Average Actuary Salary in Austria for 2024

In this article, we will look at the average Actuary salary for 2024 in Austria 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 Actuary Make in Austria?

An Actuary working in Austria will typically earn around 63,040 EUR per year, and this can range from the lowest average salary of about 35,300 EUR to the highest average salary of 96,520 EUR.

Average Annual Salary
63,040 EUR
Average Monthly Salary
5,253 EUR

Lowest Annual Salary
35,300 EUR
Lowest Monthly Salary
2,941 EUR

Highest Annual Salary
96,520 EUR
Highest Monthly Salary
8,043 EUR

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

Actuary 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 Actuary Salaries in Austria

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

Salary ranges

We already know that an Actuary can earn between 35,300 EUR and 96,520 EUR on average in Austria. 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 Actuary in Austria is 58,280 EUR. This is the middle value in the distribution of salaries.

What this means is that approximately 50% of the population earn less than 58,280 EUR, and 50% of the population earn more than 58,280 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 Actuary salary in Austria, 25% of the population are earning less than 43,360 EUR while 75% of the population earn more than 43,360 EUR.

75% of the population earn less than 70,600 EUR, and 25% of the population earn more than 70,600 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.

Actuary Salary by Experience Level in Austria

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 actuary 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 Actuary in Austria that has less than two years of experience can expect to earn somewhere in the region of 42,040 EUR.
  • 2 - 5 Years Experience. With two to five years of experience the average Actuary salary would increase to 51,100 EUR.
  • 5 - 10 Years Experience. From five to ten years of experience as an Actuary, the average salary would be 65,920 EUR.
  • 10 - 15 Years Experience. Once you have more than ten years of experience the average salary reaches around 78,400 EUR.
  • 15 - 20 Years Experience. An Actuary with 15 to 20 years of experience can earn an average of 86,800 EUR.
  • 20+ Years Experience. For an Actuary with more than 20 years, the expected average salary increases to 91,840 EUR.

Average Salary by Experience Chart

0-2 Years
42,040 EUR
2-5 Years +26%
51,100 EUR
5-10 Years +32%
65,920 EUR
10-15 Years +18%
78,400 EUR
15-20 Years +11%
86,800 EUR
20+ Years +6%
91,840 EUR

Actuary Salary by Education Level in Austria

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 Actuary in Austria based on the education level of the employees in order to find out whether a better education level would increase your salary.

  • Bachelor's Degree. An Actuary in Austria with a bachelor's degree education can earn an average salary of 50,620 EUR.

  • Master's Degree. An Actuary in Austria with a master's degree education can earn an average salary of 79,000 EUR.

Average Salary by Education Chart

Bachelor's Degree
50,620 EUR
Master's Degree +53%
79,000 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 Austria is around 18,900 to 56,800 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.

Actuary 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 Austria, a male actuary will earn an average of 67,560 EUR, while a female actuary will earn around 63,500 EUR.

This means that a male actuary earns approximately 6% more than a female actuary for performing the same job.

Average Salary by Gender Chart in Austria

Male
67,560 EUR
Female -6%
63,500 EUR

Actuary Average Pay Raise in Austria

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 Actuary in Austria is around 8% every 29 months.

The national average pay raise across all professions and industries in Austria 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 Actuary in Austria can expect to receive an average pay raise of around 3% every 12 months.

Annual Pay Raise by Industry in Austria for 2024

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

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

Banking
5%
Energy
1%
Information Technology
6%
Healthcare
2%
Travel
7%
Construction
3%
Education
8%

Actuary Bonus and Incentive Rates in Austria

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 Actuary is a low bonus based job, with 34% of employees reporting at least one bonus in the last 12 months.

66% 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 4% to 5%.

Received Bonus
34%
No Bonus
66%

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 Austria earn approximately 12% more than private sector employees in the same role.

Public Sector
48,200 EUR
Private Sector -12%
43,080 EUR

Salaries for Jobs Similar to an Actuary

In the table below, we have salary information for jobs that are similar to an Actuary in Austria.

