Actuary Salaries in United Kingdom

The average salary for an Actuary is £84,628 per year in United Kingdom. Salaries estimates are based on 512 salaries submitted anonymously to Glassdoor by an Actuary employees in United Kingdom.

The highest salary for an Actuary in United Kingdom is £113,034 per year.

The lowest salary for an Actuary in United Kingdom is £64,066 per year.

Actuaries earn salaries similar to those earned by economists, investment analysts, management accountants, and data scientists. They can increase their earnings by gaining experience and moving into more senior roles. This could involve managing projects and teams. Candidates can make themselves more competitive by specialising in an area like life insurance, healthcare or accountancy. Some actuaries work in the public sector, advising the government on public sector finance matters.

It's not easy to become qualified as an actuary. You will usually need to have passed professional exams, and have at least three years of practical experience, depending on where you work. You may be required to have a 2:1 degree and strong A-level results.

But once you have qualified for an actuary role, your earning power will often depend on your chosen speciality, which may be anything from banking and pensions, to insurance. However, currently areas such as risk management, data analytics, financial modelling, and insurance pricing are among the most lucrative fields. Ensure you stay up to date on industry trends and advancements, and Familiarise yourself with new software tools, data analytics techniques, and risk management methodologies, as these areas are most likely to give you a competitive edge.

To ensure that you are being paid in line with your peers in an actuary job, keep an eye on trends as they emerge in your field. This includes how much compensation you can expect to receive across different industries. If you are looking to move into a new actuarial job, then it's worth the effort of researching salaries and compensation packages for similar roles in the same location and industry. You can also speak to specialist recruiters to understand your worth in the market.

If you believe you are underpaid, it shouldn’t influence your compensation in your next role or promotion. You should discuss your experience, qualifications, and skills to ensure you are paid fairly.

Also, look at actuary salary surveys in your area, and when you speak to your manager or hiring contact, you can present them with data and tell them you have been researching and the role seems lower than the average pay at that level.

About 73.76% of Actuary professionals feel satisfied with their salary, according to anonymous Glassdoor ratings. An additional £9,201 in potential pay per year, among other factors, can qualify the annual pay of an Actuary in United Kingdom as a good salary.

Actuary professionals in United Kingdom have a wide total pay range, between £50,286 and £148,546 depending on experience, with an estimated total pay of £84,724 following the average career path of an Actuary.