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 (as outlined in the ‘Why become an Actuary?’ article) including job security, satisfaction as well as salary.
Although an actuarial career can be demanding as you begin, it is bolstered by excellent pay and benefits packages, on-the-job training and generous support from employers.
The starting pay for graduates is higher than the UK average salary. This rises as you become qualified and, as you can see from the tables, for more senior levels, salaries can get into the six figure bracket. Also, actuaries at all levels of the profession, particularly more senior roles, can also receive a generous annual bonus depending on the company.
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.
Here, along with Hays, we have provided an overview of the expected earnings for actuaries, in different areas and career levels.
| General Insurance Average Salaries | |||||
| London | South | Midlands | North | Yorkshire | |
| Partner | £335,000 | £314,000 | £297,000 | £279,000 | £286,000 |
| Associate Partner | £255,000 | £232,000 | £226,000 | £208,000 | £219,000 |
| Chief Risk Officer | £238,000 | £219,000 | £211,000 | £193,500 | £192,000 |
| Chief Actuary | £199,000 | £181,000 | £172,000 | £157,500 | £164,000 |
| Director | £174,000 | £159,000 | £151,000 | £139,000 | £148,000 |
| Senior Manager | £116,000 | £105,000 | £102,000 | £94,000 | £87,000 |
| Manager | £86,000 | £80,000 | £76,000 | £70,000 | £72,500 |
| Senior Actuarial Analyst/Consultant | £68,000 | £62,000 | £60,000 | £56,500 | £58,000 |
| Actuarial Analyst/Consultant | £46,500 | £42,000 | £40,000 | £37,250 | £38,000 |
| Graduate | £36,000 | £33,000 | £32,000 | £30,000 | £30,500 |
Source: Hays UK Salary & Recruiting Trends 2023 Guide
| Life Insurance Average Salaries | |||||
| London | South | Midlands | North | Scotland | |
| Partner | £284,000 | £270,000 | £258,000 | £243,000 | £237,000 |
| Associate Partner | £220,000 | £202,000 | £195,000 | £187,000 | £173,000 |
| Chief Risk Officer | £205,000 | £188,000 | £183,000 | £163,000 | £163,000 |
| Chief Actuary | £168,000 | £152,000 | £147,000 | £142,000 | £132,000 |
| Director | £149,000 | £137,000 | £132,000 | £125,000 | £122,000 |
| Senior Manager | £105,000 | £100,000 | £92,000 | £79,000 | £84,000 |
| Manager | £77,500 | £73,500 | £69,000 | £67,000 | £63,000 |
| Senior Actuarial Analyst/Consultant | £77,500 | £57,000 | £56,000 | £52,500 | £51,000 |
| Actuarial Analyst/Consultant | £44,000 | £40,000 | £38,000 | £36,500 | £34,500 |
| Graduate | £36,500 | £31,500 | £31,500 | £31,500 | £26,250 |
Source: Hays UK Salary & Recruiting Trends 2023 Guide
| Pensions Average Salaries | |||||
| London | South | Midlands | North | Scotland | |
| Partner | £144,000 | £139,000 | £130,000 | £122,000 | £122,000 |
| Associate Partner | £112,000 | £102,000 | £101,000 | £97,000 | £91,000 |
| Scheme Actuary | £115,000 | £109,000 | £105,000 | £102,000 | £97,000 |
| Senior Consultant | £92,000 | £87,500 | £83,000 | £83,000 | £80,000 |
| Consultant | £69,500 | £66,500 | £64,500 | £62,000 | £62,000 |
| Senior Actuarial Trainee/Student | £57,500 | £53,500 | £51,500 | £48,500 | £48,500 |
| Actuarial Trainee/Student | £39,500 | £36,000 | £35,000 | £34,000 | £32,000 |
| Graduate | £32,000 | £28,500 | £28,500 | £26,500 | £26,500 |
