<p>If you're a pension actuary with a few years of experience, you might be wondering: Is it worth switching to health actuarial work? You&rsquo;re not the only one asking this. Many actuaries reach a point where they start thinking about new opportunities&mdash;especially when they see that health actuaries often earn more over time.</p>
<p>So, what&rsquo;s the right move?</p>
<p>In this blog, we&rsquo;ll help you figure that out by looking at:</p>
<ul>
<li>How salaries compare between pension and health actuaries in 2025</li>
<li>Whether your current experience will carry over if you switch</li>
<li>If you can make the move without taking a pay cut</li>
<li>What steps to take if you decide to make the change</li>
</ul>
<p>If you&rsquo;ve been thinking about your next career step, this guide will help you weigh your options clearly.</p>
<p>Let&rsquo;s get started.</p>
<h2>Health vs. Pension Actuary Salaries: What the 2025 Data Says</h2>
<p>According to the latest salary survey, health actuaries are consistently out-earning pension actuaries, especially beyond the 7&ndash;10 year mark.</p>
<p>Here&rsquo;s a snapshot from current ranges (U.S., 2025, base salary only):</p>
<table>
<tbody>
<tr>
<td>
<p>Title / Track</p>
</td>
<td>
<p>4&ndash;6 YOE</p>
</td>
<td>
<p>7&ndash;10 YOE</p>
</td>
<td>
<p>10&ndash;15 YOE</p>
</td>
</tr>
<tr>
<td>
<p>Pension ASA/FSA</p>
</td>
<td>
<p>$100K&ndash;125K</p>
</td>
<td>
<p>$120K&ndash;145K</p>
</td>
<td>
<p>$140K&ndash;175K</p>
</td>
</tr>
<tr>
<td>
<p>Health ASA/FSA</p>
</td>
<td>
<p>$115K&ndash;140K</p>
</td>
<td>
<p>$140K&ndash;170K</p>
</td>
<td>
<p>$160K&ndash;200K+</p>
</td>
</tr>
</tbody>
</table>
<p>Not only is the median base pay higher for health actuaries, but bonuses and upside potential tend to be stronger in health due to the size and complexity of the market (e.g. ACA, Medicare Advantage, employer-funded plans).</p>
<p>Insight: By year 10, many FSAs in health are managing teams or pricing for multi-billion dollar books, which commands stronger compensation than traditional pension consulting roles.</p>
<h2>How Does Pension Experience Translate to Health?</h2>
<p>If you&rsquo;ve spent 4.5 years in pension, does that equal 4.5 years in health? Not exactly.</p>
<p>Many employers will &ldquo;discount&rdquo; pension-specific experience by ~20&ndash;30%, depending on how much technical work overlaps. For example:</p>
<ul>
<li>Transferable skills: Valuation modeling, Excel/VBA, actuarial software (e.g. ProVal), client consulting, compliance knowledge (EA, SOX).</li>
<li>Less transferable areas: Plan design, defined benefit funding rules, and retirement-specific regulations.</li>
</ul>
<p>Still, if you&rsquo;re a fast learner and demonstrate strong technical and communication skills, most hiring managers in health will view you competitively with candidates who have 3&ndash;4 years of direct health experience&mdash;especially if you&rsquo;re pursuing the health track exams.</p>
<h2>Can You Switch to Health Without a Pay Cut?</h2>
<p>Yes, it&rsquo;s possible&mdash;and increasingly common.</p>
<p>Many pension actuaries switching into health roles manage to match or exceed their current salaries, especially in high-demand markets (remote, Northeast, or major health hubs like Chicago, Minnesota, and California).</p>
<p>Some key factors that improve your chances:</p>
<ul>
<li>Having your ASA and near-EA: This demonstrates your exam discipline and depth of actuarial knowledge.</li>
<li>Technical software familiarity: Experience with SQL, R, Python, or actuarial modeling tools (like Prophet or MoSes) makes you stand out.</li>
<li>Strong communication/client-facing experience: Health roles&mdash;especially in consulting or carrier pricing&mdash;require client interaction, presentation skills, and cross-functional collaboration.</li>
</ul>
<h2>Health Actuary Credentials: What Exams Will You Need?</h2>
<p>If you're already an ASA from the pension track, you can pivot to the health track by picking up the health-specific modules and fellowship exams. Here's what that might look like:</p>
<ul>
<li>FSA Health Track (SOA) requirements include:</li>
<ul>
<li>Group and Health Specialty Exam</li>
<li>GH Advanced</li>
<li>GH Strategic Concepts</li>
<li>Decision Making and Communication Module</li>
</ul>
</ul>
<p>This may require 1.5&ndash;2 years of focused study, but you don&rsquo;t have to wait to switch roles&mdash;many employers will support you through the credentialing process once you join their health team.</p>
<h2>Why Make the Switch? Career Advantages in Health</h2>
<p>Beyond compensation, health actuarial work offers:</p>
<ul>
<li>Diverse job opportunities: From pricing and reserving to provider analytics, wellness product design, and Medicare risk adjustment.</li>
<li>Job market stability: Healthcare demand tends to remain strong, even during economic downturns.</li>
<li>Emerging areas of innovation: AI in claims modeling, digital health tools, and value-based care initiatives all require actuarial oversight.</li>
</ul>
<p>With the U.S. healthcare system undergoing constant change&mdash;from ACA updates to tech-driven innovation&mdash;health actuaries are at the center of it all.</p>
<h2>6-Month Roadmap to Pivot from Pension to Health</h2>
<p>Here&rsquo;s a practical plan to help you make the transition:</p>
<ol>
<li>Research the FSA Health track and register for your first health exam module.</li>
<li>Update your resume to emphasize transferable skills: projections, modeling, client deliverables, and regulatory compliance.</li>
<li>Apply for roles that mention cross-functional teams or welcome candidates from adjacent tracks.</li>
<li>Schedule informational interviews with health actuaries in your network (LinkedIn or SOA Health Section).</li>
<li>Target job titles like:</li>
<ul>
<li>Health Valuation Actuary</li>
<li>Stop-Loss Pricing Analyst</li>
<li>Medicare Advantage Associate Actuary</li>
<li>Medical Economics Analyst</li>
</ul>
<li>Track and benchmark roles using our global job board <a href="https://www.actuarylist.com/" link underline>ActuaryList</a>, where new openings in health and pension update weekly.</li>
</ol>
<h2>Final Thoughts</h2>
<p>Switching from pension to health is not just a &ldquo;pay move&rdquo;&mdash;it can also be a long-term strategic career decision. If you&rsquo;re open to relearning some subject matter, adapting your mindset, and taking on new challenges, you can transition successfully without taking a step backward.</p>
<p>At ActuaryList, we&rsquo;ve seen this pivot more often in the past 2&ndash;3 years, especially among early- and mid-career professionals aiming for growth, flexibility, and higher upside.</p>

Thinking about switching from pension to health as an actuary? Compare salaries, skills, exams, and learn how to make a smooth transition in 2025.

Switching from Pension to Health: Is It Worth It for Actuaries in 2025?