The Christmas period is a moment of joy and quality family time. It is also a stressful time as most actuaries are currently negotiating or waiting for their new salaries for 2017. Some of you might not enjoy the network that others have and it is always complicated to have an idea on what you should earn in your current role or with that promotion your employer promised to give you in the new year.
At Volvisearch we would like to share with you our vision of the market. The figures we will talk about are Basic Salary estimates in the actuarial market made by our recruitment consultants.
The Life Actuarial Market Salary range in 2017
You have been studying to start a career as an actuary and you take your first job: you should be expecting a basic salary of £25,000 as an actuarial graduate, going up to to £35,000 after your first year.
While passing the UK Institute of Actuaries exams, you will gain more experience as an Actuarial analyst or Senior Actuarial analyst, and your salary will range from £35,000 to £55,000.
The closer you get to get to Actuarial Qualification, of course the higher your basic will be. We consider that Nearly/Newly Qualified actuary can get a salary up to £75,000.
Once fully Qualified Actuary (FIA) and you have at least 5 years experience, your salary will range from £70,000 to £85,000.
As a first time Actuarial Manager, you will see your salary start at £85,000 to go to £120,000 for a FIA Actuary + 5 years post Qualification for example.
The GI Actuarial Market Salary range in 2017
The non-Life Actuarial Market (or GI Actuarial), is usually more rewarding than the Life insurance market for actuaries.
Although you would start on a similar salary for an actuarial graduate with around £30,000, your salary will grow more quickly and for a Nearly/Newly qualified will be between £70,000 and £85,000.
Once you qualified as an actuary, your salary (for example in the London and Lloyd’s Markets) will be around £85,000 and will grow in the next 4 to 5 years up to £125,000.
As a GI Head Of or a GI chief Actuary, the levels of salary are higher than anywhere in the insurance industry and can raise over the £200,000 mark in some cases although it is usually between £130,000 and £170,000
At Volvisearch we hope this information will help you negotiate your salary as an actuary with your employer in the insurance market in the UK.
If you need any information (actuary or HR Manager), please feel free to contact us on 020 3405 2830
Posted on Tuesday Dec 20