Average Actuarial Specialist Salary in Cook Islands for 2024

In this article, we will look at the average Actuarial Specialist salary for 2024 in Cook Islands 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 New Zealand dollar. To keep things simple, we are using the NZD currency code instead of the currency symbol $.

How Much Does an Actuarial Specialist Make in Cook Islands?

An Actuarial Specialist working in Cook Islands will typically earn around 50,560 NZD per year, and this can range from the lowest average salary of about 26,500 NZD to the highest average salary of 79,240 NZD.

Average Annual Salary
50,560 NZD
Average Monthly Salary
4,213 NZD

Lowest Annual Salary
26,500 NZD
Lowest Monthly Salary
2,208 NZD

Highest Annual Salary
79,240 NZD
Highest Monthly Salary
6,603 NZD

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

Actuarial Specialist 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 Specialist Salaries in Cook Islands

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

Salary ranges

We already know that an Actuarial Specialist can earn between 26,500 NZD and 79,240 NZD on average in Cook Islands. 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 Specialist in Cook Islands is 48,300 NZD. This is the middle value in the distribution of salaries.

What this means is that approximately 50% of the population earn less than 48,300 NZD, and 50% of the population earn more than 48,300 NZD.

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 Specialist salary in Cook Islands, 25% of the population are earning less than 34,960 NZD while 75% of the population earn more than 34,960 NZD.

75% of the population earn less than 61,840 NZD, and 25% of the population earn more than 61,840 NZD.

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 Specialist Salary by Experience Level in Cook Islands

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 specialist 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 Specialist in Cook Islands that has less than two years of experience can expect to earn somewhere in the region of 30,220 NZD.
  • 2 - 5 Years Experience. With two to five years of experience the average Actuarial Specialist salary would increase to 42,460 NZD.
  • 5 - 10 Years Experience. From five to ten years of experience as an Actuarial Specialist, the average salary would be 52,820 NZD.
  • 10 - 15 Years Experience. Once you have more than ten years of experience the average salary reaches around 63,400 NZD.
  • 15 - 20 Years Experience. An Actuarial Specialist with 15 to 20 years of experience can earn an average of 69,400 NZD.
  • 20+ Years Experience. For an Actuarial Specialist with more than 20 years, the expected average salary increases to 73,800 NZD.

Average Salary by Experience Chart

0-2 Years
30,220 NZD
2-5 Years +34%
42,460 NZD
5-10 Years +30%
52,820 NZD
10-15 Years +21%
63,400 NZD
15-20 Years +9%
69,400 NZD
20+ Years +5%
73,800 NZD

Actuarial Specialist Salary by Education Level in Cook Islands

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 Specialist in Cook Islands 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 Specialist in Cook Islands with a certificate or diploma education can earn an average salary of 38,180 NZD.

  • Bachelor's Degree. An Actuarial Specialist in Cook Islands with a bachelor's degree education can earn an average salary of 55,020 NZD.

  • Master's Degree. An Actuarial Specialist in Cook Islands with a master's degree education can earn an average salary of 78,160 NZD.

Average Salary by Education Chart

Certificate or Diploma
38,180 NZD
Bachelor's Degree +52%
55,020 NZD
Master's Degree +42%
78,160 NZD

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 Cook Islands is around 23,500 to 70,600 NZD 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 Specialist 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 Cook Islands, a male actuarial specialist will earn an average of 55,020 NZD, while a female actuarial specialist will earn around 50,080 NZD.

This means that a male actuarial specialist earns approximately 10% more than a female actuarial specialist for performing the same job.

Average Salary by Gender Chart in Cook Islands

Male
55,020 NZD
Female -10%
50,080 NZD

Actuarial Specialist Average Pay Raise in Cook Islands

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 Specialist in Cook Islands is around 7% every 29 months.

The national average pay raise across all professions and industries in Cook Islands is around 4% every 29 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 = ( 7 ÷ 29 ) × 12  = 3%

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

Annual Pay Raise by Industry in Cook Islands for 2024

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

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 Specialist Bonus and Incentive Rates in Cook Islands

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 Specialist is a low bonus based job, with 35% of employees reporting at least one bonus in the last 12 months.

