Average Actuary Salary in Cuba for 2024

In this article, we will look at the average Actuary salary for 2024 in Cuba 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 Cuban convertible peso. To keep things simple, we are using the CUC currency code instead of the currency symbol $.

How Much Does an Actuary Make in Cuba?

An Actuary working in Cuba will typically earn around 341,400 CUC per year, and this can range from the lowest average salary of about 181,600 CUC to the highest average salary of 518,900 CUC.

Average Annual Salary
341,400 CUC
Average Monthly Salary
28,450 CUC

Lowest Annual Salary
181,600 CUC
Lowest Monthly Salary
15,133 CUC

Highest Annual Salary
518,900 CUC
Highest Monthly Salary
43,241 CUC

These are average salaries for an Actuary in Cuba 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 Cuba

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

Salary ranges

We already know that an Actuary can earn between 181,600 CUC and 518,900 CUC on average in Cuba. 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 Cuba is 320,500 CUC. This is the middle value in the distribution of salaries.

What this means is that approximately 50% of the population earn less than 320,500 CUC, and 50% of the population earn more than 320,500 CUC.

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 Cuba, 25% of the population are earning less than 228,500 CUC while 75% of the population earn more than 228,500 CUC.

75% of the population earn less than 394,500 CUC, and 25% of the population earn more than 394,500 CUC.

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 Cuba

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 Cuba that has less than two years of experience can expect to earn somewhere in the region of 208,600 CUC.
  • 2 - 5 Years Experience. With two to five years of experience the average Actuary salary would increase to 254,800 CUC.
  • 5 - 10 Years Experience. From five to ten years of experience as an Actuary, the average salary would be 361,500 CUC.
  • 10 - 15 Years Experience. Once you have more than ten years of experience the average salary reaches around 424,300 CUC.
  • 15 - 20 Years Experience. An Actuary with 15 to 20 years of experience can earn an average of 464,900 CUC.
  • 20+ Years Experience. For an Actuary with more than 20 years, the expected average salary increases to 493,000 CUC.

Average Salary by Experience Chart

0-2 Years
208,600 CUC
2-5 Years +23%
254,800 CUC
5-10 Years +42%
361,500 CUC
10-15 Years +17%
424,300 CUC
15-20 Years +10%
464,900 CUC
20+ Years +6%
493,000 CUC

Actuary Salary by Education Level in Cuba

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 Cuba 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 Cuba with a bachelor's degree education can earn an average salary of 233,900 CUC.

  • Master's Degree. An Actuary in Cuba with a master's degree education can earn an average salary of 454,900 CUC.

Average Salary by Education Chart

Bachelor's Degree
233,900 CUC
Master's Degree +93%
454,900 CUC

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 Cuba is around 110,000 to 329,000 CUC 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 Cuba, a male actuary will earn an average of 359,900 CUC, while a female actuary will earn around 315,700 CUC.

This means that a male actuary earns approximately 14% more than a female actuary for performing the same job.

Average Salary by Gender Chart in Cuba

Male
359,900 CUC
Female -14%
315,700 CUC

Actuary Average Pay Raise in Cuba

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 Cuba is around 7% every 30 months.

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

Annual Pay Raise by Industry in Cuba for 2024

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

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 Cuba

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

Public Sector
275,200 CUC
Private Sector -12%
246,500 CUC

Salaries for Jobs Similar to an Actuary

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

Job Title Category Salary
Actuarial Analyst Insurance 351,200 CUC
Actuarial Assistant Insurance 237,400 CUC
Actuarial Specialist Insurance 254,700 CUC
Adjustment Insurance Clerk Insurance 91,520 CUC
Assistant Broker Insurance 161,300 CUC
Assistant Claims Manager Insurance 292,000 CUC
Associate Insurance Representative Insurance 130,400 CUC
Auditing Insurance Manager Insurance 390,000 CUC
Broker Insurance 263,100 CUC
Claim Advocacy Professional Insurance 249,600 CUC
Claims Adjuster Insurance 94,800 CUC
Claims Analyst Insurance 139,100 CUC
Claims Examiner Insurance 130,400 CUC
Claims Manager Insurance 378,800 CUC
Claims Processor Insurance 96,720 CUC
Claims Representative Insurance 111,920 CUC
Claims Resolution Specialist Insurance 283,700 CUC
Claims Supervisor Insurance 268,900 CUC
Complaints Specialist Insurance 247,800 CUC
Compliance Examiner Insurance 254,800 CUC
Compliance Officer Insurance 205,700 CUC
Compliance Reviewer Insurance 239,300 CUC
Consultant Insurance 268,900 CUC
Eligibility Interviewer Insurance 282,500 CUC
Eligibility Specialist Insurance 261,300 CUC
Insurance Account Manager Insurance 325,900 CUC
Insurance Accounts Executive Insurance 283,700 CUC
Insurance Adjuster Insurance 254,700 CUC
Insurance Agent Insurance 159,400 CUC
Insurance Analyst Insurance 267,100 CUC
Insurance Appraiser Insurance 273,000 CUC
Insurance Claims Clerk Insurance 98,440 CUC
Insurance Examiner Insurance 228,000 CUC
Insurance Investigator Insurance 251,500 CUC
Insurance Manager Insurance 445,100 CUC
Insurance Operations Manager Insurance 462,300 CUC
Insurance Policy Processing Clerk Insurance 92,680 CUC
Insurance Pricing Assistant Insurance 197,600 CUC
Insurance Program Manager Insurance 330,900 CUC
Insurance Project Manager Insurance 341,900 CUC
Insurance Quality Assurance Agent Insurance 232,900 CUC
Insurance Sales Agent Insurance 159,400 CUC
Insurance Sales Director Insurance 412,000 CUC
Insurance Sales Manager Insurance 340,400 CUC
Insurance Sales Representative Insurance 134,600 CUC
Insurance Team Leader Insurance 288,100 CUC
Insurance Underwriter Insurance 187,500 CUC
Loss Control Specialist Insurance 263,900 CUC
Loss Prevention Investigator Insurance 272,800 CUC
Loss Prevention Manager Insurance 361,500 CUC
Loss Prevention Specialist Insurance 281,500 CUC
Marine Underwriter Insurance 201,100 CUC
Medical Auditor Insurance 263,100 CUC
Monitoring and Performance Officer Insurance 190,500 CUC
Payment Services Specialist Insurance 263,200 CUC
Policy Change Director Insurance 409,000 CUC
Policy Change Supervisor Insurance 271,300 CUC
Policy Change Technician Insurance 129,000 CUC
Risk Analyst Insurance 299,500 CUC
Risk Management Director Insurance 492,700 CUC
Risk Management Supervisor Insurance 339,100 CUC
Risk Manager Insurance 480,600 CUC
Risk Modeling Manager Insurance 504,500 CUC
Title Insurance Typist Insurance 218,900 CUC
Training Manager Insurance 283,400 CUC

Salary Comparison by City

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

City Average Salary
Camaguey 325,900 CUC
Havana 375,200 CUC
Holguin 325,900 CUC
Santiago de Cuba 378,300 CUC

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