I AM in my final year at university, studying mathematics. I am considering my career options, one of which is to train to become an actuary. I have heard that the earning potential is quite good, is this true?
There are about 7,500 actuaries in the UK, and the profession remains an attractive career choice for graduates. The earning potential is good, in return for hard work and a long commitment to qualify.
Becoming an actuary can take between five and seven years. But if pay is a motivator for you then it may well be worth it. Graduate entry salaries are about £23,000 to £26,000, slightly higher than you would expect in other fields, and this will increase significantly throughout your actuarial career. Looking at all jobs at similar levels, actuaries on average are paid about 15 per cent more than the market. With bonuses taken into account this rises to about 20 per cent. As an associate in the profession the salary difference rises to about 25 per cent, increasing again at fellowship level to as much as 35 per cent. At this level you can be earning about £75,000, with senior actuaries earning up to £100,000-plus.
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In becoming an actuary, it is worth considering the whole package, including the extra study, longer hours and a much-needed determination to succeed. But in terms of earnings the profession is certainly worthwhile.
Information provided by Stephanie Shaw at the people management consultancy The Hay Group. The UK HayPayNet database is compiled from salaries supplied by more than 600 organisations. www.haypaynet.com