Actuary or Accountant (Salary, Potential & Opportunities)

Your data on actuarial pay is a bit low. Starting is correct, but on qualification you're more likely to be on minimum £60k if you're in London with a good firm. So a fair bit more than accountancy on qualification.

That's only the case for big 4 audit. Starting salary in industry for newly qualified is about 60k, which is why so many leave the big 4 once they qualified. I say accountants earn more simply because of the ease at which they can get high paying back office work at investment banks. It takes 6 years to qualify as an actuary. However an ACA with 6 years of experience would easily be on a salary of 80k in industry. (this all applies to London)

Actuarial work is more interesting, but I'm gonna go against the general consensus and say City accountants earn more.

That's only the case for big 4 audit. Starting salary in industry for newly qualified is about 60k, which is why so many leave the big 4 once they qualified. I say accountants earn more simply because of the ease at which they can get high paying back office work at investment banks. It takes 6 years to qualify as an actuary. However an ACA with 6 years of experience would easily be on a salary of 80k in industry. (this all applies to London)

Actuarial work is more interesting, but I'm gonna go against the general consensus and say City accountants earn more.

I believe that the pay for actuaries is capped at around 200k and that comes after a long time in industry. Whereas a big 4 accountant could potentially be a Big 4 partner, a CFO/CEO etc.

While the industry average for qualifying as an actuary is five/six years, the London consulting firms (including the Big 4) expect you to do it in three/four years, so roughly the same time as it takes to qualify as an accountant. (But if you're outside of London and not working for a consulting firm, then it can take much longer to qualify! I know someone working outside of London in industry and he's still unqualified after ten years.)

As an actuary, with six years' experience (four years to qualify and two post-qualified), you should be on about £80k.

That said, what are the exit opportunities like for accountants post-qualification and post-Big 4? Specifically, what are salaries like for people who've entered industry after having qualified in the Big 4?

A city accountant with 4 years experience would be on 60k+ quite easily. Whereas a newly qualified actuary (4 years exp) would be on 50k, thats already a 10k differential. The progression after that is usually at the same rate. Added to that, there are probably at least 10 times more jobs for accountants than actuaries, making accounting salaries much more easier to achieve.

I'm not advocating for accountancy as I think actuarial work is a million times more interesting than accounting. I'm just highlighting the fact that city accountants are more likely to be earning more than their actuarial counterparts. I must stress I'm only talking about London, in fact probs just the square mile.

What I'm struggling with is your salary figures for actuaries. In London, a consulting actuary starts on £27k - £30k. So that's fresh out of university on a graduate scheme. Then, after three to four years training they qualify and gain FIA status, and are on minimum £60k.

I'm not sure where you get the £50k for a qualified actuary in London from, but that's too low; outside of London though, it's very feasible. A friend of mine at Deloitte (London) was on just over £60k when they were one exam away from qualifying, and that was pretty standard for the Big 4 he said. (Not to mention, after qualifying for the exam, he'd get the exam bonus plus the qualifying bonus, putting his salary well above £60k.)

I can't comment about accountancy pay in industry once qualified, since my knowledge is of Big 4 accountancy pay only, so it could indeed pay better in the long run than actuarial, but I do know your actuarial salaries are below the mark of what they actually are.

27k is nothing! That's like 75 pounds per day. Why bother going to Uni for that?

What I'm struggling with is your salary figures for actuaries. In London, a consulting actuary starts on £27k - £30k. So that's fresh out of university on a graduate scheme. Then, after three to four years training they qualify and gain FIA status, and are on minimum £60k.

I'm not sure where you get the £50k for a qualified actuary in London from, but that's too low; outside of London though, it's very feasible. A friend of mine at Deloitte (London) was on just over £60k when they were one exam away from qualifying, and that was pretty standard for the Big 4 he said. (Not to mention, after qualifying for the exam, he'd get the exam bonus plus the qualifying bonus, putting his salary well above £60k.)

I can't comment about accountancy pay in industry once qualified, since my knowledge is of Big 4 accountancy pay only, so it could indeed pay better in the long run than actuarial, but I do know your actuarial salaries are below the mark of what they actually are.

Your data on actuarial pay is a bit low. Starting is correct, but on qualification you're more likely to be on minimum £60k if you're in London with a good firm. So a fair bit more than accountancy on qualification.

However you need to consider that both roles are VERY different. You need to think about which you would prefer, and also which would offer you the better exit opportunities. The only problem with actuarial, if there were any, is that exit opportunities are far more limited dare I say.

You seem to have a good idea of the salary progression of a London-based actuary. Would you mind helping me estimate the typical salary of an actuary working for a big firm (like Towers Watson) in London?

Assuming qualification in 3 years:

Year 1: 27k - 35k
Year 2:
Year 3:
Qualification: 60k+

How does the salary progress from qualification onwards?
Is it mainly based on networking from then onwards?

You seem to have a good idea of the salary progression of a London-based actuary. Would you mind helping me estimate the typical salary of an actuary working for a big firm (like Towers Watson) in London?

Assuming qualification in 3 years:

Year 1: 27k - 35k
Year 2:
Year 3:
Qualification: 60k+

How does the salary progress from qualification onwards?
Is it mainly based on networking from then onwards?