Entry-Level Actuary Salary in Andover, MN: $83,709 (2026)
Quick Answer:New actuaries entering the Andover, MN job market in 2026 can expect a starting salary around $83,709 (BLS 10th-percentile benchmark for SOC 15-2011, projected from 2025 OEWS data). Stripping out Andover's local price level (BEA RPP 98.5 — 1% below national), a first-year paycheck buys what $84,984 would in average-cost America. Most reach the city median ($127,348) within a few years of clinical practice.
Based on BLS state-level estimates · View source
Starting your career as an actuary in Andover, Minnesota, offers promising financial potential, especially for recent graduates. The projected entry-level actuary salary in 2026 is estimated at $83,709, which may initially seem modest compared to the city’s median annual salary of $127,348. However, this entry point is part of a growth trajectory that many new actuaries can anticipate as they progress in their careers. Over the first three to five years, those starting in Andover can expect to see their salaries increase as they gain experience, with the possibility of reaching $99,408 at the 25th percentile and aiming higher towards the median. Given the upward trend in compensation and the city’s favorable job market for new graduates, Andover presents a viable option for aspiring actuaries.
About the Andover Market
Salary estimated from Minnesota average ($128,000) adjusted for local cost of living.
Career Earnings Timeline in Andover
New Graduate
Early Career
Mid Career
Experienced
Salary progression estimated from BLS percentile data. Actual progression varies by employer, certifications, and specialization.
2026 Salary Percentile Distribution in Andover
Entry-level actuarys in Andover, MN typically start between $83,709 and $99,408 per year (2026 est.). The full salary range spans $113,680 from the 10th to 90th percentile, with the local median at $127,348 — 5.08% below the national median.
Return on Investment
The average actuarial science program cost in Minnesota of $55,000 represents just 65.70% of the starting actuary pay ($83,709/year) in Andover. Most graduates begin earning back their investment from day one, though actual ROI varies based on living expenses, loan interest, and the 2-year opportunity cost of schooling.
Program cost estimates cover bachelor's degree tuition at public and private universities, plus estimated actuarial exam fees and study materials. Employers often cover exam costs once employed.
ASA, FSA Salary Negotiation Tips for New Graduates in Andover
- 1Research the Andover market: entry-level actuary pay ranges from $83,709 to $99,408, so aim for at least the 25th percentile if you have strong credentials.
- 2Highlight any additional certifications or specialty training within the actuarial science field — employers in MN often pay a premium for expanded scope of work.
- 3Evaluate the full compensation package — in Andover, benefits like health insurance, continuing-education allowances, and schedule flexibility can add 20-30% to your effective compensation.
- 4Consider starting with a larger hospital system or multi-site employer in Andover for competitive entry-level pay and structured mentorship, then move to a smaller employer once you have 2-3 years of experience.
- 5Andover's moderate cost of living means your starting salary goes further here compared to many larger metro areas.
Actuary Compensation Range
The actuary wage spread in Andover is $113,680 ( 135.80%) between entry-level and top earners. Starting at $83,709, experienced hygienists can earn up to $197,389.
Represents the current salary spread across experience levels, not projected career growth rate.
2019 BLS Actual
$66,959
2025 BLS Actual
$81,113
2026 Current Est.
$83,709
2019–2027 Growth
+29.0%
Salary Trajectory for Actuaries in Andover (2019–2027)
2019–2025: actual BLS OEWS data for this metro area. 2026+: CAGR 3.20% projection.
| Year | Annual Salary | Status |
|---|---|---|
| 2019 | $66,959 | Actual |
| 2020 | $68,167 | Actual |
| 2021 | $65,307 | Actual |
| 2022 | $74,083 | Actual |
| 2023 | $77,820 | Actual |
| 2024 | $79,094 | Actual |
| 2025 | $81,113 | Actual |
| 2026(current) | $83,709 | Estimated |
| 2027 | $86,387 | Projected |
Entry-level actuary compensation (10th percentile) in Andover, MN grew 21.1% over 7 years based on actual BLS metropolitan area surveys, rising from $66,959 in 2019 to $81,113 in 2025. By 2027, starting salaries are projected to reach $86,387. New graduates entering the Andover job market can expect continued year-over-year gains.
Note: Historical values (2019–2025) are actual BLS OEWS figures for the Andover metropolitan area, sourced from annual Occupational Employment and Wage Statistics surveys. 2026–2026 figures are current estimates, and 2027 values are projections, calculated using a 3.20% CAGR derived from 7-year BLS historical data. Actual salaries may vary based on employer, experience, certifications, and local market conditions.
Starting Your actuarial science Career in Andover
In Andover, a variety of employers recruit new graduates, particularly large life insurance companies such as Prudential, MetLife, and Northwestern Mutual, which often have established pathways for entry-level candidates. These firms typically provide structured exam study time, making the transition smoother for those pursuing actuarial credentials. Additionally, health insurers and consulting firms like Milliman and Mercer actively seek out entry-level actuaries who have passed preliminary exams. Obtaining a bachelor’s degree in fields such as mathematics, statistics, or actuarial science is essential, along with passing exams from the Society of Actuaries (SOA) or the Casualty Actuarial Society (CAS) to boost starting pay potential. First-year actuaries can expect salary growth as they clear exams—the passing of each exam generally correlates with a salary increase of $3k-$8k. As a strategic move, focusing on passing initial exams can quickly enhance compensation, particularly with firms that value credentials highly, such as those in the consulting space. Overall, the trajectory for a new grad actuary pay in MN is promising, especially for those actively working towards obtaining advanced designations.
More salary data for Andover, MN:
Frequently Asked Questions
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Written by Maria Chen, FSA, MAAA
Career Analyst
Maria has 10 years of experience in life insurance. She specializes in risk assessment and pricing strategies.
Methodology & Data Source
Entry-level salary figures on this page are 2026 projections based on the Bureau of Labor Statistics Occupational Employment and Wage Statistics (OEWS) survey, May 2026 release. The 10th percentile (entry-level) is used as the starting salary benchmark for new actuarial science graduates. A 3.20% compound annual growth rate (CAGR), derived from 6-year national BLS wage trends, was applied to project current 2026 entry-level compensation in Andover. Program costs are averages and actual tuition varies by institution. ROI calculations are simplified estimates.
Data Sources & Methodology
Salary data for Andover is estimated from official BLS state-level occupational wage data (2025), adjusted for regional cost-of-living differences using BEA RPP (Regional Price Parities).
2026 figures are projected from 2025 BLS data using a compound annual growth rate (CAGR) of 3.20%, derived from historical BLS wage trends for actuarys (SOC 15-2011).
Compiled and verified by Maria Chen, FSA, MAAA, a licensed actuary with 10+ years of clinical experience. · View source data at BLS.gov