Actuary Salary UK — 2026 Guide

UK actuary salaries range from £30,000 for student actuaries to £130,000+ for senior qualified professionals, with a national average of £65,000. Actuaries are among the highest-paid professionals in the UK, and for good reason: the exams are notoriously difficult, the qualification process takes years, and the skillset is in high demand across insurance, pensions, finance, and increasingly in tech and consulting.

Actuary Salary Overview

Actuaries use mathematics, statistics, and financial theory to assess risk and uncertainty. It is a profession that combines analytical rigour with commercial impact, and the job market reflects that value. Employers invest heavily in trainee actuaries through study support, exam funding, and paid study leave, because they know the return on investment is substantial.

The national average salary for an actuary in the UK is £65,000 in 2026. This figure includes both part-qualified and fully qualified actuaries. The gap between the two is significant: a newly qualified Fellow of the Institute and Faculty of Actuaries (FIA) typically earns £55,000-£75,000, while a chief actuary or actuarial director can earn well above £130,000.

Salary Ranges by Experience Level

Entry Level (0-2 years): £30,000 - £40,000

Student actuaries in their first two years typically earn between £30,000 and £40,000. Graduate starting salaries are among the highest of any profession, reflecting both the mathematical ability required and the competition to attract top talent. Most employers offer comprehensive study packages including exam fees, study materials, and paid study leave (typically 30-40 days per year).

Salary increases at this stage are directly tied to exam progress. Each exam passed typically triggers an increment of £2,000-£3,000. The message is clear: pass your exams and your salary will keep pace.

Mid Level (3-5 years): £50,000 - £70,000

Part-qualified and newly qualified actuaries earn between £50,000 and £70,000. This is the stage where the hard work of exams starts to pay off financially. Actuaries who qualify in three to four years (which is fast) can reach £65,000-£75,000 by their mid-twenties, putting them ahead of most peers in other professions.

The qualification itself, becoming a Fellow (FIA or FFA), is a major salary milestone. Newly qualified actuaries often see a significant bump on qualification, and their market value increases substantially.

Senior Level (6+ years): £80,000 - £130,000

Senior qualified actuaries, actuarial managers, and chief actuaries earn between £80,000 and £130,000. At the very top, chief actuaries at major insurers and consultancies can earn £150,000-£250,000+ including bonuses. Actuaries who move into executive roles (Chief Risk Officer, Chief Financial Officer) can earn even more.

The consulting sector tends to pay the highest at senior levels, followed by insurance, pensions, and investment management. Actuaries who combine technical expertise with commercial acumen and leadership skills are the highest earners.

Regional Salary Breakdown

The actuarial profession is concentrated in a few key cities, but opportunities exist across the UK.

London (avg. £81,250) is the largest actuarial market by far. The concentration of insurers, reinsurers, consultancies, and financial services firms means the widest range of roles and the highest salaries. Lloyd’s of London and the City are major employers.

South East (avg. £69,550) benefits from several insurance companies and consultancies headquartered in towns like Reigate, Guildford, and Reading. These offer near-London salaries with lower living costs.

South West (avg. £63,050) has a growing actuarial market, with Bristol being the main centre. Several consultancies and insurance companies have offices in the region.

Midlands (avg. £59,800) and North West (avg. £59,800) offer solid opportunities. Manchester has a growing actuarial market, and several major insurers are based in the Midlands. These regions offer strong salaries relative to the cost of living.

Scotland (avg. £59,800) has Edinburgh as a major actuarial centre, home to Standard Life, Aegon, and several consultancies. Glasgow also has a growing market. Edinburgh is often cited as having one of the best salary-to-cost-of-living ratios for actuaries in the UK.

North East (avg. £56,550) and Wales (avg. £56,550) have smaller markets, though some insurers and consultancies have operations in these regions. Remote and hybrid working is expanding opportunities for actuaries outside traditional centres.

Career Progression Paths

The actuarial career path is more structured than most:

• Insurance (Life and General): Student Actuary, Analyst, Senior Analyst, Actuarial Manager, Head of Actuarial, Chief Actuary. Insurance is the traditional heartland of the profession. Life insurance, general insurance, and health insurance each offer distinct specialisms.
• Consulting: Analyst, Consultant, Senior Consultant, Manager, Principal, Partner/Director. Consulting offers variety, client exposure, and typically the highest salaries at senior levels.
• Pensions: Student Actuary, Pensions Actuary, Senior Pensions Actuary, Scheme Actuary, Head of Pensions. Despite the decline of defined benefit pensions, there remains significant demand for pensions actuaries to manage legacy schemes.
• Investment Management: Risk Actuary, Investment Analyst, Portfolio Manager. Actuaries increasingly work in asset management, applying their risk modelling skills to investment decisions.
• Emerging Fields: Data science, insurtech, climate risk modelling, and healthcare analytics are all areas where actuarial skills are increasingly valued. These fields may offer premium salaries as they grow.
• Non-Traditional Roles: Some actuaries move into broader finance, banking, private equity, or executive management, leveraging their analytical skills and commercial awareness.

