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Actuary : Salary and conditions

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  2. Salary and conditions
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  • Typical starting salaries for graduates fall generally within the range of £25,000 - £35,000. Starting salaries vary according to location. For example, salaries are likely to be higher in the London area.
  • Typical salaries for newly qualified actuaries in insurance companies may vary between £45,000 and £55,000. Salary progression is dependent upon the individual, performance, and the development of a career path. Increments are usually paid for examination success.
  • Typical salary at senior level/with experience (e.g. after 10-15 years in the role): over £60,000. There is a wide range of salaries for experienced actuaries, but high financial rewards and excellent benefits packages are common.
  • Salaries in excess of £100,000 are typical for senior actuaries.
  • Working hours typically include regular extra hours, but not necessarily weekends or shifts. In traditional areas of employment long hours are less likely for more junior staff, e.g. graduate trainees, as they will be devoting time to study for professional examinations.
  • Self-employment and freelance work are possible but very unusual as most actuaries are employed by large financial institutions.
  • Flexible working conditions can be negotiated with some employers, e.g. part-time work and career breaks, but this is usually dependent on the employer and individual’s circumstances.
  • Jobs are quite widely available in most large towns and cities of the UK, although London has the largest proportion of jobs.
  • In February 2009, membership of the actuarial profession reached 20,000. Historically, most actuaries have been male but this is changing and recent statistics show that approximately 25% of members are female (The Actuarial Profession ).
  • Actuaries are usually expected to maintain a smart business dress code but this varies between employers.
  • Examinations are an important part of an actuarial student’s training, and study during this period may impact on your social and personal life.
  • Opportunities to travel vary between employers. For example, an insurance company with offices around the UK and/or outside the UK may require actuaries to travel from time to time. Visits to corporate clients may also be necessary, e.g. for those working in reinsurance.
 
AGCAS
Written by Charlotte Haynes, Bournemouth University
Date: 
January 2010
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