It’s time to crunch some numbers and check out the best states for actuaries. I was never great at math. I wanted to be, and my math teachers also would’ve preferred if I was–but I just wasn’t. I enjoyed my Texas Instrument Calculator, though, like to holster and unholster it from its case like I just finished a duel. Why is everything from Texas so inextricable from cowboys?
Anyway, I’m not great at math, but I might have a future riding fences. If you ARE great at math you might be or be planning to become an actuary. But where should you live? Well, we have the list for you. If you love math AND are interested in math-based careers then you might also be interested in 7 Highest Paying Countries for Accountants.
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In looking for the best states for actuaries, we used three important points of value. One is the cost of living index for every state. If you think that the only thing you should look at in an occupation is the wages, you’re mistaken. You have to consider how much you will spend on your daily living expenses after you find out how much you will earn. The point is that no matter how much you earn in your paycheck if you end up spending a huge chunk of it on the rent, your food, and other basic needs.
The other two points are the wages and the employment rates. It is only right for us to always take note of the two when looking for the state to practice our profession, but it is also equally right for us to realize that there is more than just the pay.
The data for the cost of living rates was sourced from the Missouri Economic Research and Information Center, while the information for each state’s annual median wage and employment rate for actuaries was derived from the US Bureau Labor of Statistics.
Each state was then ranked according to cost of living, then according to employment rates, and lastly, according to annual median wage. Each ranking was averaged, where we based the rankings for the list we have here.
Read on to know more about the best states for actuaries.
25. Washington
Annual median wage: $97,470
Cost of living: 107.1
Employment: 410
With average wages past the national average and employment rates decent enough for actuaries, there is no doubt Washington is a state where actuaries can get a job and get paid well. The employment rates show how easy it could be for them to secure a job. The downside is that the living expenses are higher than in most American states. Then again, because the wages are great, it could still be a comfortable life.
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24. Nebraska
Annual median wage: $78,160
Cost of living: 91.3
Employment: 290
Actuaries are not as in demand as accountants, which could justify why some states do not have employment rates reaching thousands for this occupation. Needless to say, Nebraska’s employment rates stay on the decent side. The state boasts of very cheap cost of living rates, which simply means no matter how low you think the wages are, there will be no problem sustaining a life since your bills will cost almost nothing.
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23. Oklahoma
Annual median wage: $79,500
Cost of living: 88.6
Employment: 70
While actuaries in Oklahoma could not enjoy high employment rates for their occupation, they will surely have a field day for their very low cost of living rates. You can almost guarantee you’ll enjoy most of your wages when you live here.
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22. Alabama
Annual median wage: $89,990
Cost of living: 91.2
Employment: 50
Alabama’s employment rates rank the lowest for actuaries in America. The state is not popular for having as many jobs as the bigger cities in the country, but they are known everywhere to have the ideal cost of living rates–so many times lower than the national average. What’s better for actuaries is how they have wages higher than most states in the US. When paired with their low living expenses, Alabama is simply irresistible.
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21. Connecticut
Annual median wage: $98,050
Cost of living: 130.7
Employment: 980
Connecticut’s business district seems to be unstoppable, no wonder they have really good employment rates for actuaries and even for similar occupations. As if their employment rates are not enough to attract these professionals, the wages they offer are very much higher than the national average. However, living in Connecticut would require you to cut down on some expenses, as they have one of the highest cost of living rates in the US.
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20. Georgia
Annual median wage: $82,410
Cost of living: 91.4
Employment: 290
With Georgia’s popular low cost of living rates, you might never expect it to offer wages as high as the one they have for their actuaries. Apart from the low cost of living expenses and the higher than the average salary they offer, they also have a decent employment rate. If you ever get the luck to bag a job as an actuary in Georgia, you should try to keep it as much as you can. The state is truly one of the best states for actuaries.
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19. California
Annual median wage: $100,470
Cost of living: 134.8
Employment: 1,470
California has always had one of the best reputations when it comes to jobs and employments. The state has a booming economy and a steadfast job flow, which explains why they have the third-highest employment rates and one of the highest wages for actuaries. Their cost of living rates might disappoint you a little, but with a little budgeting trick, you’ll do well for sure.
