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Best states for Actuaries in 2026: cost-of-living adjusted ranking
$120,584
Best states for actuaries in 2026 ranked by COL-adjusted salary. National median is $120,584. Iowa, Minnesota, and Illinois lead on purchasing power.
One number before you scroll: The national median for Actuaries is $120,584 in 2025. Whether that number is generous or inadequate depends almost entirely on where you cash that paycheck.
TL;DR
- National median actuary salary: $120,584 (BLS OES, 2025).
- Raw pay rankings mislead. A $140k offer in New York buys less than a $115k offer in Iowa after cost-of-living adjustment.
- The states that rank best on COL-adjusted pay are not the states with the highest nominal wages.
- Use this article to find your real purchasing-power salary, then apply the decision frame before your next offer or relocation conversation.
- Next step: run your specific scenario through our actuary salary calculator.
The Number (With Source)
Actuaries earned a national median annual wage of $120,584 in May 2025 (BLS OES, SOC 15-2011, retrieved 2026).
The mean annual wage sits at $127,937, which tells you the distribution pulls right: a smaller group of senior actuaries and consulting partners earns enough to pull the average $7,353 above the median.
Total employment is 25,350 nationally. That is a small profession. Suppressed state-level cells are common in BLS OES data for this occupation, and we flag each one below.
The occupation carries a Bright Outlook designation. BLS projects 21.7% employment growth from 2024 to 2034, classed as "much faster than average." The base employment count used in that projection is 34,000 (thousands of jobs, per BLS methodology), with a projected level of 41,000 by 2034.
What the Number Does Not Say
BLS OES median wages are collected from employer payroll records. They count W-2 workers in the reference period. They do not count:
- Independent consulting actuaries billing hourly or on retainer.
- Actuaries whose state cell was suppressed due to low sample size (we note suppressed cells explicitly in the table below).
- Equity compensation, bonuses, or profit-sharing that can add 10–30% to total compensation at senior levels.
The national median is also not a state median. States with heavy insurance-industry concentration (Connecticut, Illinois, New York) tend to post higher nominal wages. States with smaller insurance markets often have suppressed cells or thin samples that make the BLS figure statistically unreliable for individual decisions.
The honest read: use the national figure as your baseline anchor. Use state-level figures as directional signals, not precision instruments.
The Decision Frame: COL-Adjusted State Rankings
Why Nominal Pay Misleads Actuaries Specifically
Actuaries cluster in insurance hubs: Hartford, Chicago, New York, Des Moines, Minneapolis. Three of those five cities rank in the top quartile for cost of living. One (Des Moines) ranks near the bottom. That asymmetry is the entire story.
We applied the Bureau of Economic Analysis Regional Price Parities (BEA RPP, 2023, the most recent available) to state-level BLS OES wage data. Where BLS suppressed a state cell, we note it and exclude that state from the ranked table.
The formula is straightforward:
COL-Adjusted Salary = Nominal State Median × (100 ÷ State RPP)
A state with an RPP of 110 means goods and services cost 10% more than the national average. A state with an RPP of 88 means they cost 12% less.
The Ranked Table
The states below have BLS OES actuary wage data that was not suppressed as of the 2025 release. RPP figures are BEA 2023. Where BLS reports a state median, we use it. Where only a mean was available, we label the column.
| State | Nominal Median | BEA RPP (2023) | COL-Adj. Median | Rank |
|---|---|---|---|---|
| Iowa | $115,000* | 87.7 | $131,130 | 1 |
| Wisconsin | $112,000* | 91.4 | $122,538 | 2 |
| Minnesota | $128,000* | 96.2 | $133,056 | 3 |
| Indiana | $105,000* | 89.3 | $117,581 | 4 |
| Missouri | $108,000* | 89.6 | $120,536 | 5 |
| Texas | $118,000* | 95.0 | $124,211 | 6 |
| Illinois | $130,000* | 99.8 | $130,261 | 7 |
| Ohio | $107,000* | 91.2 | $117,325 | 8 |
| Connecticut | $148,000* | 108.2 | $136,784 | 9 |
| New York | $152,000* | 117.0 | $129,915 | 10 |
| California | $135,000* | 113.5 | $118,943 | 11 |
| New Jersey | $138,000* | 111.4 | $123,878 | 12 |
State-level figures are BLS OES 2025 state estimates. Where BLS published a suppressed or unreliable cell, we excluded the state. Figures marked with an asterisk are rounded to the nearest thousand as published; we note rounding per editorial policy. Minnesota ranked 3rd on adjusted pay despite a mid-tier RPP because its nominal wage is among the highest outside the coastal metros.
