experience LevelMarket PercentileAnnual WageHourly Rate
Junior / AssociateEntry level. Focus on learning core skills & codebase.10% (Entry)$81,420$39.1
Engineer IProficient contributor. Handles tasks independently.25% (Junior)$98,085$47.2
Senior EngineerSystem design, complex problem solving, mentoring.50% (Median)$122,230$58.8
Lead / StaffTechnical strategy, architecture, cross-team impact.75% (Senior)$163,475$78.6
Principal / ArchitectIndustry expert. Driving technical vision & innovation.90% (Expert)$177,850$85.5

Detailed Actuaries Market Analysis

Relocation Context

Nominal Salary

$130,780

Gross Pay

Real Wage (Purchasing Power)

$88,127

Adjusted for COL (148.4)

While the average Actuary salary in Massachusetts is $130,780, the state's Cost of Living Index stands at 148.4, considerably higher than the national average. This means that despite a strong nominal salary, the purchasing power for actuaries in Massachusetts is somewhat diminished compared to areas with a lower cost of living, requiring careful financial planning.

Job Market Context

1,530

Total Jobs

0.42

Per 1K Jobs

2.29

Location Quotient

Major Hub

Massachusetts has 2.3x 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.

The Location Quotient of 2.29 for actuaries in Massachusetts signifies a market where this profession is more than twice as concentrated as the national average. This suggests a highly specialized and potentially competitive environment, indicating a strong presence of employers seeking actuarial expertise and a deep talent pool within the state.

Nearby Job Markets

Nearby Cities for Actuaries

CitySalaryDist.
Worcester, MA Actuaries Salary$133,720↑ 2%14 mi
Boston-Cambridge-Newton, MA-NH Actuaries Salary$135,920↑ 4%24 mi
Providence-Warwick, RI-MA Actuaries Salary$118,370↓ 9%29 mi
Springfield, MA Actuaries Salary$110,120↓ 16%52 mi

Comparing salaries near Massachusetts

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Frequently Asked Questions

How much does a Actuaries make in Massachusetts?

The median annual salary for a Actuaries in Massachusetts is $130,780. This typically ranges from $81,420 for entry-level positions to $177,850 for top-level roles.

How does the salary compare to the national average?

The average salary for this role in Massachusetts is 3.7% lower than the national median of $135,770.

Is Massachusetts a lucrative place for Actuaries?

Yes, with caveats.Massachusetts offers a high average salary for actuaries, exceeding $130,000 annually. However, the significantly higher cost of living means that the real value of this salary should be carefully considered.

Is Massachusetts a good place to live for Actuaries?

The Cost of Living Index in Massachusetts is 148.4. While higher than average, this often correlates with higher wages.

Where are the highest paying cities near Massachusetts?

Some top paying nearby cities include Worcester, MA ($133,720) and Boston-Cambridge-Newton, MA-NH.

How does the Massachusetts Actuary salary compare to the national average?

The average Actuary salary in Massachusetts is $130,780, which is slightly lower than the national average of $135,770.

What is the concentration of Actuaries in Massachusetts?

Massachusetts has a high concentration of Actuaries, indicated by a Location Quotient of 2.29, meaning the profession is more than twice as common there compared to the national average.

How does the Cost of Living affect Actuary salaries in Massachusetts?

The Cost of Living Index in Massachusetts is 148.4, significantly above the national average. This means that while the nominal salary is high, the actual purchasing power may be less than in more affordable states.

What is the size of the Actuary workforce in Massachusetts?

There are approximately 1,530 Actuaries working in Massachusetts, representing a substantial segment of the state's professional workforce in this specialized field.

Methodology: Salary data is derived from the Bureau of Labor Statistics (BLS) OEWS 2024 release. Figures represent gross pay before taxes. Analysis includes 1,530 employees in the Massachusetts area with a job density of 0.42 per 1,000 jobs. Cost of Living data is estimated based on state and metro averages.

Semantic Salary Analysis for Actuaries • Data source: BLS OEWS 2024 •Jobs in Massachusetts