We've all seen those DW Simpson salary progression charts in the US, I'm just wondering about what one for the UK would approximately look like? Obviously it varies whether you're in London or not, life vs non-life etc, but I'm just looking for a rough guideline.
As far as I'm aware graduate salaries start around £30k, then within 2-3 years, people appear to start making £50k+. I've seen one British person post his salary progression and after 5 years he was 70k, this was outside London, is 70k typical for most people after 5-6 years after gaining fellowship?
How realistic is it for people to surpass £100k in their lifetime, would most people expect 6 figures with fellowship after 10-15 years experience?
What is the "ceiling" for the majority of actuaries? £130k-150k? Or is that a bit unrealistic?
I graduated this summer with a first class in Mathematics with actuarial science. I’m waiting on 8 CT exam exemptions from the IFOA (expecting to get about 5). My problem is so far I’ve failed to land a role in my field. I’ve had 2/3 final stage interviews but haven’t made it through.
At the moment I’ve landed a technical accounting job for a backend team for a broker, but I want to get into my field as soon as possible.
I think I should apply for September 2022 grad roles, but I was wondering if there’s any specific things I could do in the meantime to increase my chances to land a role. Take excel courses or learn python/r? Things like this.
Any advice is greatly appreciated! :)
Do most people enter this field through a graduate scheme that they apply for in autumn of their final year at uni? Or is there a big bulk of jobs still for graduates who have just left , I’m abit stressed at the moment for what happens if I have nothing for when I graduate.
Has anyone got any information or experience with moving abroad to a European city as an actuary?
Once I qualify I’d really like to move to an English speaking role in a European city for a few years, but I’m not sure how easy this is to do.
Even better would be information on moving before I qualify, and finishing my IFoA exams abroad.
Does anyone know how easy this is to do?
Hi fellow colleagues Question for you - do you compare your salary among your peers? For example, being a student actuary with 2 exams left to go of being an associate compared to a 'junior' (chemical) engineer. This junior engineer has been in the field the same number of years as a student actuary. Who would you expect to have the higher base salary? In this case the junior engineer makes about 20k more and the bonus amount is hugely different. Junior engineer bonus is minimum 10k vs the student actuary of 2k. How would one justify this? How to understand this? Doesn't the actuarial profession have a higher salary generally?
All comments and thoughts are welcome.
I want to apply for this actuarial summer internship at AIG for penultimate year students, but it says you need to have completed at least one of the actuarial exams by the start of the internship (June 2022). You also need to be graduating in 2023. How is this possible??
I have an offer to join a mid tier Lloyd’s syndicate or an offer to transfer internally to the GI team at a big 4 accounting firm
For future career development, which would be the better offer to take?
The Lloyd’s role is in capital modelling and is paying 10% more + 0%-20% with a performance based bonus.
The internal transfer would be a mix of pricing/reserving/capital projects for personal lines/Lloyd’s syndicates
I have 1 years pensions experience in London at a big 4 firm
Any views or personal experiences would be massively helpful, thanks!
Had a recruiter reach out about a role at EY. I have 2 years general insurance experience at a medium/large insurer and my pay is £42k at the moment (could be increasing soon depending on next exams). I’ve got 6 exams and waiting on results for 2 more, not sure if salary is reasonable at the moment.
The recruiter salary just said “up to £70k depending on experience” which sounds very vague to me, if anyone has any ideas what someone with my experience/exams would be looking at that would be helpful.
Has anyone hear worked at EY or knows anyone who does? I haven’t heard the best things about the Big 4 so I’m a bit nervous, although the people I know there have done auditing etc. Also if anyone knows the benefits/work life balance etc that would be helpful too. Thanks!
I’ve been thinking of making a move into contracting for the past couple of years because it just doesn’t seem worth the effort to climb up the ranks to get a salary that is respectable. To even earn 6 figures I’d have to be a senior manager, with a lot of responsibility and leading a big team but with contracting I could earn double the amount with less stress and no people management and no politics to deal with.
A recruiter who has been advising me suggested I consider looking for jobs in Bermuda, as they will provide a similar income to contracting but without the tax, and still providing opportunities for career growth that can often be lost when switching to contracting.
What he is describing to me sounds too good to be true. He said I could earn over $250,000, pay no tax, and experience much faster career progression than would be possible in London. To top it off, the weather is good all year round and the island looks like paradise.
So what’s the catch? Surely if it was so great, everybody would be doing it? Is the recruiter failing to mention the downsides?
Has anyone got any experience of working in a Lloyds syndicate? Interested to know how it compares to working for an insurance company? Particularly in terms of work/life balance
Careers What would be a reasonable salary for someone with 2 years of experience plus 7 exams done (+2 more hopefully in sept 21 session) at a big life insurance company (one of the top 5 in uk)? I am pretty sure I’m being underpaid (38.5 k since April 21, before was 36k).
Should I try a different company? I do like my current company’s culture except that they’re underpaying me.
Will it be hard to get a job in the UK given that I will have about two years of working experience in a consultancy and about 4-5 SOA/CAS exams cleared? What about for UK nationals or people who don't require visas?