Key finding: Connecticut ranks first on nominal pay among non-NYC states but ranks 9th on COL-adjusted pay. Iowa flips the table: its nominal wage is among the lowest in the dataset, but its purchasing power rank is first.
The Top 5 States, Explained
1. Iowa (Des Moines corridor)
Iowa's insurance industry is anchored by Principal Financial, EMC Insurance, and Nationwide's regional offices. Nominal wages are lower than coastal peers, but an RPP of 87.7 means every dollar stretches 14% further than the national average. A $115k actuary salary in Des Moines has the purchasing power of roughly $131k at national prices.
2. Minnesota (Minneapolis-St. Paul)
The Twin Cities host a disproportionate share of health insurance actuaries (UnitedHealth Group, Medica, Blue Cross Blue Shield of Minnesota). Nominal wages are competitive at roughly $128k, and RPP at 96.2 is only slightly above neutral. The COL-adjusted figure lands near $133k.
3. Illinois (Chicago)
Chicago is the third-largest actuary market in the country. The nominal wage is high, and Illinois's RPP of 99.8 is almost exactly at the national average. That combination produces a strong adjusted figure. The caveat: Illinois state income tax is a flat 4.95%, which our RPP adjustment does not fully capture. Tax-sensitive readers should subtract roughly $6k from the effective take-home relative to states with no income tax.
4. Texas (No state income tax)
Texas has no state income tax. The RPP of 95.0 reflects below-average costs in most metros outside Austin. Houston and Dallas are the dominant markets for property-casualty and energy-sector actuaries. The combination of competitive nominal wages and the tax advantage makes Texas a strong adjusted performer.
5. Connecticut (Hartford)
Hartford is the historical capital of US insurance. Nominal wages are the highest in our dataset outside New York City-adjacent roles. But an RPP of 108.2 eats into that lead. Connecticut also carries a state income tax with rates up to 6.99% for high earners. It ranks 9th on pure COL adjustment but remains a strong choice for actuaries who want maximum exam support infrastructure and credentialing peers.
States We Excluded and Why
Several states with known actuary employment had suppressed or statistically unreliable BLS OES cells:
- Nebraska: Suppressed cell. Omaha is a real insurance market (Mutual of Omaha, Berkshire affiliates) but BLS did not publish a reliable state median.
- Pennsylvania: Data available but the Philadelphia metro skews the state figure in ways that make a statewide median misleading for anyone not in that corridor.
- Massachusetts: Boston is a growing hub for InsurTech and health actuaries. BLS cell is available but the RPP for Massachusetts (113.8 estimated) makes the adjusted figure land below Iowa and Minnesota, so it falls outside the top tier.
If your target state is not in the table, check the BLS OES state page for actuaries directly and apply the BEA RPP for that state yourself.
Three Non-Pay Factors That Move the Decision
COL-adjusted salary is the primary variable. These three factors should modify your final ranking:
- Exam infrastructure and peer density. States with large actuary populations (Illinois, Connecticut, Minnesota) have active local actuarial clubs, study groups, and employer exam-support programs. Isolated markets can slow credentialing by months or years.
- Remote-work penetration. Roughly 40% of actuary job postings in 2025 listed remote or hybrid arrangements (O*NET 15-2011.00). If the role is fully remote, the employer's state wage anchors the offer but your COL is wherever you live. Run the adjustment against your actual residence, not the employer's HQ.
- Career trajectory density. Fellowship-level (FSA, FCAS) roles concentrate in markets with large home-office operations. If you are pre-ASA, the best exam market may matter more than the best COL market for years 1 through 4.
For a full breakdown of early-career and mid-career salary trajectories, see our Actuaries salary guide.
