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What does an Actuary earn?
On average, actuaries earn around £76,759.12 per year in the UK. Actuaries use statistics and other information to evaluate risks associated with events. They help businesses reduce or plan for repercussions of specific events. Actuaries may work as a consultant for businesses, work in government or are employed in private businesses to manage and assess ongoing risk.
How to earn more as an Actuary
To become an actuary, you will need a degree in Maths and Statistics, Actuarial Science, or a similar subject. You can also complete an apprenticeship or work towards the role by working in a related field such as business analysis. To earn more as an actuary, you can choose to specialise in a specific area like healthcare. You can set up a consultancy, work freelance or gain experience in a firm to get a senior role.
Min: £43,000.00 Max: £117,500.00
Average Actuary Salary in UK : £76,759.12
Read about Actuary salaries, related jobs and salary information across the UK
Actuary Salary data from the ONS
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Recommended Actuary Jobs in UK
Salary by Region
Compare Actuary salaries across different regions
Region | Salary |
---|---|
Scotland | £64,664.97 |
Wales | £50,300.00 |
Northern Ireland | £35,589.29 |
East Midlands | £58,127.64 |
Eastern | £46,397.06 |
London | £80,981.98 |
North East | £23,545.45 |
North West | £59,043.37 |
South East | £68,017.66 |
South West | £59,340.46 |
West Midlands | £60,138.89 |
Yorkshire and the Humber | £60,560.23 |
Annual Job Ads by Region
Understanding the Average Actuary Salary in the UK
As an actuary in the UK, it is important to have a clear understanding of the average salary in the industry. According to average Banking and Insurance salaries, the average actuary salary in the UK is £76,800 per year. This figure can vary depending on factors such as experience, qualifications, and location.
Salary Expectations for Newly Qualified Actuary
For those who have recently qualified as an actuary, the salary expectations are promising. Entry-level positions for newly qualified actuaries offer competitive salaries, with the potential to earn between £43,000 and £117,500 per year. To explore job opportunities in the field, you can visit our job search page.
Salaries for Experienced Actuary
Experienced actuaries in the UK can expect to earn higher salaries compared to their newly qualified counterparts. With a solid track record and expertise in the field, experienced actuaries can earn well above the average salary. The exact salary range for experienced actuaries varies depending on factors such as years of experience, industry specialization, and location.
Creating an Actuary CV
When applying for actuary positions, it is crucial to have a well-crafted CV that highlights your skills and qualifications. To help you create an impressive CV, you can utilize our CV template specifically designed for actuaries. This template will guide you in showcasing your expertise and increasing your chances of securing a desirable actuary role.
Career Development Opportunities for Actuary
As an actuary, there are numerous career development opportunities available to help you progress in your profession. Whether it's pursuing advanced qualifications, specializing in a specific area of actuarial work, or taking on leadership roles, there are various avenues for growth. To explore different career paths and gain valuable insights, you can refer to our career advice section.
Comprehensive Compensation for Actuary
Actuaries in the UK enjoy comprehensive compensation packages that go beyond just the basic salary. Additional benefits such as bonuses, pension schemes, healthcare coverage, and flexible working arrangements are often included. These perks contribute to a rewarding and well-rounded employment package for actuaries.
Strategies for Increasing Your Salary as an Actuary
If you aspire to increase your salary as an actuary, there are several strategies you can employ. Continuously updating your skills and knowledge, pursuing advanced qualifications, and seeking opportunities for professional development can enhance your value in the job market. Additionally, gaining experience in high-demand areas and demonstrating exceptional performance can also lead to salary advancements.
Professional Development and Earnings
Actuaries who invest in their professional development often reap the rewards in terms of increased earnings. By staying up-to-date with industry trends, attending relevant conferences and seminars, and actively participating in professional networks, you can enhance your expertise and open doors to higher-paying opportunities.
Capitalizing on Extra Hours and Duties
Actuaries who are willing to take on extra hours and duties can potentially boost their earnings. This may involve working on complex projects, taking on additional responsibilities, or volunteering for challenging assignments. By demonstrating your dedication and going above and beyond, you can position yourself for salary growth and advancement within the field.