Average Actuarial Analyst Salary in Andorra for 2024

In this article, we will look at the average Actuarial Analyst salary for 2024 in Andorra and how that compares to other countries and professions. We'll also look at interesting salary data points like median salary, 25th and 75th percentile salaries, salary amounts based on experience, bonus ranges and more!

The data in this article has been compiled using official government salary data, salary surveys, and other sources such as job postings which contain salary information.

All salary information is in the local currency, which is the Euro. To keep things simple, we are using the EUR currency code instead of the currency symbol โ‚ฌ.

How Much Does an Actuarial Analyst Make in Andorra?

An Actuarial Analyst working in Andorra will typically earn around 65,940 EUR per year, and this can range from the lowest average salary of about 28,680 EUR to the highest average salary of 103,840 EUR.

Average Annual Salary
65,940 EUR
Average Monthly Salary
5,495 EUR

Lowest Annual Salary
28,680 EUR
Lowest Monthly Salary
2,390 EUR

Highest Annual Salary
103,840 EUR
Highest Monthly Salary
8,653 EUR

These are average salaries for an Actuarial Analyst in Andorra and include benefits such as housing and transport. It's also possible for an Actuarial Analyst to earn more or less than the average salaries shown above.

Actuarial Analyst salaries will vary a lot based on your experience, location, skills, and gender. Keep reading below to research more data on each of these areas.

Distribution of Actuarial Analyst Salaries in Andorra

So we've looked at the average salaries an Actuarial Analyst will earn in Andorra. The next interesting data point is the distribution of salaries.

Salary ranges

We already know that an Actuarial Analyst can earn between 28,680 EUR and 103,840 EUR on average in Andorra. This is known as the range in statistics.

The difference between the maximum and minimum values is a good indicator of variability in salaries, and can be used by employers to figure out how much they can expect to pay, and for employees to know how much they can earn.

Median salary

The median salary for an Actuarial Analyst in Andorra is 71,700 EUR. This is the middle value in the distribution of salaries.

What this means is that approximately 50% of the population earn less than 71,700 EUR, and 50% of the population earn more than 71,700 EUR.

If you are earning more than the median salary, that's a good indicator that you are being paid well.

If you're not earning more than the median salary, your objective should be to increase your earnings to be at least as high as the median salary (which you can do by asking for a pay rise, looking for a better paying job, etc).

Percentiles

Percentiles are similar to the median salary, but instead of looking at the middle value, they look at the values in the top and bottom half of the distribution.

For the average Actuarial Analyst salary in Andorra, 25% of the population are earning less than 46,720 EUR while 75% of the population earn more than 46,720 EUR.

75% of the population earn less than 95,620 EUR, and 25% of the population earn more than 95,620 EUR.

Like the median salary, the 25th and 75th percentile salaries can be used to determine which quartile you fall into so that you know whether you are being paid well enough compared to others in your profession and location.

The difference between a median and an average salary

The median and average salary are both indicators you can use to see if you are being paid fairly based on the overall population.

  • If your salary is higher than the average and the median salary, you are earning well compared to others.
  • If your salary is lower than the average and the median salary, it could indicate you are not being paid well enough.
  • If you are somewhere in between then it's tricky to determine if you are being paid well enough and you might need to research more closely.

Actuarial Analyst Salary by Experience Level in Andorra

The most important factor in determining your salary after the specific profession is the number of years experience you have. It stands to reason that more years of experience will result in a higher wage.

We have researched the average actuarial analyst salary based on years of experience to give you an idea of how the average changes once you've worked for a certain amount of time.

  • 0 - 2 Years Experience. An Actuarial Analyst in Andorra that has less than two years of experience can expect to earn somewhere in the region of 35,560 EUR.
  • 2 - 5 Years Experience. With two to five years of experience the average Actuarial Analyst salary would increase to 43,760 EUR.
  • 5 - 10 Years Experience. From five to ten years of experience as an Actuarial Analyst, the average salary would be 66,680 EUR.
  • 10 - 15 Years Experience. Once you have more than ten years of experience the average salary reaches around 80,520 EUR.
  • 15 - 20 Years Experience. An Actuarial Analyst with 15 to 20 years of experience can earn an average of 87,640 EUR.
  • 20+ Years Experience. For an Actuarial Analyst with more than 20 years, the expected average salary increases to 96,680 EUR.