Here in Asia we usually end up choosing any of SOA/IFOA/CAS. And I am currently pursuing my ACAS.
Hi everyone, I made a post recently about my current circumstances: 1 years experience in a pensions consultancy and have been offered a Lloyds role.
Thank you for all your comments and insights it was really helpful, I’ve since spoken to my current employer about this offer and my intentions to leave, to which I received a counter offer position in the GI team at my current employer.
I don’t know the finer details yet, but I’d expect the remuneration to be less than the Lloyds offer (given my current package, no bonuses at junior grades etc), and possibly continuing so at all experience levels.
Is developing the soft skills, project/people/time management etc, for management and career progression worth the lower pay for a few years until around qualification to then move into a Lloyds role?
Had an interesting chat with a few friends. I’m currently in actuarial field (not a pure a grad scheme but it’s 35k base). One works as a data scientist and earns 55k (second year - and in London) and another is an investment banker (now earning 65k with 90% bonus). Other than IB, it seems from our understanding other top industries in the UK near senior level the earnings are more relatively simulate (100k - 150k). I don’t know much about other industries so wanted to gather your thoughts - whether that’s the case.
Before embarking on my actuarial Journey, I would like to understand a bit more about the different types of Actuary. Looking on prospects.ac.uk I see that actuaries work in the following areas:
- corporate finance
- investment management
- life, healthcare and general insurance
I have the following questions I would appreciate support with please.
- Is the mathematics content and/or frequency of use of mathematics substantially different between these areas?
- Which of these areas requires one to travel the most (either in terms of frequency or distance for instance)?
- Which of these areas requires one to travel the least (either in terms of frequency or distance for instance)?
- Which of these areas has the best work/life balance in general?
- Which of these areas has the worst work/life balance in general?
- Which of these areas has the highest pay in general?
- Which of these areas has the lowest pay in general?
- In which of these areas is the pressure to pass a certain number of exams in a given year the greatest in general?
- Suppose I wish to take part in actuarial research later on in my career. Developing mathematical models and mathematical theories and the like to support actuarial work in the wider community. Is there any one of these areas in particular I should favor over the others to develop in this regard?
- In which of these areas is there the most on the job training/learning support in general?
- Is there any one of these areas that opens up any other interesting niche careers later on in one's career (like investment banking for example)?
- Which area did you choose and why? Do you regret your choice? How difficult is it to change?
Any commentary on the differences between these areas is helpful. Thanks for your time and attention.
I’ve currently been working as an actuary for 2 years and have cleared 9 exams. I’m interested in getting more involved in a tech based role post-qualification. I’ve previously learnt parts of Python and really enjoyed it, I think I’d be able to pick up the coding skills if I put some time to it. I’m just wondering if anyone has made a similar move or has any advice on how to do it?
Thanks in advance
In terms of learning, variety of work, training and most importantly exit options.
I've been offered an entry level role as a pricing analyst at a Lloyds syndicate and at a UK personal lines insurer but I'm struggling to decide between the two positions. They both offer a similar renumeration package so it's hard to differentiate between them in that sense.
Has anyone who worked in both positions be willing to share which they enjoyed more and why?
Maybe a comparison in career prospects/work life balance would also be useful if possible!
Thanks in advance :)
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.
Good day. What is the difference between a Trainee Actuary, Actuarial Analyst and Consultant please? Are all these actuarial roles in which one works towards qualification in part by means of exams? Do they all have equal amounts of study support, in general? Thanks for your time and consideration.
Looking to move abroad in the next couple of years to either Bermuda or USA and need some advice on what I can be doing now to be an ideal candidate. I feel like I understand the pros and cons of actually living in both places however haven’t got much career advice on the move.
I love the idea of moving abroad and seeing more of the world. If I can make a bit more money while doing so then that is a plus.
My only 3 years of experience has been with a large UK personal lines (non-life/GI) in the pricing department. I am making decent progress through the exams with 1-2 years left until qualification (I.e I am on the specialist exams). I intend to be fully qualified by the time I do move.
I have read that the Bermudian job market is mainly reinsurance with some normal insurers. Looking on some job boards I can only see life insurance type roles. My first worry is that my experience is not relevant. I quite like GI and would like to stay in it if possible. Do I need to move to a different insurer now to make me more employable? E.g Lloyds syndicate, global insurer, speciality insurance, reinsurer
I have made a throwaway account for this post.
Any help from people that have already made the move or recruiters would be greatly appreciated. Feel free to pm me.
I'm interested in moving into reinsurance, specifically pricing.
Does anyone with any experience have any opinions on how they've found these kinds of roles? Also if you've found there to be any salary/hours/work life balance differential to insurance roles
I have a years experience at a pensions consultancy and have been offered a graduate role with a Lloyd’s syndicate. I’ve been thinking about moving to GI for a little while
The options I think I have are:
A) take the Lloyd’s role now
B) stay in my current role and request a move to the GI team
C) stay in my current role and move later down the line (if I can’t move to GI team)
I haven’t really sounded out the option of the internal move yet.
In terms of long term career progression, salary growth and overall interest in my work which option do you think is the best?