Being an actuary has many benefits and one those being excellent financial reward. Here we, along with Hays, have provided an overview of the expected actuarial salaries & benefits 2020 earnings for actuaries, from graduates through to senior partners.
Throughout 2020, salaries have risen by a similar rate at all levels. Hiring has remained steady, and the starting pay for graduates is higher than the UK average salary. This rises as you become qualified and, as you can see, salaries can get well into six figures for more senior partners.
There is more of a need for insurance in the current climate. With the rise of environmental and cyber security issues, this has led to an increased demand for actuaries and a wide range of opportunities to work in different areas. For example, an actuarial consultant can progress to a senior risk management role with a steady salary increase as they work their way up.
An actuarial career can be quite demanding as you begin, however it is bolstered by excellent pay and benefits packages, on-the-job training and generous support from your employer. Also, in the past decade, actuaries at all levels of the profession, particularly more senior roles, can also receive a generous annual bonus depending on the company.
A career as an actuary is a desirable one and is often referred to as one of the best professions to work in. There are many reasons for this (many we have already outlined) including salary, job security and satisfaction. That’s not to mention that many finance companies tend to offer extensive benefits packages such as private health care, gym memberships and life assurance.
Actuarial Salaries by Seniority
|Senior Actuarial Analyst/Consultant||£74,500|
|Chief Risk Officer||£196,000|