Average Salary by Experience Chart

0-2 Years
35,560 EUR
2-5 Years +34%
43,760 EUR
5-10 Years +48%
66,680 EUR
10-15 Years +22%
80,520 EUR
15-20 Years +9%
87,640 EUR
20+ Years +8%
96,680 EUR

Actuarial Analyst Salary by Education Level in Andorra

As well as experience in a job, your education plays a big role in how much you can earn. A lot of higher paying positions require a high level of education, but how much can a degree increase your salary?

In our research we have compared the salaries of employees in the same job and career level with different levels of education to see how much more you can earn at each education level.

The salary you can earn based on your education is very specific to both your location and the career path you choose.

In our research, we looked at the average salary for an Actuarial Analyst in Andorra based on the education level of the employees in order to find out whether a better education level would increase your salary.

  • Certificate or Diploma. An Actuarial Analyst in Andorra with a certificate or diploma education can earn an average salary of 39,960 EUR.

  • Bachelor's Degree. An Actuarial Analyst in Andorra with a bachelor's degree education can earn an average salary of 60,340 EUR.

  • Master's Degree. An Actuarial Analyst in Andorra with a master's degree education can earn an average salary of 103,600 EUR.

Average Salary by Education Chart

Certificate or Diploma
39,960 EUR
Bachelor's Degree +57%
60,340 EUR
Master's Degree +68%
103,600 EUR

How Much is a Master's Degree or MBA Program?

The approximate cost of a master's degree or post-graduate program like an MBA in Andorra is around 19,200 to 57,600 EUR and takes two years to complete.

As you can see above, there are financial benefits from reaching master's degree level, but don't expect to see much of a salary increase until you have completed the degree.

It's common for people to pursue an MBA or other post-graduate program in order to switch to a a job that pays more. On average, you can expect to earn around 10% more when switching to a new company.

Whether you decide to pursue a master's degree depends on many factors. If you are able to afford it, the numbers suggest that the return on investment is worth it and you could recover the costs in a few years from the salary increase you would receive.

Actuarial Analyst Salary Compared by Gender

In the modern age, we know that there should never be a pay gap between men and women. Unfortunately, in many professions, there is still a significant difference between the salaries earned by men when compared to the salary of women in the same job.

In Andorra, a male actuarial analyst will earn an average of 72,180 EUR, while a female actuarial analyst will earn around 58,000 EUR.

This means that a male actuarial analyst earns approximately 24% more than a female actuarial analyst for performing the same job.

Average Salary by Gender Chart in Andorra

Male
72,180 EUR
Female -24%
58,000 EUR

Actuarial Analyst Average Pay Raise in Andorra

In many countries, an annual pay raise is often given to employees to reward their service with a salary increase.

From our research, we can see that the average pay raise for an Actuarial Analyst in Andorra is around 8% every 29 months.

The national average pay raise across all professions and industries in Andorra is around 5% every 28 months.

In this case, we can see that the number of months between the average pay raise is higher than the typical 12 months.

To make the data more meaningful, we can calculate what the approximate annual pay raise would be using a simple formula:

Annual Increase = ( Increase Rate ÷ Months ) × 12

So for this example, it would be:

Annual Increase = ( 8 ÷ 29 ) × 12  = 3%

What this means is that an Actuarial Analyst in Andorra can expect to receive an average pay raise of around 3% every 12 months.

Annual Pay Raise by Industry in Andorra for 2024

In the chart below, you can see the average annual pay raise percentages for each of the major industries in Andorra.

You will see that companies in bigger and more lucrative industries tend to have the higher annual pay raises.

Banking
6%
Energy
3%
Information Technology
9%
Healthcare
6%
Travel
3%
Construction
9%
Education
6%

Actuarial Analyst Bonus and Incentive Rates in Andorra

Another part of your overall compensation in a job is how much bonus you receive. Some job roles will be more likely to pay a bonus than others and also more likely to have higher bonus rates.

Generally speaking, jobs that are more involved with direct revenue generation will receive higher bonuses based on the performance towards revenue goals.

An Actuarial Analyst is a low bonus based job, with 42% of employees reporting at least one bonus in the last 12 months.

58% reported that they had not received any bonuses in the previous 12 months.

For the employees that did receive a bonus in the previous 12 months, the reported bonuses ranged from 2% to 7%.

Received Bonus
42%
No Bonus
58%

What are the Types of Bonus?