Skills That Increase Salary

Beyond passing exams, several skills boost actuarial earnings:

• Qualification speed matters. Actuaries who qualify quickly (three to four years) earn more over their career than those who take longer. Each year of delay is a year of lower salary. The IFoA exams have a reputation for difficulty, and faster qualification signals strong ability.
• Programming skills: R, Python, and SQL are increasingly expected. Actuaries who can code are more efficient and can handle larger, more complex datasets. VBA remains widely used but is being supplemented by more modern tools.
• Commercial and communication skills: The ability to explain complex technical concepts to non-actuarial stakeholders is hugely valued. Actuaries who can influence business decisions earn more than those who only produce technical reports.
• Specialist knowledge: Deep expertise in areas like Solvency II, IFRS 17, climate risk, or machine learning can command premium salaries. These specialisms are in demand as regulation evolves and new risks emerge.
• Leadership and management: Senior actuarial roles require the ability to lead teams, manage budgets, and drive business strategy. These skills are what enable the transition from technical expert to senior leader.
• Client relationship skills (consulting): In consulting, the ability to win and retain clients is directly linked to career progression and earnings. Business development skills become increasingly important at senior levels.

Factors That Affect Your Pay

Qualification status is paramount. The single biggest driver of actuarial salary is whether you are a student, part-qualified, or fully qualified. Each exam passed moves you up the pay scale, and qualification unlocks a significant salary jump.

Sector choice matters. Consulting typically pays the most at senior levels, followed by insurance and pensions. However, insurance often provides more structured working hours and better work-life balance.

Exam support varies by employer. The best employers fund all exam fees, study materials, and provide 30-40 days of paid study leave per year. This support is worth £5,000-£10,000 per year and should be factored into any salary comparison.

Bonuses can be significant. Many actuarial roles offer annual bonuses of 10-30% of salary. At senior levels, bonuses can be even larger. Total compensation (salary plus bonus) gives a more accurate picture of earnings.

The qualification process is gruelling. The IFoA exams typically take three to six years to complete while working full-time. The pass rates for some exams are below 40%. This difficulty is part of what makes qualified actuaries so valuable, but it also means the early career years involve significant personal investment.

Frequently Asked Questions

What is the starting salary for a trainee actuary?

Graduate trainee actuaries in the UK typically start between £30,000 and £40,000. London roles tend to be at the higher end. In addition to the base salary, employers usually provide comprehensive study support including exam fees, study materials, and paid study leave worth £5,000-£10,000 per year.

How much do qualified actuaries earn?

Newly qualified actuaries (Fellows of the IFoA) typically earn between £55,000 and £75,000. With five or more years post-qualification experience, salaries of £80,000-£130,000 are common. Chief actuaries and partners at consultancies can earn £150,000-£250,000+.

How hard are the actuarial exams?

The IFoA exams are widely considered among the most difficult professional examinations in the UK. Some exams have pass rates below 40%. The full qualification typically takes three to six years of study while working full-time. However, the difficulty is what makes the qualification valuable; it ensures a high standard and supports strong earning potential.

Is actuary a good career?

Actuarial science consistently ranks among the best careers for job satisfaction, salary, and work-life balance. The qualification process is demanding, but the rewards are substantial. Actuaries enjoy high salaries, strong job security, intellectually stimulating work, and good working conditions. The profession also offers genuine flexibility in career direction.

What degree do you need to become an actuary?

While there is no specific degree requirement, most actuaries have degrees in mathematics, statistics, economics, or actuarial science. An actuarial science degree can provide exemptions from some IFoA exams. Strong mathematical ability is essential; most entrants have achieved a first-class or upper second-class degree.

How long does it take to qualify as an actuary?

The IFoA qualification typically takes three to six years to complete while working full-time. Fast qualifiers who pass every exam first time can complete it in three years. The average is closer to four to five years. Some candidates take longer, and the IFoA allows up to a maximum period for completion.

Do actuaries work long hours?

Working hours for actuaries are generally reasonable compared to other high-paying professions. A typical week is 37-40 hours, though this can increase during busy periods (year-end reporting, regulatory deadlines, project deliveries). Consulting actuaries may work longer hours than those in insurance or pensions. Work-life balance is generally considered a strength of the profession.

What is the difference between an actuary and an accountant?

Actuaries focus on quantifying and managing risk using mathematical and statistical models. They work primarily in insurance, pensions, and financial services. Accountants focus on recording, reporting, and analysing financial transactions. They work across all industries. Actuaries generally earn more but have a longer and more difficult qualification path. Both professions offer strong career prospects and job security.

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