What Is the Actuary Average Salary in the UK?

Written by aurelio locsin
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Actuaries primarily work in the insurance industry and compile statistics on death, accidents, sickness and disabilities. They use this information to predict longevity and risk to calculate payouts on benefits. From these calculations, insurance companies can determine what cash reserves they need and what customers need to pay to obtain adequate coverage.

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Basics

The PayScale Report states that as of July 2010, actuaries earn an annual base salary of £34,450 to £67,674 ($52,405 to £66,914).

Annual bonuses range from £3,046 to £10,717 ($4,633 to £10,596) and profit sharing from £600 to £5,872 ($912 to £5,805).

Experience

Experience plays a large part in determining salary. New actuaries earn £20,823 to £28,620 ($31,675 to £28,298), while those with 1 to 4 years of experience receive £29,797 to £49,036 ($45,327 to £48,485). Actuaries with 5 to 9 years of work make £51,035 to £72,199 ($77,634 to £71,388), while those with 10 to 19 years earn £58,441 to £81,535 ($88,900 to £80,620).

Location

The city of employment can determine salary with Leeds showing the widest range and highest income at £22,382 to £73,698 ($34,462 to £73,757), followed by London at £40,267 to £71,105 ($62,000 to £71,162). Those working in Edinburgh make £48,873 to £65,000 ($75,250 to £65,052), while those in Glasgow earn £27,500 to £53,500 ($42,342 to £53,543).

Actuaries working in Manchester earn £24,943 to £39,982 ($37,712 to £40,014), while those in Birmingham are paid £39,305 ($60,518) to £65,363 ($60,518 to £65,415).

Company Size

The size of the company can affect pay with those having 50 to 199 employees offering the lowest salaries at £25,434 to £49,725 ($34,047 to £49,166), and those with 50,000 workers paying the most at £38,981 to £77,828 ($59,297 to £76,954). The next highest levels belong to companies of 600 to 1,999 people at £50,500 to £77,000 ($76,820 to £76,135), followed by those with 2,000 to 4,999 employees at £31,131 to £70,909 ($47,356 to £70,112).

Bonuses

Since much of the industry depends on sales and commissions, actuaries receive similar compensation in the form of bonuses, which can vary based on the same factors as salaries. For example, experience counts. Those with less than 1 year of service annually earn £1,517 ($2,307) in bonuses, while those with 10 to 19 years receive £10,000 ($15,212).

Companies with 600 to 1,999 employees offer the highest bonuses at £7,000 ($10,648), followed by those with 5,000 to 19,999 workers at £6,104 ($9,285).

Finally, those working in Birmingham get the highest rewards at £11,792 ($17,937), followed by Edinburgh at £9,000 ($13,690). Actuaries working in London earn £5,747 ($8,742).

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