Salary Surveys

R.A.D. Search, LLC - specializing in Actuarial, Finance, Financial Engineering and Risk Management searches.

Actuarial Compensation and Benefits Survey
Each year, we conduct a compensation and benefits survey of Life/Health and Casualty actuaries. We create customized reports for our clients so they can monitor compensation trends in the industry. A condensed version of the survey is made available to all participants.

We can design and conduct a customized survey to suit your unique needs. Just contact us to learn more.

See below for a copy of the results sent to last year's participants.

Salary Survey Methodology

This survey began in late February 2009, and was closed the fourth week of March, 2009. Of those that participated in this survey, 68% indicated that their last review had taken place within the past five months. The Survey population consisted of Life and Property Casualty Actuaries based in the United States with the following designations:

· FSA: 2003 to the present

· ASA: 2005 to the present

· FCAS: 2003 to the present

· ACAS: 2005 to the present

The total number of U.S. based actuaries contacted for this survey was 4,445. Of this group, approximately 23% were members of the Casualty Actuarial Society, the remainder were Life Actuaries. Actuaries were contacted via online survey. The overall response rate from individual actuaries to the survey was 24%.

This data was collected from a national sample and the salary numbers cited are average amounts. Cost of living differences have not been factored into any of these numbers. However, since most insurance companies and consulting firms are located in major metropolitan areas, it seems logical to assume that these numbers reflect the impact of the higher costs associated with that type of location.

Compensation Data

Participants were asked the amount of base compensation and cash bonus they are currently receiving. Results are reported by designation and by year in tables in the following section.

Life Actuaries

Reported Compensation 2009

	Company Actuary base	Company Actuary bonus	Consulting Actuary base	Consulting Actuary Bonus
ASA 2005	$98,080	$10,650	$116,000	$21,600
ASA 2006	$92,383	$6,050	$93,000	$15,750
ASA 2007	$89,834	$5,562	$92,134	$14,226
ASA 2008	$81,793	$5,748	$82,827	$8,448

FSA 2002	$141,894	$30,348	$151,750	$47,750
FSA 2003	$142,938	$46,448	$154,100	$29,444
FSA 2004	$130,816	$15,222	$140,840	$47,167
FSA 2005	$128,586	$17,722	$126,855	$42,639
FSA 2006	$117,116	$10,481	$130,600	$35,243
FSA 2007	$115,777	$16,339	$114,444	$31,800
FSA 2008	$109,559	$11,354	$112,596	$29,287
FSA 2009	$97,952	$5,588

Casualty Actuaries

Reported Compensation 2009

	Company Actuary base	Company Actuary bonus	Consulting Actuary base	Consulting Actuary bonus
ACAS 2005	$117,667	$24,883	$118,500	$9,167
ACAS 2006	*	*	*	*
ACAS 2007	$97,941	$10,182	$97,250	$10,500
ACAS 2008	$98,073	$10,455	*	*

FCAS 2003	$161,556	$32,333	$183,333	$63,667
FCAS 2004	$163,800	$20,425	$158,000	$37,500
FCAS 2005	$148,249	$29,692	$149,675	$40,368
FCAS 2006	$128,056	$22,867	*	*
FCAS 2007	$120,411	$18,045	$138,625	$29,311
FCAS 2008	$113,826	$17,469	$130,833	$28,700

*Insufficient Sample

Consulting actuaries continue to outpace their company counterparts in total compensation. This includes base and bonus potential. Property casualty consultants continue to report higher incomes than their life counterparts.

Additional Findings

Participants were asked to report on the amount of the increase to their base salary that they received at their last performance review.

· 30% of company actuaries reported receiving no increase to their base compensation and almost 40% of consultants reported no increase in their base salary for 2009.

As recently as last year, annual increases for consultants were averaging 6% - 9%; this year the average is 4%.
Last year company actuaries averaged slightly over 4.5% increase in their base compensation, this year it is 3%.
68% of those that responded received their most recent review within the past five months.

Approximately one third of respondents in both groups reported that their companies had not made any changes to the compensation plan for next year. Another third reported current or planned salary freezes. A greater number of company actuaries (26%) reported that their employers were planning a reduction to the bonus plan for 2009 than did consulting actuaries (9%).

Participants were also asked if the current economic conditions impacted their 2008 bonus payouts. A large percentage of company actuaries (65%) believe that the bonus received for 2008 performance was impacted, while only 22% of consulting actuaries agreed

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· 30% of company actuaries reported receiving no increase to their base compensation and almost 40% of consultants reported no increase in their base salary for 2009.