65% 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 3% to 5%.

Received Bonus
35%
No Bonus
65%

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 Cook Islands earn approximately 15% more than private sector employees in the same role.

Public Sector
58,000 NZD
Private Sector -15%
50,560 NZD

Salaries for Jobs Similar to an Actuarial Specialist

In the table below, we have salary information for jobs that are similar to an Actuarial Specialist in Cook Islands.

Job Title Category Salary
Actuarial Analyst Insurance 72,700 NZD
Actuarial Assistant Insurance 54,180 NZD
Actuary Insurance 70,840 NZD
Adjustment Insurance Clerk Insurance 21,640 NZD
Assistant Broker Insurance 34,120 NZD
Assistant Claims Manager Insurance 60,400 NZD
Associate Insurance Representative Insurance 26,280 NZD
Auditing Insurance Manager Insurance 80,060 NZD
Broker Insurance 52,880 NZD
Claim Advocacy Professional Insurance 54,560 NZD
Claims Adjuster Insurance 21,640 NZD
Claims Analyst Insurance 28,720 NZD
Claims Examiner Insurance 28,860 NZD
Claims Manager Insurance 78,940 NZD
Claims Processor Insurance 21,560 NZD
Claims Representative Insurance 23,080 NZD
Claims Resolution Specialist Insurance 61,680 NZD
Claims Supervisor Insurance 55,220 NZD
Complaints Specialist Insurance 53,600 NZD
Compliance Examiner Insurance 54,700 NZD
Compliance Officer Insurance 47,180 NZD
Compliance Reviewer Insurance 50,660 NZD
Consultant Insurance 59,380 NZD
Eligibility Interviewer Insurance 59,480 NZD
Eligibility Specialist Insurance 57,320 NZD
Insurance Account Manager Insurance 69,780 NZD
Insurance Accounts Executive Insurance 58,860 NZD
Insurance Adjuster Insurance 52,300 NZD
Insurance Agent Insurance 32,420 NZD
Insurance Analyst Insurance 54,140 NZD
Insurance Appraiser Insurance 57,820 NZD
Insurance Claims Clerk Insurance 21,400 NZD
Insurance Examiner Insurance 49,820 NZD
Insurance Investigator Insurance 53,380 NZD
Insurance Manager Insurance 96,960 NZD
Insurance Operations Manager Insurance 101,020 NZD
Insurance Policy Processing Clerk Insurance 21,540 NZD
Insurance Pricing Assistant Insurance 41,820 NZD
Insurance Program Manager Insurance 75,040 NZD
Insurance Project Manager Insurance 74,620 NZD
Insurance Quality Assurance Agent Insurance 48,140 NZD
Insurance Sales Agent Insurance 32,420 NZD
Insurance Sales Director Insurance 93,780 NZD
Insurance Sales Manager Insurance 70,600 NZD
Insurance Sales Representative Insurance 26,280 NZD
Insurance Team Leader Insurance 60,400 NZD
Insurance Underwriter Insurance 40,640 NZD
Loss Control Specialist Insurance 56,640 NZD
Loss Prevention Investigator Insurance 60,400 NZD
Loss Prevention Manager Insurance 77,340 NZD
Loss Prevention Specialist Insurance 58,440 NZD
Marine Underwriter Insurance 41,660 NZD
Medical Auditor Insurance 57,320 NZD
Monitoring and Performance Officer Insurance 42,320 NZD
Payment Services Specialist Insurance 58,440 NZD
Policy Change Director Insurance 90,900 NZD
Policy Change Supervisor Insurance 57,860 NZD
Policy Change Technician Insurance 28,660 NZD
Risk Analyst Insurance 62,860 NZD
Risk Management Director Insurance 105,440 NZD
Risk Management Supervisor Insurance 73,260 NZD
Risk Manager Insurance 103,900 NZD
Risk Modeling Manager Insurance 109,000 NZD
Title Insurance Typist Insurance 45,260 NZD
Training Manager Insurance 61,840 NZD

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