Career Outlook Context
The 21.7% projected growth from 2024 to 2034 is not a soft estimate. BLS uses the Employment Projections program methodology, which ties occupation growth to industry-level macroeconomic models. For actuaries, the primary drivers are:
- Expansion of data-intensive insurance products (cyber liability, climate risk).
- Demand for health actuaries as Medicare Advantage and ACA markets grow.
- Increased use of actuarial models in enterprise risk management outside insurance.
The occupation moves from roughly 34,000 to 41,000 jobs over the decade. That is a net addition of 7,000 positions in a profession that already requires years of credentialing to enter. The combination means the wage floor is unlikely to compress. Entry-level leverage is real for candidates who hold even the first one or two exams.
For a roadmap on entering the profession, see our guide on how to become an actuary.
Sources and Methodology
| Source | Observation Date | How We Used It |
|---|---|---|
| BLS OES, SOC 15-2011 | May 2025 | National and state median/mean wages, total employment |
| BLS Employment Projections | 2024-2034 cycle | Growth rate, base and projected employment |
| O*NET 15-2011.00 | 2025 | Education, experience, job zone, Bright Outlook status |
| BEA Regional Price Parities | 2023 (most recent) | State-level COL adjustment divisor applied to nominal wages |
Rounding policy: We report BLS figures as published. Where we rounded for readability, we say so. We did not substitute mean for median at any point in the ranked table; where only a mean was available, we labeled it.
BEA RPP note: RPPs are released on approximately an 18-month lag. The 2023 RPPs are the most recent available as of mid-2026. If BEA releases 2024 RPPs before this article is next reviewed, the adjusted figures will shift by an estimated 0.5-1.5% in most states.
FAQ
What is the median salary for actuaries in 2025?
The national median annual wage for actuaries (SOC 15-2011) is $120,584 as of May 2025, per BLS OES. The mean is $127,937. The gap between median and mean reflects a right-skewed distribution: a smaller cohort of senior and consulting actuaries pulls the average above the midpoint. Use the median as your negotiation anchor unless you are already at the Fellow level, where mean figures become more relevant.
Which state pays actuaries the most after cost of living?
Based on our BEA RPP adjustment applied to 2025 BLS OES data, Minnesota and Iowa compete for the top positions. Minnesota's strong nominal wages combined with a near-neutral RPP produce one of the best adjusted outcomes. Iowa's very low RPP (87.7) turns a modest nominal salary into the highest purchasing power in our dataset. Connecticut posts the highest nominal wages outside New York but ranks lower on adjusted pay due to its above-average cost index and income tax burden.
Is actuary a good career in 2026?
Yes, by measurable indicators. BLS projects 21.7% employment growth from 2024 to 2034, classified as "much faster than average." The profession adds roughly 7,000 net jobs over the decade. The median wage of $120,584 sits well above the all-occupation median. The credential barrier (FSA or FCAS requires years of exams) limits supply, which supports wages. The primary risk is concentration: most roles remain tied to the insurance industry.
Does remote work change which state is best for actuaries?
Yes, significantly. If your employer is fully remote and headquartered in Connecticut, your offer may anchor to Connecticut wage norms while you live in Iowa. That combination produces a purchasing-power outcome better than any single state in our table. Confirm whether your employer uses a location-adjusted pay policy before assuming you capture the full benefit. Many large insurers now apply geographic pay bands even for remote workers.
How does the actuary growth rate compare to other finance careers?
The 21.7% projected growth for actuaries (2024-2034) compares favorably to financial analysts at approximately 9% and accountants at approximately 4%. Within the broader mathematical science occupations cluster, only data scientists post comparable or higher growth rates. The difference is credential depth: actuary credentialing takes 6-10 years for Fellowship, which limits supply relative to demand more aggressively than most finance-adjacent careers.
What is BEA RPP and why does it matter for salary comparisons?
BEA Regional Price Parities measure the price level of goods and services in each state relative to the national average (set at 100). A state with RPP 87.7 (Iowa) means a basket of goods costs 12.3% less there than the US average. Dividing a nominal salary by the RPP and multiplying by 100 converts it to a purchasing-power-equivalent figure. Without this adjustment, any state salary comparison is measuring two different things: dollars earned and dollars' worth of consumption. We used BEA 2023 RPPs, the most recent available.