Actuary Hourly Pay in Faribault, MN: $60.01 (2026)
Quick Answer:Hourly pay for a actuary working in Faribault, MN runs $60.01 at the median for 2026 — annualizing to $124,830 at a standard 2,080-hour year. Figures projected from BLS OEWS 2025 (SOC 15-2011). Weighted against Faribault's regional price level (BEA RPP 98.5, 1% below national), each hour of work buys what $60.92 nationally would. A 24-hour part-time schedule grosses $74,893 per year.
Based on BLS state-level estimates · View source
In 2026, actuary hourly pay in Faribault, Minnesota stands at a median rate of $60.01, which is notably lower than the national median of $64.50. This rate reflects not just a compensation for full-time roles but is also relevant for part-time workers, who may typically engage in 24 hours of work per week. In the context of insurance companies, consulting firms, and pension plan meetings, these hourly wages allow for flexibility if one prefers part-time employment. For entry-level actuaries, hourly rates start around $36.77, while more experienced professionals can earn as much as $93.02, highlighting a significant range in earnings within the local job market. The hourly figures are derived from annual salary projections, showcasing the financial viability of a career in actuarial science in Faribault.
About the Faribault Market
Salary estimated from Minnesota average ($128,000) adjusted for local cost of living.
Actuary Hourly Wage Breakdown
| Percentile | Hourly Rate | Per 8hr Shift |
|---|---|---|
| Entry Level (P10) | $36.77 | $294.16 |
| Lower Range (P25) | $44.73 | $357.82 |
| Median (P50) | $60.01 | $480.09 |
| Upper Range (P75) | $76.82 | $614.58 |
| Top Earners (P90) | $93.02 | $744.20 |
Estimated Annual Income by Work Schedule in Faribault
Based on $60.01/hr median hourly rate · 2026 est.
At $60.01/hr, a actuary working full-time (40 hr/wk) in Faribault, MN can expect to earn approximately $124,822 per year (2026 est.). Part-time hygienists working 24 hours per week would earn around $72,013. With a cost-of-living index of 98.50 (below the national average), these earnings stretch further in Faribault.
Hourly Rate Calculator
Schedule Comparison in Faribault
| Schedule | Weekly | Monthly | Annual |
|---|---|---|---|
| Full-Time (40 hrs) | $2,400.43 | $10,402 | $124,822 |
| Part-Time (24 hrs) | $1,440.26 | $6,241 | $74,893 |
| Per Diem (16 hrs) | $960.17 | $4,161 | $49,929 |
Compare ASA, FSA Wages With Similar Roles
| Role | Median Hourly |
|---|---|
| Actuary (Faribault) | $60.01 |
| Statistician (National Avg) | $51.53 |
| Mathematician (National Avg) | $56.16 |
| Financial Analyst (National Avg) | $47.61 |
| Data Scientist (National Avg) | $54.40 |
Actuarys in Faribault, MN earn a median of $124,830 per year (2026 est.), which is 6.95% lower than the national median of $134,160 and 5.50% below the Minnesota state average of $132,095.
Actuary Hourly Pay vs. Cost of Living
Working 24h/week at $60.01/hr = $74,893/year (purchasing power: $76,034).
Working 40h/week (full-time) = $124,822/year (purchasing power: $126,723).
CoL index: 98.5 (100 = national average). Your dollars stretch further here.
2019 BLS Actual
$48.47/hr
2025 BLS Actual
$58.15/hr
2026 Current Est.
$60.01/hr
2019–2027 Growth
+27.8%
Hourly Rate Trajectory for Actuaries in Faribault (2019–2027)
2019–2025: actual BLS OEWS data for this metro area. 2026+: CAGR 3.20% projection.
| Year | Hourly Rate | Status |
|---|---|---|
| 2019 | $48.47/hr | Actual |
| 2020 | $49.66/hr | Actual |
| 2021 | $47.37/hr | Actual |
| 2022 | $50.99/hr | Actual |
| 2023 | $53.68/hr | Actual |
| 2024 | $57.26/hr | Actual |
| 2025 | $58.15/hr | Actual |
| 2026(current) | $60.01/hr | Estimated |
| 2027 | $61.93/hr | Projected |
Based on 7 years of BLS OEWS metropolitan area data, the median hourly rate for actuaries in Faribault grew 20.0% from $48.47/hr (2019) to $58.15/hr (2025). At a 3.20% projected growth rate, hourly pay is expected to reach $61.93/hr by 2027. Part-time and per-diem actuaries can use this multi-year trend to benchmark future contract negotiations.
Note: Historical values (2019–2025) are actual BLS OEWS figures for the Faribault 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.
Working as an Hourly Actuary in Faribault
Evaluating the potential earnings for part-time actuaries reveals compelling insights. A professional working three days a week, totaling 24 hours, would earn approximately $74,900 annually, a respectable figure albeit less than full-time counterparts. Per-diem or agency work, while less common for newer actuaries, becomes increasingly lucrative for those with higher qualifications, with expert consultants billing between $250 and $500 per hour. Within Faribault's diverse employment opportunities—ranging from life insurance companies to consulting firms—the hourly rates vary significantly. Health insurance firms tend to offer lower pay in exchange for benefits, while some actuaries might favor higher hourly compensation without the safety net of insurance. When negotiating, connections with local employers and knowledge of industry standards will bolster efforts to achieve a satisfactory hourly rate, making skills like predictive analytics valuable for enhancing pay scales in this dynamic field.
More salary data for Faribault, 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
Hourly wage figures on this page are 2026 projections based on the Bureau of Labor Statistics Occupational Employment and Wage Statistics (OEWS) survey, May 2026 release. A 3.20% compound annual growth rate (CAGR), derived from 6-year national BLS wage trends, was applied to estimate current 2026 hourly rates for actuaries in Faribault. Part-time and full-time income estimates assume consistent weekly hours and do not account for overtime, benefits, or seasonal variation.
Data Sources & Methodology
Salary data for Faribault 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