An actuary in Singapore typically earns around S$70,000 a year as a student analyst, rising to roughly S$140,000 once nearly or newly qualified and S$180,000 or more as a Fellow, with Appointed and Chief Actuaries higher still. The Ministry of Manpower’s June 2024 wage survey puts the median monthly gross wage for actuaries at S$7,572, before bonuses.
Actuarial pay in Singapore is driven mainly by exam progress, then by specialism (pricing, valuation, capital, reinsurance) and by whether the employer is an insurer, reinsurer or consultancy. Below we set out what 2026 benchmarks show at each stage, where the figures come from, and what moves an actuary’s salary most.
Actuary salary in Singapore by qualification level
The table below follows the typical career path. Annual figures are indicative midpoints from SkillUp Singapore, which attributes its data to Singapore Actuarial Society and insurer salary surveys. The right-hand column maps each stage to the Singapore Actuarial Society membership classes.
| Stage | Typical annual salary (SGD) | Usual SAS membership class |
|---|---|---|
| Actuarial analyst (early exams) | Around S$70,000 | Student or Ordinary |
| Senior analyst, part-qualified | Around S$95,000 | Ordinary (partway through qualification) |
| Nearly or newly qualified actuary | Around S$140,000 | Associate or Fellow |
| Fellow (for example FSA or FIA) | Around S$180,000 | Fellow |
| Appointed Actuary or Chief Actuary | Around S$280,000 | Fellow |
SkillUp gives an overall range of roughly S$70,000 to S$220,000 a year for actuaries in Singapore. Treat these as guide points, not offers: individual packages vary widely with employer, bonus structure and specialism.
What other 2026 benchmarks say
Ministry of Manpower: the official baseline
MOM’s Occupational Wage Survey (June 2024) reports these monthly gross wages for the occupation “actuary”:
- 25th percentile: S$4,987
- Median: S$7,572
- 75th percentile: S$13,484
These figures cover full-time resident employees and exclude bonuses (MOM methodology), so they understate total pay where bonuses are a meaningful part of the package. Because the survey includes many early-career analysts, the median sits closer to student level than to qualified level.
Recruiter salary guides
- Michael Page’s 2026 Salary Guide lists actuaries at S$108,000 to S$180,000 a year. Its figures cover mid to senior-level professionals and include bonuses and incentives.
- Randstad’s 2025 Singapore guide gives life actuaries (non-pricing) with up to eight years’ experience a monthly range of S$6,000 (low), S$9,000 (medium) and S$13,000 (high).
Read together, the sources tell a consistent story: early-career and part-qualified actuaries mostly sit in a monthly band of roughly S$5,000 to S$13,000, qualified actuaries move into six-figure annual packages, and leadership roles pay well above that.
How exams drive actuarial pay
In Singapore, actuaries usually qualify through an overseas body such as the Society of Actuaries (SOA) or the Institute and Faculty of Actuaries (IFoA). The Singapore Actuarial Society grants Fellow and Associate membership to people who hold those credentials from a recognised actuarial association, and Ordinary membership to those partway through.
The SOA route shows why progress is gradual. To reach Associate (ASA), the SOA requires a series of exams (including Probability, Financial Mathematics, Fundamentals of Actuarial Mathematics, Statistics for Risk Modeling and Predictive Analytics), Validation by Educational Experience credits in statistics, economics and accounting and finance, e-learning modules and a professionalism course. Fellowship (FSA) follows after further requirements.
Many employers link pay reviews and study support to exam progress, and the biggest single step in pay usually comes on qualification, when an actuary can sign off work and take on more responsibility. The HRnetGroup 2026 insurance guide goes as far as describing exam sponsorship and progression as “risk management decisions, not talent perks” for insurers, given how scarce actuaries are. For the full path, read our guide on how to become an actuary in Singapore.
Other factors that move an actuary’s salary
- Specialism. Capital, IFRS 17 and reinsurance experience is in demand. HRnetGroup reports that verified IFRS 17 experience still commands 10% to 20% above market.
- Employer type. Insurers, reinsurers and consultancies structure pay and bonuses differently, so compare total compensation, not just base.
- Regulatory responsibility. Appointed Actuary and Chief Actuary roles carry formal accountability and are paid accordingly.
- Moving jobs. Michael Page’s 2026 guide notes job changers could still hope for a 10% to 15% increase, as reported by Vulcan Post.
How Singapore compares with Hong Kong
Many actuaries in the region weigh Singapore against Hong Kong. Randstad’s 2025 Hong Kong guide gives these monthly basic salaries in HKD, excluding annual bonuses:
| Hong Kong actuarial level | Low (HK$) | Middle (HK$) | High (HK$) |
|---|---|---|---|
| Associate | 30,000 | 35,000 | 40,000 |
| Assistant manager | 50,000 | 60,000 | 70,000 |
| Manager | 58,000 | 66,000 | 75,000 |
| Director | 120,000 | 140,000 | 180,000 |
| Chief Actuary | 180,000 | 230,000 | 280,000 |
Tax, housing and cost of living differ substantially between the two cities, so compare net, after-housing income rather than headline salary.
Tips for actuaries negotiating pay in 2026
- Know your exam count and the next sitting date. Employers price in where you will be in twelve months.
- Ask how exam passes are rewarded: a fixed increment, study leave, or both.
- Compare total compensation, including bonus history and study support, not just base salary.
- Quantify scarce experience such as IFRS 17 implementation, capital modelling or reinsurance pricing.
If you are on the hiring side, our guide on choosing a headhunter to hire an actuary in Singapore or Hong Kong explains how to approach the market, and our underwriter salary guide covers a neighbouring technical role.
How LUNOS can help
Actuarial is one of LUNOS’s seven specialist desks, covering pricing, reserving and capital roles from analyst to Chief Actuary. We also provide salary analysis for insurance roles in Singapore, Hong Kong and the wider region, which helps both employers setting an offer and actuaries weighing a move. If you would like a confidential conversation about actuarial pay or your next step, contact a LUNOS consultant.
Frequently asked questions
How much does a newly qualified actuary earn in Singapore?
Indicative figures from SkillUp Singapore put nearly or newly qualified actuaries at around S$140,000 a year, rising to around S$180,000 for an established Fellow. Actual offers vary with employer, specialism and bonus.
What is the median actuary salary in Singapore?
MOM’s Occupational Wage Survey for June 2024 reports a median monthly gross wage of S$7,572 for actuaries, with a 25th to 75th percentile range of S$4,987 to S$13,484. These figures exclude bonuses.
Do actuaries in Singapore get paid more for passing exams?
Often, yes. Many employers reward exam passes with salary increments and study support, and the biggest step usually comes on qualifying as an Associate or Fellow of a recognised body such as the SOA or IFoA.
Is an actuary paid more in Singapore or Hong Kong?
Headline salaries are broadly comparable at similar levels, but tax, housing and living costs differ, so compare net income after housing. Randstad’s 2025 Hong Kong guide puts actuarial managers at HK$58,000 to HK$75,000 a month basic.