The average annual salaries for actuaries in the state of Michigan are shown in Table 1. The comparison of the salary statistics of actuaries amongst Michigan areas is shown in Table 2. The salary statistics are based on the national compensation survey conducted by the U.S. Bureau of Labor Statistics in 2022 and published in April 2023 [1].
| Percentile bracket | Average annual salary |
|---|---|
| 10th Percentile Wage | $60,980 |
| 25th Percentile Wage | $62,810 |
| 50th Percentile Wage | $80,130 |
| 75th Percentile Wage | $102,610 |
| 90th Percentile Wage | $130,360 |
Table 1 shows the average annual salary for actuaries in Michigan in 5 percentile scales. The average annual salary for the 90th percentile (the top 10 percent of the highest paid) is $130,360. The median (50th percentile) annual salary is $80,130. The average annual salary for the bottom 10 percent is $60,980.
The table and chart below show the trend of the median salary of actuaries from 2012 to 2021.
| Year | Median Salary | Yearly Growth | 9-Year Growth |
|---|---|---|---|
| 2021 | $80,130 | -8.47% | 4.58% |
| 2019 | $86,920 | 7.56% | - |
| 2018 | $80,350 | 3.80% | - |
| 2017 | $77,300 | -8.27% | - |
| 2016 | $83,690 | -2.65% | - |
| 2015 | $85,910 | -7.05% | - |
| 2014 | $91,970 | 5.76% | - |
| 2013 | $86,670 | 11.78% | - |
| 2012 | $76,460 | - | - |
Table 3 shows the median annual salary of actuaries in some Michigan cities and metropolitan areas. We note that the median annual salary of actuaries in state of Michigan ranges from $78,210 to $107,620. The highest paying area for actuaries in Michigan is Warren-Troy-Farmington Hills with a median annual salary of $107,620. The second highest paying city/area in Michigan State is Detroit-Warren-Livonia (mean annual salary $96,400). The lowest paying area is Grand Rapids-Wyoming with a median annual salary of $78,210.
| Cities/Areas | Median Annual Salary |
|---|---|
| Warren-Troy-Farmington Hills | |
| Detroit-Warren-Livonia | |
| Lansing-East Lansing | |
| Detroit-Livonia-Dearborn | |
| Grand Rapids-Wyoming |