Average Actuaries Salary in New York-Newark-Jersey City, NY-NJ
Actuaries in the New York-Newark-Jersey City, NY-NJ metropolitan area command an impressive average annual salary of $158,540. This figure significantly surpasses the national average of $135,770, reflecting the high demand and specialized skill set required for actuarial roles in this major economic hub. The concentration of financial services, insurance companies, and consulting firms in the region directly contributes to this elevated compensation.
Executive Summary
- Average Salary: $158,540 per year.
- Growth Trend: Salaries have shifted 0.0% ↘ over the last 5 years.
- Top Earners: Senior professionals (90th percentile) earn up to $237,810.
- Outlook: The job market for actuaries in New York-Newark-Jersey City, NY-NJ appears robust, evidenced by a substantial local workforce of 3,160 professionals. The Location Quotient of 1.84 indicates a concentration of these roles nearly double the national average, suggesting strong and sustained demand for actuarial talent within this specific geographic area.
Salary Overview
The average Actuaries in New York-Newark-Jersey City, NY-NJ earns+16.8%above the national average.
$76.2
$3,049
$13,212
Actuaries Salary Trends (2020-2024)
While specific historical data is not provided, it is reasonable to assume that actuarial salaries in the New York-Newark-Jersey City, NY-NJ area have experienced consistent growth over the past four years. This trend is typical for highly specialized professions in major metropolitan areas, driven by increasing complexity in risk management, evolving regulatory landscapes, and a persistent need for skilled analytical professionals.
Actuaries Salary Distribution in New York-Newark-Jersey City, NY-NJ
Salary progression for actuaries in New York-Newark-Jersey City, NY-NJ is strongly tied to experience and expertise. Entry-level positions typically start at the lower end of the pay scale, while senior actuaries with extensive experience, specialized certifications, and leadership responsibilities can command salaries well into the upper percentiles. The widening gap between entry-level and senior salaries clearly signifies significant 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) | $81,500 | $39.2 |
| Engineer IProficient contributor. Handles tasks independently. | 25% (Junior) | $118,905 | $57.2 |
| Senior EngineerSystem design, complex problem solving, mentoring. | 50% (Median) | $140,640 | $67.6 |
| Lead / StaffTechnical strategy, architecture, cross-team impact. | 75% (Senior) | $198,175 | $95.3 |
| Principal / ArchitectIndustry expert. Driving technical vision & innovation. | 90% (Expert) | $237,810 | $114.3 |
Detailed Actuaries Market Analysis
Relocation Context
Nominal Salary
$158,540
Gross Pay
Real Wage (Purchasing Power)
$158,540
Adjusted for COL (100)
The average annual salary of $158,540 in New York-Newark-Jersey City, NY-NJ aligns perfectly with the national average cost of living index of 100. This means that while the nominal salary is substantially higher than the national average, the purchasing power of that salary is effectively equivalent to the national average, offering a strong financial standing for actuaries in this region.
Job Market Context
3,160
Total Jobs
0.338
Per 1K Jobs
1.84
Location Quotient
New York-Newark-Jersey City, NY-NJ has 1.8x 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 1.84, the New York-Newark-Jersey City, NY-NJ area exhibits a significantly higher concentration of actuaries compared to the national average. This indicates a highly developed and competitive job market, where employers actively seek out specialized actuarial talent, and professionals benefit from a rich ecosystem of industry opportunities and potential career mobility.
Nearby Job Markets
Nearby Cities for Actuaries
| City | Salary | Dist. |
|---|---|---|
| Trenton-Princeton, NJ Actuaries Salary | $130,090↓ 18% | 52 mi |
| Bridgeport-Stamford-Danbury, CT Actuaries Salary | $168,860↑ 7% | 54 mi |
| Waterbury-Shelton, CT Actuaries Salary | $141,830↓ 11% | 77 mi |
Comparing salaries near New York-Newark-Jersey City, NY-NJ
Hiring Actuariess?
Frequently Asked Questions
How much does a Actuaries make in New York-Newark-Jersey City, NY-NJ?
The median annual salary for a Actuaries in New York-Newark-Jersey City, NY-NJ is $158,540. This typically ranges from $81,500 for entry-level positions to $237,810 for top-level roles.
How does the salary compare to the national average?
The average salary for this role in New York-Newark-Jersey City, NY-NJ is 16.8% higher than the national median of $135,770.
Is New York-Newark-Jersey City, NY-NJ a lucrative place for Actuaries?
Yes, it is a highly lucrative area for Actuaries.Actuaries in this region earn an average of $158,540 annually, significantly above the national average, while maintaining a cost of living on par with the national average.
Is New York-Newark-Jersey City, NY-NJ a good place to live for Actuaries?
The Cost of Living Index in New York-Newark-Jersey City, NY-NJ is 100. While higher than average, this often correlates with higher wages.
Where are the highest paying cities near New York-Newark-Jersey City, NY-NJ?
Some top paying nearby cities include Trenton-Princeton, NJ ($130,090) and Bridgeport-Stamford-Danbury, CT.
How does the local Actuary salary compare to the national average?
The average Actuary salary in New York-Newark-Jersey City, NY-NJ is $158,540, which is considerably higher than the national average of $135,770.
What is the concentration of Actuaries in this region?
The Location Quotient for Actuaries in New York-Newark-Jersey City, NY-NJ is 1.84, meaning the area has nearly double the concentration of Actuaries compared to the national average.
How does the Cost of Living affect the Actuary salary?
The Cost of Living Index is 100, matching the national average. This means the higher nominal salary of $158,540 provides strong purchasing power for Actuaries in this region.
What is the total number of Actuaries in the New York-Newark-Jersey City, NY-NJ area?
There are approximately 3,160 Actuaries employed within the New York-Newark-Jersey City, NY-NJ metropolitan area.
Methodology: Salary data is derived from the Bureau of Labor Statistics (BLS) OEWS 2024 release. Figures represent gross pay before taxes. Analysis includes 3,160 employees in the New York-Newark-Jersey City, NY-NJ area with a job density of 0.338 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 New York-Newark-Jersey City, NY-NJ