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Pay Progression in Actuarial/Finance Sectors

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TSR's new app is coming! Sign up here to try it first >> 17-10-2016
    • Thread Starter

    Bit of a weird one really and not something I feel I could ask recruiters! My friend works in finance and has given me some advice, but I imagine students/recent grads would have some useful information about the things I am considering.

    I'm about to graduate with a first class Maths degree, but already have a 2.1 law degree, may continue to do an MSc in Statistics, and am tempted to change careers; looking at actuarial grad schemes. I think I would like the change in environment and am aware of the type of tasks done in a normal working day. Most sites (and a thread on the front page here) seem to indicate that those kind of jobs usually start on a salary of ~30k, going up to maybe 45k-50k for qualified actuaries which might take 3-4 years. Is it possible to progress any faster than this? How likely is it that you can move towards salaries greater than 80k quickly? My friend is a financial advisor who has worked at Deloitte and now at RBS; he has said that a qualified actuary on a contracting basis can earn 500-1k/day but obviously (i) its contracting, so no job security and (ii) contracting means no pension/benefits/holiday entitlement.

    I'm finding it hard to find data on the graduate salaries of some big 4 companies. Is there a site with this kind of info? Are there any specific sectors that offer quicker progression opportunities compared to the norm?

    I am currently on 55k and can see a path for me to get to something like 80k within the next 3 years in my current career. I'm willing to take a pay cut if there is a realistic chance that it will pay off over the medium term, but I'm finding it hard to get the required data to make an informed choice.

    Thanks for any info or links to info!
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