What where you paid after qualifying?

[UKstudent]

Just want to do a survey on what people were paid just after they have qualified.Use the point at which your boss said "Congradulations on qualifying we are increasing your salary to £XXX". Only include basic salary and ignore any pension entitlements, overtime, bonuses or perks etc.

I just want people who have qualified in the last few years. (So as to ignore inflation)

Cheers

 

[avanbuiten]

Since this forum is for students, it is unlikely any members will be able to answer your poll - because non of us have qualified.

 

[UKstudent]

It is still worth asking as there may be a few qualifieds around. There are not many other forums around to post these questions on.

 

[jimjoachim]

http://www.actuarialoutpost.com/actuarial_discussion_forum/

This site is mainly US based but there are more and more UK based students/qualified posting now.

Maybe you will get an answer there.

 

[UKstudent]

60 to 65k!

Where do you work and how do I apply?

 

[RyuVI]

Who selected <£35k? Was this in the UK and adjusted for inflation? ...seems very low for a qualified UK actuary.

 

[scarlets]

Why are people so secretive about pay?
I think it's only right that salaries are discussed and compared to other professions. If your pay is not great then more shame to your employer I'd say. However it's foolish just to think of salary- one has to consider the pension arrangements, holidays etc. also.

 

[UKstudent]

Why are people so secretive about pay?
I think it's only right that salaries are discussed and compared to other professions. If your pay is not great then more shame to your employer I'd say. However it's foolish just to think of salary- one has to consider the pension arrangements, holidays etc. also.

I agree. The number of hours + amount of required travel should also be considered. There is not a hugh amount of point in working 25% more hours just to be in a job where you get 10% more pay.

 

[scarlets]

A recruiter called me yesterday talking of permanent actuary jobs in Glasgow for a reputable insurer. I had to explain to her that I wasn't fully qualified therefore the roles were not suitable for me. She was unfamiliar with actuarial jobs then said "oh yes it says they are for those who have just qualified recently". I asked what the salaries were and she said £50k.

My personal view is that this salary is average at best when compared to other professions, especially considering the unique sacrifices of 5-10 years of soul-destroying exams. I expressed this view to her, then she came back talking about pension scheme, bonus scheme... well sorry but pension schemes these days especially for new entrants are very poor compared to what they used to be, and I never heard of people working in actuary earning huge bonuses- more likely to be putting in lots of free overtime to earn it...

When you compare this £50k salary with the generous salaries and pension schemes offered for non-jobs in the public sector, performed by people of far lower calibre than qualified actuaries, it really takes the biscuit. Of course, a job is more than just what you get paid but that's beside the point.

 

[Gareth]

£50K for qualified actuary is pretty bad. A lot of part qualified actuaries earn about that (London).

 

[michaelteang]

salary survey

frankly an FIA does not warrant a good salary but maybe a minimum one.

Anyone agrees?

A lot is also down to your performance and other softer skills which you gain from your work experience not your years of endurance in sitting exams!

I know people with 3 or 4 exams away who is a chief actuary working in london earning in excess of 150k - so what does that tell you!

the recruitment people always try to hype up salary so that themselves can get a decent reward in commissions - easy for some eh!

 

[examstudent]

150k and not all the exams!!

so would having all the exams add to his package?

 

[Gareth]

i know someone with a few exams left who gets paid in excess of £200K p.a.

its more about personality and business skills than exams. but if you lack these qualities, becoming FIA is a sure way to get a good wage.

 

[TheArtfulDodger]

i know someone with a few exams left who gets paid in excess of £200K p.a.

Wow! Think it also depends on the company to an extent. Some companies just won't promote you till you've qualified and others don't really place much emphasis on exams and more on experience/personality/soft skills.

 

[avanbuiten]

A recruiter called me yesterday talking of permanent actuary jobs in Glasgow for a reputable insurer. I had to explain to her that I wasn't fully qualified therefore the roles were not suitable for me. She was unfamiliar with actuarial jobs then said "oh yes it says they are for those who have just qualified recently". I asked what the salaries were and she said £50k.
.

I would also explain that if she wanted me to work in "Stab City" she would have to negotiate me an extra 25K danger money!!!

 

[scarlets]

frankly an FIA does not warrant a good salary but maybe a minimum one.

Anyone agrees?

A lot is also down to your performance and other softer skills which you gain from your work experience not your years of endurance in sitting exams!

How exactly are you supposed to develop people skills when you have to lock yourself up for 10-15 hours per week studying? Haven't you noticed how many qualified actuaries have people difficulties? Not all of course, the normal ones who have a sense of humour and outside interests are to be cherished.

 

[anon2]

i know someone with a few exams left who gets paid in excess of £200K p.a.

Doing what?

 

[scarlets]

If people get paid £200k in actuary without being qualified... doesn't all this make a mockery of the exam system? Could you imagine a non-qualified doctor, or teacher, earning a multiple of a qualified doctor or teacher?

 

[Gareth]

Doing what?

managing a team of actuaries!

 

[parnell]

Probably worth every penny too - the ability to motivate and direct highly qualified (and not cheap!) resources to where they are most effective within an organisation is a tremendous skill.

An often neglected feature of a professional's toolset is the ability to emphatise with others and have them quickly emphatise with you - I have seen one CFO walk into a board-room and sell something he had very little knowledge of , simply because of his ability to pitch his sale and alter that pitch on the fly.... it's very impressive when it's done correctly. I'm constantly amazed by the huge amounts of money large organisations spend on their P.R. - it's the same concept but focussed on a group who are often just as important determinants of an organisations success - the employees.