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Average Actuaries Salary in Springfield, MA

Actuaries in Springfield, MA, earn an average annual salary of $110,120. This figure is notably below the national average of $135,770, suggesting that local market dynamics, such as demand and the cost of doing business, play a significant role in compensation within this specific region.

Executive Summary

  • Average Salary: $110,120 per year.
  • Growth Trend: Salaries have shifted 0.0% ↘ over the last 5 years.
  • Top Earners: Senior professionals (90th percentile) earn up to $158,430.
  • Outlook: The actuarial job market in Springfield, MA, exhibits a strong concentration, as indicated by a Location Quotient of 6.38, significantly exceeding the national average. With a local workforce of 230 actuaries, this high concentration suggests robust demand and a specialized talent pool within the area, pointing towards a stable and potentially growing job market for these professionals.
2024 Market Data

Salary Overview

$110,120

The average Actuaries in Springfield, MA earns-18.9%below the national average.

BreakdownBased on 40h/week
Hourly

$52.9

Weekly

$2,118

Monthly

$9,177

Actuaries Salary Distribution in Springfield, MA

Actuarial salaries typically scale significantly with experience. Entry-level positions often start at a lower percentile, while senior actuaries, with their advanced expertise and proven track record, command salaries in the higher percentiles. The widening gap between entry-level and senior compensation reflects the substantial career progression and increased value brought by seasoned professionals in the field.

Experience LevelMarket PercentileAnnual WageHourly Rate
Junior / AssociateEntry level. Focus on learning core skills & codebase.10% (Entry)$76,160$36.6
Engineer IProficient contributor. Handles tasks independently.25% (Junior)$82,590$39.7
Senior EngineerSystem design, complex problem solving, mentoring.50% (Median)$92,730$44.6
Lead / StaffTechnical strategy, architecture, cross-team impact.75% (Senior)$137,650$66.2
Principal / ArchitectIndustry expert. Driving technical vision & innovation.90% (Expert)$158,430$76.2

Detailed Actuaries Market Analysis

Relocation Context

Nominal Salary

$110,120

Gross Pay

Real Wage (Purchasing Power)

$110,120

Adjusted for COL (100)

The average annual salary of $110,120 in Springfield, MA, aligns perfectly with the national average cost of living, indicated by an index of 100. This means that the purchasing power of an actuary's salary in Springfield is equivalent to the national average, offering a stable financial environment without the premium often associated with higher cost-of-living areas.

Job Market Context

230

Total Jobs

1.172

Per 1K Jobs

6.38

Location Quotient

Major Hub

Springfield, MA has 6.4x 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.

Springfield, MA, presents a highly concentrated market for actuaries, boasting a Location Quotient of 6.38. This indicates that actuaries are employed in Springfield at a rate more than six times the national average, suggesting a specialized and potentially competitive environment where employers actively seek out this specific skill set.

Nearby Job Markets

Nearby Cities for Actuaries

CitySalaryDist.
Hartford-West Hartford-East Hartford, CT Actuaries Salary$151,060↑ 37%25 mi
Worcester, MA Actuaries Salary$133,720↑ 21%39 mi

Comparing salaries near Springfield, MA

Hiring Actuariess?

Frequently Asked Questions

How much does a Actuaries make in Springfield, MA?

The median annual salary for a Actuaries in Springfield, MA is $110,120. This typically ranges from $76,160 for entry-level positions to $158,430 for top-level roles.

How does the salary compare to the national average?

The average salary for this role in Springfield, MA is 18.9% lower than the national median of $135,770.

Is Springfield, MA a lucrative place for Actuaries?

Yes, with caveats.While the average salary is below the national average, the high concentration of actuaries and a cost of living matching the national average suggest a stable and potentially rewarding career path with strong local demand.

Is Springfield, MA a good place to live for Actuaries?

The Cost of Living Index in Springfield, MA is 100. While higher than average, this often correlates with higher wages.

Where are the highest paying cities near Springfield, MA?

Some top paying nearby cities include Hartford-West Hartford-East Hartford, CT ($151,060) and Worcester, MA.

How does the local salary compare to the national average?

Actuaries in Springfield, MA, earn an average of $110,120 annually, which is lower than the national average of $135,770.

What is the concentration of actuaries in Springfield, MA?

Springfield, MA, has a high concentration of actuaries, with a Location Quotient of 6.38, meaning actuaries are employed there at a rate significantly higher than the national average.

How does the cost of living in Springfield, MA affect salary perception?

The cost of living in Springfield, MA, is exactly at the national average (index of 100), meaning the $110,120 salary has the same purchasing power as the national average salary.

What does the job market look like for actuaries in Springfield, MA?

The market is robustly concentrated, with 1.172 jobs per 1,000 workers and a total local workforce of 230 actuaries, indicating strong local demand for this profession.

Methodology: Salary data is derived from the Bureau of Labor Statistics (BLS) OEWS 2024 release. Figures represent gross pay before taxes. Analysis includes 230 employees in the Springfield, MA area with a job density of 1.172 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 Springfield, MA