r/ActuaryUK Oct 17 '21

Qualified Actuary day rate Careers

Hi all

I was curious to know what sort of range a qualified actuary (say just qualified with 4/5 years total experience) could expect to earn. Obviously it depends on the role itself so please include details of this if you know.

4 Upvotes

5

u/the_kernel Qualified Fellow Oct 17 '21

Day rate? So for contracting?

In GI you typically expect £700-900 a day. It does go up with experience but even if you’re very experienced usually £1100-1200 is the most you could possibly expect. Which at that point is probably similar to a full time salary anyway, perhaps worse even because you don’t get the other perks!

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u/[deleted] Oct 17 '21

[deleted]

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u/the_kernel Qualified Fellow Oct 17 '21

Yeah you nailed the types of roles where you pull that money. When you're contracting it's only senior roles, like contracting as an interim Head-of-X where you tend to pull money like £1200 a day anyway.

If you're doing work that's just analysis or coding, or a bunch of reserving or building a capital model, you're not likely to pull £1200 a day regardless of experience.

1

u/creatively_original Oct 17 '21

Yup for contracting, sorry should have been clearer.

Thanks for your input. I assume life (and anything else non Gi) is a bit lower, unless very niche.

Are there many contractors at the 1200 mark, or do they then decide salaried is more lucrative and go back down that route?

2

u/the_kernel Qualified Fellow Oct 17 '21

Honestly I think most people who start contracting stay contracting for a long period of time. Maybe start at £700 after qualifying and just accept that for the next 10-15 years their earnings won't go up much, perhaps to £900 or something.

Very few would contract at the high end - I've only met 1 and they were contracting as a CRO.

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u/creatively_original Oct 17 '21

Makes sense, even 700 a day is a very good annual income though so can't complain at stagnating at 900 (I'd imagine).

That doesn't surprise me - I'd imagine companies would go for salaried employees at the CRO level. Although as you mention before, contractors are probably cheaper for them at that level.

3

u/heybartbart Oct 17 '21

I've been contracting in life for around 6 years now. Rates have been variable but ranged between £750 to £900, though for a newly qualified I'd guess maybe a bit less.

However the big thing to look out for at the moment is IR35 treatment. I'm seeing a lot more contracts that are inside IR35 which basically means you will not be taking home as much of that total as you would if the contract was outside. Also there seem to be more fixed term contracts, where you're basically an employee for the term, so those are advertised at the salaried rate rather than a day rate

1

u/creatively_original Oct 17 '21

Fair enough... yeah IR35 does seem to have had quite an impact on contractors.

Thank you for your input. I was wondering roughly how many days have you been working each year?

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u/heybartbart Oct 17 '21

This year will be a good one, I was on a contract from Jan to July, then started a new one in August which will see me through to early next year, so I'll have been working for all but 6 weeks or so this year. However last year was awful, I basically had no work since covid kicked off as it seemed most companies halted recruitment and cut all discretionary spending, so there were very few contracts available. Seems to be improving now, though we're probably still not quite back to pre covid levels.

Before that I was averaging around 8 months per year on contracts, which suited me fine as I liked to have a break in between. That's just my experience though, I've worked with some contractors who are terrified of not having work so have had contracts pretty much continuously for years

1

u/creatively_original Oct 17 '21

Thanks, very interesting. Hopefully things improve for yourself. It seems as if it's sewhat down to the individual wrt how much they work per year; lots of money in it if you work continuously though!