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18. Florida
Annual median wage: $88,560
Cost of living: 99
Employment: 560
Florida might not be your average state since it is known for its great beaches and amazing sceneries, but when it comes to actuaries, it is quite on the average. It has wages a little higher than the national average, but both costs of living rates and employment hang tight on the average. That’s not to say it is a mediocre state, for these statistics could be hard to find in the US all in the same place. Florida’s wages are still worth a good try.
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17. Massachusetts
Annual median wage: $101,860
Cost of living: 134.7
Employment: 890
While there are states that might surprise you when they make it to lists like this one, Massachusetts sure wouldn’t. It has always been popular for being a great state for its jobs. Being one of America’s center for business and education, actuaries would certainly get a good life here. True enough, they have wages higher than most American states. Don’t let their cost of living rates scare you. Just arm yourself with budgeting skills and prepare for small compromises–you’re good to go.
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16. Tennessee
Annual median wage: $85,350
Cost of living: 89.8
Employment: 110
We all know how affordable it is to live comfortably in Tennessee. They have cheap cost of living rates that could very well sustain a good life without requiring you to forego the things you want for the things you need. What’s even better in working as actuaries in Tennessee is that they have wages higher than the average. Can you just imagine how much you can save since a huge chunk would be all yours instead of just going to the bills?
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15. New Jersey
Annual median wage: $101,660
Cost of living: 121
Employment: 790
Just a quick look at the statistics and you know New Jersey deserves to be a part of this list of best states for actuaries. They have to-die-for wages, which when paired with their employment rates look even more promising than it already is. Though their employment rates appear to be more expensive than most states in America, the fact that you can earn over $100,000 is something you can’t just let pass you by.
14. Minnesota
Annual median wage: $95,490
Cost of living: 101.1
Employment: 500
If you are looking for a state where you can live on the average, why not try Minnesota, the next one in our list of best states for actuaries? Its living expenses stay on the average, and they pay actuaries with salaries that go past the national average. It’s like having your cake, and eating it, too–which is always better than having it and not eating it. They have decent employment rates for these professionals as well. By the looks of it, more and more actuaries could be moving to this state soon, so why wouldn’t you?
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13. New York
Annual median wage: $110,560
Cost of living: 135.2
Employment: 2,290
Holding the record for the highest employment rates for actuaries in the country, New York, the number 13 in our list of best states for actuaries just proved how it is so ideal for white-collar jobs. They also have the fourth-highest wages for actuaries. No wonder more and more professionals dream of being a New Yorker. You might have to be ready to adjust and alter your spending habits if you ever move there since they have an extremely high cost of living rate.
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12. North Carolina
Annual median wage: $94,380
Cost of living: 94.2
Employment: 410
North Carolina’s claim to fame is its ideally low cost of living rates. Being known as one of America’s cheapest state to live in, you might assume that their wages would be on the cheap side, too. Imagine the pleasure of earning higher than most states in the country and having to spend less than they do on bills. North Carolina is indeed a great place to live. Their employment rates are packed with promise as well, which is why it takes the 12th place on this list of best states for actuaries.
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11. Colorado
Annual median wage: $132,340
Cost of living: 102.1
Employment: 370
With the second-highest wages for actuaries, no wonder Colorado bagged a part on the list of best states for actuaries. They also seem to have plenty of employment opportunities for these professionals, as reflected in their employment rates. Despite cost of living rates that score a bit higher than the national average, the high wages look enough to sustain a comfortable life in Colorado. What else could you be looking for?
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10. Illinois
Annual median wage: $84,840
Cost of living: 95.5
Employment: 1,410
We are continuing our list of best states for actuaries with Illinois that has one of the highest employment rates for actuaries in the country. That alone could be enough reason for you to consider working in Illinois, but to convince you even more, they have really cheap living expenses that wouldn’t slash your wages dead. The best thing is that despite the fact that Illinois is an affordable state, the wages they have are far from cheap–they even get past the national average.
