The short answer to this question is yes, actuaries are paid very well.

The long answer is that the starting salary for trainee actuaries is higher than the UK average salary and this increases as you become qualified and work your way up the career ladder. In some instances, you could be looking at earning six figures.

How much are trainee actuaries paid?

As of 2022 the starting salary for a graduate on an actuarial graduate scheme is £32,000. Your actual starting salary, should you secure a place on an actuarial graduate scheme, depends on a number of factors including your employer and your location. However, the average starting for a graduate is higher than the starting salary for many UK graduates.

How much can a Nearly/Newly Qualified actuary earn?

As you work your way up the actuarial career ladder and into more senior roles, your salary will increase quite substantially. A Senior Actuarial Analyst could earn around £55,000.

How much could a Senior Qualified earn?

If you become a Senior Qualified, then you could see yourself earning over £80,000 a year depending on the practice area you choose to pursue.

Don’t forget that salary isn’t the only perk of being an actuary and depending on your employer, you could also receive multiple benefits including healthcare, a gym membership and life assurance.

When it comes to the question, are actuaries paid well, the answer is yes, they are. But this comes at a cost of years of qualification after your degree; and the time and dedication to work your way up the career ladder. However, the financial reward and job satisfaction is worth it for many.