Average Actuary Salary in Barbados for 2024

In this article, we will look at the average Actuary salary for 2024 in Barbados 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 Barbadian dollar. To keep things simple, we are using the BBD currency code instead of the currency symbol $.

How Much Does an Actuary Make in Barbados?

An Actuary working in Barbados will typically earn around 54,460 BBD per year, and this can range from the lowest average salary of about 29,840 BBD to the highest average salary of 80,520 BBD.

Average Annual Salary
54,460 BBD
Average Monthly Salary
4,538 BBD

Lowest Annual Salary
29,840 BBD
Lowest Monthly Salary
2,486 BBD

Highest Annual Salary
80,520 BBD
Highest Monthly Salary
6,710 BBD

These are average salaries for an Actuary in Barbados 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 Barbados

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

Salary ranges

We already know that an Actuary can earn between 29,840 BBD and 80,520 BBD on average in Barbados. 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 Barbados is 49,020 BBD. This is the middle value in the distribution of salaries.

What this means is that approximately 50% of the population earn less than 49,020 BBD, and 50% of the population earn more than 49,020 BBD.

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 Barbados, 25% of the population are earning less than 34,120 BBD while 75% of the population earn more than 34,120 BBD.

75% of the population earn less than 60,460 BBD, and 25% of the population earn more than 60,460 BBD.

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 Barbados

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 Barbados that has less than two years of experience can expect to earn somewhere in the region of 33,960 BBD.
  • 2 - 5 Years Experience. With two to five years of experience the average Actuary salary would increase to 41,700 BBD.
  • 5 - 10 Years Experience. From five to ten years of experience as an Actuary, the average salary would be 57,900 BBD.
  • 10 - 15 Years Experience. Once you have more than ten years of experience the average salary reaches around 65,080 BBD.
  • 15 - 20 Years Experience. An Actuary with 15 to 20 years of experience can earn an average of 71,400 BBD.
  • 20+ Years Experience. For an Actuary with more than 20 years, the expected average salary increases to 78,500 BBD.

Average Salary by Experience Chart

0-2 Years
33,960 BBD
2-5 Years +23%
41,700 BBD
5-10 Years +42%
57,900 BBD
10-15 Years +17%
65,080 BBD
15-20 Years +10%
71,400 BBD
20+ Years +6%
78,500 BBD

Actuary Salary by Education Level in Barbados

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 Barbados 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 Barbados with a bachelor's degree education can earn an average salary of 38,260 BBD.

  • Master's Degree. An Actuary in Barbados with a master's degree education can earn an average salary of 72,120 BBD.

Average Salary by Education Chart

Bachelor's Degree
38,260 BBD
Master's Degree +94%
72,120 BBD

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 Barbados is around 16,300 to 48,800 BBD 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 Barbados, a male actuary will earn an average of 55,320 BBD, while a female actuary will earn around 49,200 BBD.

This means that a male actuary earns approximately 12% more than a female actuary for performing the same job.

Average Salary by Gender Chart in Barbados

Male
55,320 BBD
Female -12%
49,200 BBD

Actuary Average Pay Raise in Barbados

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 Barbados is around 7% every 30 months.

The national average pay raise across all professions and industries in Barbados 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 ÷ 30 ) × 12  = 3%

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

Annual Pay Raise by Industry in Barbados for 2024

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

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

Banking
1%
Energy
2%
Information Technology
3%
Healthcare
4%
Travel
5%
Construction
6%
Education
7%

Actuary Bonus and Incentive Rates in Barbados

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 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 Barbados earn approximately 8% more than private sector employees in the same role.

Public Sector
38,780 BBD
Private Sector -8%
36,020 BBD

Salaries for Jobs Similar to an Actuary

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

Job Title Category Salary
Actuarial Analyst Insurance 52,880 BBD
Actuarial Assistant Insurance 40,420 BBD
Actuarial Specialist Insurance 39,420 BBD
Adjustment Insurance Clerk Insurance 15,880 BBD
Assistant Broker Insurance 23,260 BBD
Assistant Claims Manager Insurance 42,320 BBD
Associate Insurance Representative Insurance 20,000 BBD
Auditing Insurance Manager Insurance 58,800 BBD
Broker Insurance 42,320 BBD
Claim Advocacy Professional Insurance 38,700 BBD
Claims Adjuster Insurance 15,580 BBD
Claims Analyst Insurance 20,460 BBD
Claims Examiner Insurance 19,380 BBD
Claims Manager Insurance 54,560 BBD
Claims Processor Insurance 17,020 BBD
Claims Representative Insurance 20,300 BBD
Claims Resolution Specialist Insurance 44,140 BBD
Claims Supervisor Insurance 42,320 BBD
Complaints Specialist Insurance 35,260 BBD
Compliance Examiner Insurance 36,800 BBD
Compliance Officer Insurance 30,700 BBD
Compliance Reviewer Insurance 38,140 BBD
Consultant Insurance 36,720 BBD
Eligibility Interviewer Insurance 43,080 BBD
Eligibility Specialist Insurance 42,040 BBD
Insurance Account Manager Insurance 48,300 BBD
Insurance Accounts Executive Insurance 44,300 BBD
Insurance Adjuster Insurance 39,160 BBD
Insurance Agent Insurance 25,680 BBD
Insurance Analyst Insurance 36,020 BBD
Insurance Appraiser Insurance 38,620 BBD
Insurance Claims Clerk Insurance 13,100 BBD
Insurance Examiner Insurance 37,380 BBD
Insurance Investigator Insurance 37,880 BBD
Insurance Manager Insurance 68,900 BBD
Insurance Operations Manager Insurance 66,840 BBD
Insurance Policy Processing Clerk Insurance 14,200 BBD
Insurance Pricing Assistant Insurance 32,900 BBD
Insurance Program Manager Insurance 54,140 BBD
Insurance Project Manager Insurance 50,580 BBD
Insurance Quality Assurance Agent Insurance 33,520 BBD
Insurance Sales Agent Insurance 23,500 BBD
Insurance Sales Director Insurance 67,300 BBD
Insurance Sales Manager Insurance 50,020 BBD
Insurance Sales Representative Insurance 21,380 BBD
Insurance Team Leader Insurance 41,180 BBD
Insurance Underwriter Insurance 30,800 BBD
Loss Control Specialist Insurance 37,880 BBD
Loss Prevention Investigator Insurance 41,820 BBD
Loss Prevention Manager Insurance 55,320 BBD
Loss Prevention Specialist Insurance 40,640 BBD
Marine Underwriter Insurance 30,220 BBD
Medical Auditor Insurance 39,420 BBD
Monitoring and Performance Officer Insurance 27,560 BBD
Payment Services Specialist Insurance 41,560 BBD
Policy Change Director Insurance 60,600 BBD
Policy Change Supervisor Insurance 44,140 BBD
Policy Change Technician Insurance 20,500 BBD
Risk Analyst Insurance 41,480 BBD
Risk Management Director Insurance 77,380 BBD
Risk Management Supervisor Insurance 50,240 BBD
Risk Manager Insurance 74,560 BBD
Risk Modeling Manager Insurance 78,500 BBD
Title Insurance Typist Insurance 35,520 BBD
Training Manager Insurance 44,180 BBD

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