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9. Missouri
Annual median wage: $84,950
Cost of living: 90.8
Employment: 450
Missouri’s low cost of living expenses is usually what makes people want to move there and settle with their families. They have many jobs available for professionals, or so it seems by simply judging from their employment rates for actuaries. The state is also teeming with so many outdoor adventures you may want to try when you want to take a break from crunching numbers. Caves and camps, anyone?
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8. Wisconsin
Annual median wage: $95,020
Cost of living: 96.9
Employment: 590
To know that an affordable state can offer wages that are higher than the national average could be rare in the US, but Wisconsin, the number 8 in our list of best states for actuaries is a proof that such states exist. You get to enjoy high wages with low living expenses, without any visible signs of job shortage on your profession. The state is also one of the best ones for entrepreneurs, which could explain their need for more actuaries.
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7. Iowa
Annual median wage: $91,000
Cost of living: 91.7
Employment: 450
Low cost of living, but a great education system is just one of things of which Iowa boasts. The state is known for having affordable real estate. If you think about it, working in Iowa as an actuary could certainly buy you a home. Des Moines in Iowa is also popular now for being one of the wealthiest cities in the country. With employment rates that high, why holds you back from getting a job in Iowa?
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6. Michigan
Annual median wage: $85,910
Cost of living: 88.2
Employment: 370
Known as the third most affordable state in the country, it is a nice surprise that Michigan pays actuaries with wages that are higher than the national average. Living in Michigan that ranks 6th in our list of best states for actuaries, would mean lower expenses for your rent and food, but more time with nature as the state has the famed Lake Michigan, which could be your escape after a long, tiring day at work.
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5. Ohio
Annual median wage: $89,430
Cost of living: 93
Employment: 940
Ohio ranks 5th in our list of best states for actuaries. It is not as populated as other states in America, which is easily one of the best things about living there. What’s even better is they also have a really low cost of living expenses, making it easier for people to budget their earnings and save up. Luckily for actuaries, they get paid higher than the national average in Ohio and enjoy the high employment rates, too.
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4. Pennsylvania
Annual median wage: $101,710
Cost of living: 102.8
Employment: 1,630
We all have heard how stable the job market is in Pennsylvania our next entry on the list of best states for actuaries. That is so evident in their employment rates for actuaries. Despite having cost of living rates a bit higher than the national average, what makes people move there is how high their wages are. Pennsylvania also boasts of prestigious colleges and universities, making it ideal for families who are raising kids as well.
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3. Indiana
Annual median wage: $91,440
Cost of living: 87.9
Employment: 260
Were you surprised Indiana’s wages for actuaries? The state has always been known for its unbelievably low cost of living expenses, but certainly not for having high wages. What makes living in Indiana awesome apart from affordable rent and food? They have really fun county fairs, beautiful natural attractions, and great agriculture developments.
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2. Texas
Annual median wage: $101,740
Cost of living: 90.7
Employment: 1,120
The second place in our list of best states for actuaries goes to Texas that has been making waves these past couples of years because of what seems to be a bustling economy. They have tons of jobs available for every occupation, and always pay their workers well. No wonder, this state’s population increases in a rapid, steady pace. Other reasons why people move to Texas are its low living expenses, great food, and the fact that they have no state income tax.
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1. Kansas
Annual median wage: $149,760
Cost of living: 90.4
Employment: 670
Kansas pays the highest wages to actuaries in America. It is such a pleasant surprise, considering how affordable it is to live in Kansas. Need more convincing about working in Kansas? The state also boasts of friendly people, museums, prairies, and lots of outdoor fun. If you’re the type to get really stressed at work, a trip around Kansas’ natural parks would be a great way to chill out.
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An actuary’s job is quite challenging, to say the least. It could be so demanding and can take its toll on you, which is why it is important to look for a place that wouldn’t add to your career burden. If you ever feel the need to move somewhere else, make sure you pick one from the best states for actuaries.
