TL;DR - Actuary Salary by Level
| Level | UK (estimate) | US (estimate) |
|---|---|---|
| Trainee (0-2 years) | £32,000 - £45,000 | 85,000 |
| Part-qualified (2-5 years) | £45,000 - £65,000 | 115,000 |
| Newly qualified (5-7 years) | £65,000 - £90,000 | 150,000 |
| Fellow / senior (7-12 years) | £90,000 - £130,000 | 210,000 |
| Chief actuary / partner | £150,000 - £250,000+ | 400,000+ |
Figures are total compensation estimates from salary surveys, job postings and recruiter reports, not official employer or professional-body data. Actuarial pay is one of the more consistently surveyed professions in finance, so these ranges are narrower and more reliable than most quant salary figures.
What Actuaries Actually Earn
Actuarial salaries progress in a series of clear, predictable jumps tied to exam qualification rather than tenure alone - a trainee's pay rises meaningfully with each professional exam passed, and qualification (Fellowship in the UK, Associateship or Fellowship in the US) triggers the largest single jump in the entire career.
This guide breaks down actuarial pay by level in both the UK and US for 2026, compares insurance versus consulting, looks at London versus the rest of the UK, and briefly compares actuarial pay to quant finance pay for readers weighing both paths. For that comparison in more depth, see our actuary vs quant guide.
UK Actuarial Salaries by Level
Trainee (0-2 years, studying toward IFoA exams)
Trainee actuaries typically earn £32,000 to £45,000 in London, with regional offices paying 10-20% less. Most employers provide paid study leave and cover exam fees and study material costs, which is a meaningful part of total compensation even though it does not appear in the cash number.
Part-Qualified (2-5 years, several exams passed)
Pay rises with each exam passed rather than purely with time served, and most employers apply a formal salary bump per exam or per exam block. Part-qualified actuaries in London typically earn £45,000 to £65,000, reflecting a mix of tenure and exam progress.
Newly Qualified Fellow (5-7 years)
Reaching Fellowship (FIA in the UK) is the single biggest salary trigger in the profession. Newly qualified actuaries in London typically see total compensation jump to £65,000 to £90,000 within a year of qualifying, sometimes with an immediate one-off increase on passing the final exam.
Senior / Fellow (7-12 years)
Experienced qualified actuaries managing teams or specialist portfolios typically earn £90,000 to £130,000 in London, with consulting actuaries at the senior end often earning toward the top of this range due to billable-rate structures.
Chief Actuary / Partner
At the top of the profession - chief actuary roles at insurers, or partner-level roles at major consultancies - total compensation typically runs £150,000 to £250,000 or more, including profit share for consulting partners.
US Actuarial Salaries by Level
The US ladder runs through the Society of Actuaries (SOA) for life, health and pensions, or the Casualty Actuarial Society (CAS) for property and casualty, with Associateship (ASA/ACAS) and Fellowship (FSA/FCAS) as the two main qualification milestones.
Trainee / Analyst (0-2 years)
Entry-level actuarial analysts in the US typically earn 85,000, with higher figures in major hubs like New York, Chicago and Hartford - historically the centre of the US insurance industry.
Associate-Level / Part-Qualified (2-5 years)
Actuaries working toward or holding Associateship typically earn 115,000, again with clear salary steps tied to exams passed rather than tenure alone.
Newly Qualified Fellow (5-7 years)
Reaching Fellowship (FSA or FCAS) typically pushes total compensation to 150,000, mirroring the UK pattern of a large jump at full qualification.
Senior Fellow (7-12 years)
Experienced fellows in senior technical or management roles typically earn 210,000, with consulting actuaries at large firms often at the higher end due to client-billing structures.
Chief Actuary / Partner
Chief actuary roles at major US insurers and partner-level roles at the large actuarial consultancies typically pay 400,000 or more in total compensation, including bonus and, for partners, profit share.
London vs the Rest of the UK
The majority of UK actuarial roles sit in London, but a significant share of the profession works outside it, and the pay gap is smaller than in quant finance.
- London: The highest concentration of insurers, reinsurers and consultancies, and the highest pay - typically 15-25% above regional equivalents at the same level.
- Edinburgh and Glasgow: A genuine second hub, home to major life insurers and asset managers (Standard Life/Phoenix, Aegon, Scottish Widows). Pay discount versus London is real but modest, and cost of living is significantly lower.
- Bristol, Reigate and the South East: Several large insurers (Allianz, AXA, various Lloyd's-linked operations) have substantial actuarial teams outside central London, generally paying close to regional rates.
- Other regional centres: Smaller actuarial teams exist across most major UK cities, typically in general insurance and pensions consulting, usually paying towards the lower end of the ranges above.
