Average Actuary Salary in Bangladesh for 2024

In this article, we will look at the average Actuary salary for 2024 in Bangladesh 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 Bangladeshi taka. To keep things simple, we are using the BDT currency code instead of the currency symbol ৳.

How Much Does an Actuary Make in Bangladesh?

An Actuary working in Bangladesh will typically earn around 447,700 BDT per year, and this can range from the lowest average salary of about 207,800 BDT to the highest average salary of 714,300 BDT.

Average Annual Salary
447,700 BDT
Average Monthly Salary
37,308 BDT

Lowest Annual Salary
207,800 BDT
Lowest Monthly Salary
17,316 BDT

Highest Annual Salary
714,300 BDT
Highest Monthly Salary
59,525 BDT

These are average salaries for an Actuary in Bangladesh 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 Bangladesh

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

Salary ranges

We already know that an Actuary can earn between 207,800 BDT and 714,300 BDT on average in Bangladesh. 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 Bangladesh is 485,300 BDT. This is the middle value in the distribution of salaries.

What this means is that approximately 50% of the population earn less than 485,300 BDT, and 50% of the population earn more than 485,300 BDT.

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 Bangladesh, 25% of the population are earning less than 312,400 BDT while 75% of the population earn more than 312,400 BDT.

75% of the population earn less than 646,600 BDT, and 25% of the population earn more than 646,600 BDT.

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 Bangladesh

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 Bangladesh that has less than two years of experience can expect to earn somewhere in the region of 233,600 BDT.
  • 2 - 5 Years Experience. With two to five years of experience the average Actuary salary would increase to 314,500 BDT.
  • 5 - 10 Years Experience. From five to ten years of experience as an Actuary, the average salary would be 464,400 BDT.
  • 10 - 15 Years Experience. Once you have more than ten years of experience the average salary reaches around 562,600 BDT.
  • 15 - 20 Years Experience. An Actuary with 15 to 20 years of experience can earn an average of 615,700 BDT.
  • 20+ Years Experience. For an Actuary with more than 20 years, the expected average salary increases to 667,400 BDT.

Average Salary by Experience Chart

0-2 Years
233,600 BDT
2-5 Years +34%
314,500 BDT
5-10 Years +48%
464,400 BDT
10-15 Years +22%
562,600 BDT
15-20 Years +9%
615,700 BDT
20+ Years +8%
667,400 BDT

Actuary Salary by Education Level in Bangladesh

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 Bangladesh 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 Bangladesh with a bachelor's degree education can earn an average salary of 273,300 BDT.

  • Master's Degree. An Actuary in Bangladesh with a master's degree education can earn an average salary of 525,700 BDT.

Average Salary by Education Chart

Bachelor's Degree
273,300 BDT
Master's Degree +93%
525,700 BDT

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 Bangladesh is around 130,000 to 390,000 BDT 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 Bangladesh, a male actuary will earn an average of 493,000 BDT, while a female actuary will earn around 404,600 BDT.

This means that a male actuary earns approximately 22% more than a female actuary for performing the same job.

Average Salary by Gender Chart in Bangladesh

Male
493,000 BDT
Female -22%
404,600 BDT

Actuary Average Pay Raise in Bangladesh

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 Bangladesh is around 8% every 29 months.

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

Annual Pay Raise by Industry in Bangladesh for 2024

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

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

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

Actuary Bonus and Incentive Rates in Bangladesh

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 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 Bangladesh earn approximately 25% more than private sector employees in the same role.

Public Sector
345,700 BDT
Private Sector -25%
277,400 BDT

Salaries for Jobs Similar to an Actuary

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

Job Title Category Salary
Actuarial Analyst Insurance 453,200 BDT
Actuarial Assistant Insurance 294,300 BDT
Actuarial Specialist Insurance 301,700 BDT
Adjustment Insurance Clerk Insurance 125,100 BDT
Assistant Broker Insurance 196,800 BDT
Assistant Claims Manager Insurance 362,200 BDT
Associate Insurance Representative Insurance 172,200 BDT
Auditing Insurance Manager Insurance 501,400 BDT
Broker Insurance 332,100 BDT
Claim Advocacy Professional Insurance 319,600 BDT
Claims Adjuster Insurance 117,520 BDT
Claims Analyst Insurance 164,200 BDT
Claims Examiner Insurance 167,100 BDT
Claims Manager Insurance 464,900 BDT
Claims Processor Insurance 124,400 BDT
Claims Representative Insurance 146,200 BDT
Claims Resolution Specialist Insurance 352,000 BDT
Claims Supervisor Insurance 307,400 BDT
Complaints Specialist Insurance 290,800 BDT
Compliance Examiner Insurance 315,700 BDT
Compliance Officer Insurance 254,800 BDT
Compliance Reviewer Insurance 288,100 BDT
Consultant Insurance 330,900 BDT
Eligibility Interviewer Insurance 345,100 BDT
Eligibility Specialist Insurance 313,700 BDT
Insurance Account Manager Insurance 396,300 BDT
Insurance Accounts Executive Insurance 335,800 BDT
Insurance Adjuster Insurance 292,000 BDT
Insurance Agent Insurance 197,600 BDT
Insurance Analyst Insurance 314,500 BDT
Insurance Appraiser Insurance 335,100 BDT
Insurance Claims Clerk Insurance 114,900 BDT
Insurance Examiner Insurance 288,100 BDT
Insurance Investigator Insurance 301,800 BDT
Insurance Manager Insurance 548,800 BDT
Insurance Operations Manager Insurance 562,200 BDT
Insurance Policy Processing Clerk Insurance 119,700 BDT
Insurance Pricing Assistant Insurance 245,300 BDT
Insurance Program Manager Insurance 430,500 BDT
Insurance Project Manager Insurance 420,800 BDT
Insurance Quality Assurance Agent Insurance 282,500 BDT
Insurance Sales Agent Insurance 195,200 BDT
Insurance Sales Director Insurance 510,300 BDT
Insurance Sales Manager Insurance 407,300 BDT
Insurance Sales Representative Insurance 174,000 BDT
Insurance Team Leader Insurance 351,900 BDT
Insurance Underwriter Insurance 239,000 BDT
Loss Control Specialist Insurance 315,900 BDT
Loss Prevention Investigator Insurance 345,700 BDT
Loss Prevention Manager Insurance 447,300 BDT
Loss Prevention Specialist Insurance 332,100 BDT
Marine Underwriter Insurance 228,000 BDT
Medical Auditor Insurance 322,600 BDT
Monitoring and Performance Officer Insurance 227,600 BDT
Payment Services Specialist Insurance 335,100 BDT
Policy Change Director Insurance 510,000 BDT
Policy Change Supervisor Insurance 357,700 BDT
Policy Change Technician Insurance 161,600 BDT
Risk Analyst Insurance 353,600 BDT
Risk Management Director Insurance 623,700 BDT
Risk Management Supervisor Insurance 411,400 BDT
Risk Manager Insurance 619,800 BDT
Risk Modeling Manager Insurance 571,300 BDT
Title Insurance Typist Insurance 283,700 BDT
Training Manager Insurance 341,400 BDT

Salary Comparison by City

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

City Average Salary
Barisal 414,000 BDT
Bogra 450,300 BDT
Chandpur 384,200 BDT
Chittagong 480,600 BDT
Coxs Bazar 420,800 BDT
Dhaka 485,300 BDT
Jamalpur 378,300 BDT
Jessore 398,300 BDT
Khulna 450,300 BDT
Rajshahi 466,300 BDT
St. Martin 378,300 BDT
Sylhet 417,100 BDT

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