There are a number of difference types of bonus you can receive in a job. Including:

  • Individual performance bonus - This is a bonus that is awarded to an individual employee for general performance in the job. It's the most common type of bonus.
  • Company performance bonus - This is a bonus that is awarded to a company employees to share profit with the staff.
  • Goal based bonus - This is a bonus that is awarded to an individual employee (or a team) for achieving specific goals, objectives, or milestones.
  • Holiday bonus - This type of bonus is usually paid around the holidays, often the end of the year, and is a token of appreciation for the hard work throughout the year.

Government vs Private Sector Salaries

Another commonly asked question is whether you get paid a higher salary working in the public (government) sector or the private sector.

Public sector employees in Andorra earn approximately 14% more than private sector employees in the same role.

Public Sector
49,360 EUR
Private Sector -14%
43,360 EUR

Salaries for Jobs Similar to an Actuarial Analyst

In the table below, we have salary information for jobs that are similar to an Actuarial Analyst in Andorra.

Job Title Category Salary
Actuarial Assistant Insurance 48,340 EUR
Actuarial Specialist Insurance 45,600 EUR
Actuary Insurance 62,460 EUR
Adjustment Insurance Clerk Insurance 19,360 EUR
Assistant Broker Insurance 31,960 EUR
Assistant Claims Manager Insurance 55,140 EUR
Associate Insurance Representative Insurance 25,680 EUR
Auditing Insurance Manager Insurance 72,420 EUR
Broker Insurance 48,640 EUR
Claim Advocacy Professional Insurance 47,720 EUR
Claims Adjuster Insurance 18,900 EUR
Claims Analyst Insurance 25,720 EUR
Claims Examiner Insurance 25,440 EUR
Claims Manager Insurance 71,700 EUR
Claims Processor Insurance 19,480 EUR
Claims Representative Insurance 20,000 EUR
Claims Resolution Specialist Insurance 50,560 EUR
Claims Supervisor Insurance 44,780 EUR
Complaints Specialist Insurance 43,520 EUR
Compliance Examiner Insurance 46,160 EUR
Compliance Officer Insurance 41,700 EUR
Compliance Reviewer Insurance 45,620 EUR
Consultant Insurance 49,360 EUR
Eligibility Interviewer Insurance 53,840 EUR
Eligibility Specialist Insurance 47,120 EUR
Insurance Account Manager Insurance 57,080 EUR
Insurance Accounts Executive Insurance 53,840 EUR
Insurance Adjuster Insurance 46,160 EUR
Insurance Agent Insurance 27,480 EUR
Insurance Analyst Insurance 44,780 EUR
Insurance Appraiser Insurance 49,020 EUR
Insurance Claims Clerk Insurance 18,780 EUR
Insurance Examiner Insurance 43,360 EUR
Insurance Investigator Insurance 45,200 EUR
Insurance Manager Insurance 80,840 EUR
Insurance Operations Manager Insurance 80,540 EUR
Insurance Policy Processing Clerk Insurance 19,640 EUR
Insurance Pricing Assistant Insurance 36,700 EUR
Insurance Program Manager Insurance 63,320 EUR
Insurance Project Manager Insurance 60,920 EUR
Insurance Quality Assurance Agent Insurance 44,140 EUR
Insurance Sales Agent Insurance 29,840 EUR
Insurance Sales Director Insurance 80,580 EUR
Insurance Sales Manager Insurance 64,720 EUR
Insurance Sales Representative Insurance 27,020 EUR
Insurance Team Leader Insurance 48,760 EUR
Insurance Underwriter Insurance 37,620 EUR
Loss Control Specialist Insurance 49,360 EUR
Loss Prevention Investigator Insurance 50,620 EUR
Loss Prevention Manager Insurance 64,620 EUR
Loss Prevention Specialist Insurance 48,560 EUR
Marine Underwriter Insurance 35,340 EUR
Medical Auditor Insurance 47,720 EUR
Monitoring and Performance Officer Insurance 35,340 EUR
Payment Services Specialist Insurance 49,020 EUR
Policy Change Director Insurance 70,840 EUR
Policy Change Supervisor Insurance 50,340 EUR
Policy Change Technician Insurance 22,340 EUR
Risk Analyst Insurance 53,380 EUR
Risk Management Director Insurance 92,900 EUR
Risk Management Supervisor Insurance 58,440 EUR
Risk Manager Insurance 88,300 EUR
Risk Modeling Manager Insurance 90,980 EUR
Title Insurance Typist Insurance 43,480 EUR
Training Manager Insurance 55,220 EUR

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