Because actuarial work does not depend on proximity to a trading floor, remote and hybrid arrangements are considerably more common than in quant finance, which further narrows the effective pay-adjusted-for-lifestyle gap between London and the regions.
Insurance vs Consulting
The two main employer types - insurers (life, general and reinsurance) and consultancies (the large actuarial and professional services firms) - pay similarly at the trainee level but diverge as careers progress.
Insurance employers tend to offer more predictable hours and a clearer internal career ladder, with pay progression closely tied to exam completion and subsequent promotion within a fixed grading structure. Bonus is typically a smaller share of total pay than in consulting.
Consulting firms typically pay a premium at the senior end, particularly for actuaries who bring in client work, because compensation ties more directly to billable hours and business development. The trade-off is less predictable hours, particularly around client deadlines and reporting cycles, and a results structure that rewards commercial ability alongside technical skill.
Neither path is universally better - the choice usually comes down to whether you prefer the structured progression of an in-house insurance career or the variety and client exposure of consulting.
How Actuarial Pay Compares to Quant Finance
Actuarial and quant careers recruit from overlapping degree backgrounds - mathematics, statistics, economics - but their pay curves look very different. A UK graduate actuarial trainee typically starts at £32,000 to £45,000, well below the £60,000-plus that many graduate quant roles offer, and the gap widens considerably at the senior end, where top quant researchers and traders can earn many multiples of a chief actuary's salary. For the fuller quant-side breakdown, see our UK quant salary guide and hedge fund salary UK guide.
The trade-off is variance and job security. Actuarial pay is remarkably consistent once you control for qualification level - most qualified actuaries land close to the ranges in this guide - while quant pay disperses enormously, with a meaningful share of entrants earning less than a qualified actuary, and a smaller share earning many times more. Our actuary vs quant comparison covers the full picture beyond salary, including hours, stress and how people move between the two.
If you are weighing both paths from the start, our guide on how to become a quant sets out what the quant recruiting process actually looks like, which is a useful comparison point against the exam-based actuarial route.
IFoA and SOA Context
In the UK, the Institute and Faculty of Actuaries (IFoA) sets the exam syllabus and awards Fellowship (FIA), typically requiring around 13 exams and four to seven years of combined study and work experience. Most employers pay exam fees and provide paid study leave, and salary increases are commonly tied to specific exam blocks rather than a single qualification event.
In the US, the SOA governs life, health, retirement and general practice tracks, while the CAS governs property and casualty. Both bodies use a two-tier structure - Associateship, then Fellowship - and the US exam system is generally considered comparable in difficulty and duration to the UK's, though the specific syllabus and exam formats differ.
Both bodies periodically reform their curricula, and pass rates for individual papers typically sit between 40% and 65%, so an occasional failed exam is a normal part of most actuaries' careers rather than a sign of a derailed one.
Compensation & recruiting notes
All salary figures in this guide are illustrative estimates drawn from public surveys, job postings and recruiter reports - not official IFoA, SOA, CAS or employer-published figures. Actual pay varies by employer, specialism, location, exam progress and individual performance. Exam requirements, exemption policies and salary structures change over time; check the IFoA, SOA, CAS and individual employers for current details.
Frequently Asked Questions
How much does a trainee actuary earn in the UK?
Trainee actuaries in London typically earn £32,000 to £45,000, with regional roles paying somewhat less. Most employers also cover exam fees and provide paid study leave, which adds meaningful value beyond the cash salary.
How much does a qualified actuary earn?
A newly qualified Fellow in the UK typically earns £65,000 to £90,000, rising to £90,000 to £130,000 with several years of post-qualification experience. In the US, newly qualified fellows typically earn 150,000, rising to 210,000 at the senior level.
Do actuaries earn more in insurance or consulting?
Pay is similar at the trainee level, but consulting tends to pay a premium at the senior end for actuaries who bring in client business, due to billable-rate and profit-share structures. Insurance careers typically offer steadier progression and more predictable hours.
Is actuarial pay higher in London than the rest of the UK?
Yes, typically by 15-25% at the same level, though the gap is smaller than in quant finance because actuarial work is less dependent on being physically close to a trading floor, and remote or hybrid arrangements are relatively common.
Do actuaries or quants earn more?
Quants earn more on average, particularly at the senior end, but actuarial pay is far more consistent - most qualified actuaries land close to the ranges in this guide, while quant pay disperses widely and carries real washout risk. See our actuary vs quant guide for the fuller comparison.
How many exams does it take to become a qualified actuary?
In the UK, IFoA Fellowship typically requires around 13 exams, taking four to seven years alongside full-time work. In the US, the SOA and CAS run comparable two-tier structures (Associateship, then Fellowship) of similar overall duration and difficulty.
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