Job Title Category Salary
Actuarial Analyst Insurance 61,760 EUR
Actuarial Assistant Insurance 46,840 EUR
Actuarial Specialist Insurance 48,340 EUR
Adjustment Insurance Clerk Insurance 15,700 EUR
Assistant Broker Insurance 27,480 EUR
Assistant Claims Manager Insurance 48,760 EUR
Associate Insurance Representative Insurance 26,020 EUR
Auditing Insurance Manager Insurance 69,040 EUR
Broker Insurance 48,820 EUR
Claim Advocacy Professional Insurance 46,880 EUR
Claims Adjuster Insurance 18,780 EUR
Claims Analyst Insurance 27,020 EUR
Claims Examiner Insurance 27,380 EUR
Claims Manager Insurance 64,560 EUR
Claims Processor Insurance 16,340 EUR
Claims Representative Insurance 23,520 EUR
Claims Resolution Specialist Insurance 51,800 EUR
Claims Supervisor Insurance 45,000 EUR
Complaints Specialist Insurance 43,760 EUR
Compliance Examiner Insurance 45,620 EUR
Compliance Officer Insurance 40,240 EUR
Compliance Reviewer Insurance 45,620 EUR
Consultant Insurance 47,720 EUR
Eligibility Interviewer Insurance 53,860 EUR
Eligibility Specialist Insurance 45,600 EUR
Insurance Account Manager Insurance 59,380 EUR
Insurance Accounts Executive Insurance 51,340 EUR
Insurance Adjuster Insurance 43,480 EUR
Insurance Agent Insurance 27,480 EUR
Insurance Analyst Insurance 48,820 EUR
Insurance Appraiser Insurance 50,580 EUR
Insurance Claims Clerk Insurance 15,380 EUR
Insurance Examiner Insurance 41,560 EUR
Insurance Investigator Insurance 44,140 EUR
Insurance Manager Insurance 80,340 EUR
Insurance Operations Manager Insurance 80,540 EUR
Insurance Policy Processing Clerk Insurance 15,700 EUR
Insurance Pricing Assistant Insurance 37,620 EUR
Insurance Program Manager Insurance 60,400 EUR
Insurance Project Manager Insurance 60,920 EUR
Insurance Quality Assurance Agent Insurance 40,420 EUR
Insurance Sales Agent Insurance 26,400 EUR
Insurance Sales Director Insurance 77,100 EUR
Insurance Sales Manager Insurance 60,480 EUR
Insurance Sales Representative Insurance 25,680 EUR
Insurance Team Leader Insurance 48,640 EUR
Insurance Underwriter Insurance 34,380 EUR
Loss Control Specialist Insurance 47,760 EUR
Loss Prevention Investigator Insurance 50,980 EUR
Loss Prevention Manager Insurance 66,580 EUR
Loss Prevention Specialist Insurance 46,880 EUR
Marine Underwriter Insurance 33,980 EUR
Medical Auditor Insurance 45,260 EUR
Monitoring and Performance Officer Insurance 34,160 EUR
Payment Services Specialist Insurance 50,580 EUR
Policy Change Director Insurance 76,540 EUR
Policy Change Supervisor Insurance 53,660 EUR
Policy Change Technician Insurance 19,940 EUR
Risk Analyst Insurance 51,340 EUR
Risk Management Director Insurance 92,400 EUR
Risk Management Supervisor Insurance 61,460 EUR
Risk Manager Insurance 89,120 EUR
Risk Modeling Manager Insurance 92,240 EUR
Title Insurance Typist Insurance 42,320 EUR
Training Manager Insurance 51,100 EUR

Salary Comparison by City

If you want to compare salaries with different cities in Austria, you can use the links below to explore the data for each specific city we have researched.

City Average Salary
Dornbirn 58,720 EUR
Graz 67,300 EUR
Innsbruck 60,600 EUR
Klagenfurt 63,480 EUR
Linz 64,300 EUR
Salzburg 65,800 EUR
St. Polten 59,000 EUR
Vienna 70,840 EUR
Villach 61,400 EUR
Wels 60,460 EUR
Wiener Neustadt 55,580 EUR

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