Turn on thread page Beta
    • Thread Starter
    Offline

    0
    ReputationRep:
    Which proffesion generally gets the larger trainee, graduate and senior salary? And which of the two proffesions general works the least ammount of hours?

    I've researched the professions a little myself but it can get confusing when websites give different information, which can sometimes be quite vague.

    Anymore information that you think could help me understand more about the two proffesions would be appreciated (particularly about freelance work.)

    Also, any information on any other financial jobs would be appreciated (where a good salary is offered and where ridiculous working hours are not required.)
    Offline

    2
    ReputationRep:
    i think actuaries are paid more cos its harder or somethign my friend wanted to be an actaury and before she wanted to be an accoutnat so it must be better
    • Thread Starter
    Offline

    0
    ReputationRep:
    (Original post by andy_cole2)
    i think actuaries are paid more cos its harder or somethign my friend wanted to be an actaury and before she wanted to be an accoutnat so it must be better
    Thats what I thought too, accountancy seems good because you can go freelance, whereas its rare for an actuary to do this (although im not sure how much money a freelance accountant can gain.)

    Cheers for the reply
    Offline

    15
    ReputationRep:
    I don't know how much money a "freelance" accountant earns, but if you start your own practice then skys the limit.

    As for Actuarys - the work actually involves very complicated Maths, which is why it was so well paid, but now everything is done by computers, so its alot easier.
    Offline

    2
    ReputationRep:
    Actuaries earn a ton more than Accountants.

    Trainee Actuaries are around the mid-twenty mark, whereas a freshly qualified Actuary is on £44k, give or take a grand.

    Senior Actuaries often make the £100k mark.
    Offline

    15
    ReputationRep:
    As said though, there isn't really an opportunity to start your own practice or business. If you start your own accountancy firm and are succesful, say if you have 10 employees, you could easily be making £2million a year - your only expenses are with computer equipment, mortgage(which is an investment, not a cost), stationery/post/similar, and salaries/employee costs.

    Average salary of an accountant is 40k, say, so 400k goes on staff salaries, lets say £1-1.5mil on costs, as the owner/partner/whatever you're making 100-500k.
    Offline

    2
    ReputationRep:
    Of course you can start your own Actuary practice.
    Offline

    0
    ReputationRep:
    I quite like this idea of running your own accounting practice. It seems like the only way to make a lot in finance without working like a donkey(NB I am not saying its easy this time - I know its not!).

    I've met a few of my dad's friends who are partners of small accouting firms - I don't know exactly how much they earn, but judging by what I've seen of their cars/houses, a hell of a lot. And the good bit is one of them told me they rarely work more than three days a week.

    Come to think of it, this is a good point for all those wannabe IBers on this forum who critise accounting (or beancounting as they like to call it). I'd like to so them try to make several hundred grand at an IB off only three days a week...
    • Thread Starter
    Offline

    0
    ReputationRep:
    (Original post by Ö/\/\A® ©)
    I quite like this idea of running your own accounting practice. It seems like the only way to make a lot in finance without working like a donkey(NB I am not saying its easy this time - I know its not!).
    This is exactly what I was thinking. I liked the look of the actuary proffesion because i'd like to work in finance and the salary looked great. But i've read its rare for actuarys to open up their own practice whereas its more common for accountants to do it.. making the decision harder :/.

    Oh and does anyone have any idea of how much it would cost to set up your own practice?
    Offline

    9
    ReputationRep:
    Senior accountants make over 100K too.
    Directors at Deloitte - that's the level before partner - will make in excess of 100K a year, and you can expect to be a director after 8 years if you join as a graduate. That's working 35-60 hour weeks.
    I'm not sure if actuaries can make the same amounts working those hours..
    Offline

    0
    ReputationRep:
    (Original post by ConnorH)
    This is exactly what I was thinking. I liked the look of the actuary proffesion because i'd like to work in finance and the salary looked great. But i've read its rare for actuarys to open up their own practice whereas its more common for accountants to do it.. making the decision harder :/.

    Oh and does anyone have any idea of how much it would cost to set up your own practice?
    Yep, its because actuaries advise is always very highly specialised and sophisticated, so only large firms can afford to and need to employ their services. Whereas accountants, although they have highly specialised knowledge too, often advise smaller firms on less sophisticated issues, so you're right, I would think the have much more scope to start their own practices.

    Hmmm..sounds like a tough decision for you. For me it would be easy, I'd choose accountancy. But that won't really help you because my reason is that the actuarial qualification is just unnecessarily mathematical for my needs/desires.

    One really useful piece of advice that I can give (hope I'm not sounding like too much of a wannabe smart arse for a school student), is that if after much thought you are still really unsure, choose accountancy. I'm pretty sure, NO-ONE qualifies with ACA and regrets it - its such a useful and broad qualification.
    Offline

    2
    ReputationRep:
    Omar, please stop telling people stuff that although may be true, doesn't provide evidence for the point you are trying to make. Accountants are required by every business, as it's a necessity to do the companies accounts. Every business does not however have actuarial requirements, hence the larger scope for Accountants. Do you actually know what an Actuary does? I really don't mean to be rude, but when you could influence someone's future, I think it is important to relay true information. This also goes to re-iterate the fact that you shouldn't solely base your life/career decisions on a forum....
    Offline

    15
    ReputationRep:
    (Original post by melquíades el gitano)
    Senior accountants make over 100K too.
    Directors at Deloitte - that's the level before partner - will make in excess of 100K a year, and you can expect to be a director after 8 years if you join as a graduate. That's working 35-60 hour weeks.
    I'm not sure if actuaries can make the same amounts working those hours..
    What about all the people who aren't made directors, what happens to them? I think 100k is a little on the optimistic side, too.

    The difference between a 35 and 60 hour week is a significant one as well, I'd rather be time rich and money poor than vice versa.

    Obviously setting up an accountancy practice isn't as easy as it sounds, else everyone would have done it, but its certainly the route I'll be taking I think - the appeal of being an entrepreneur as well as a professional is quite strong for me.
    Offline

    15
    ReputationRep:
    (Original post by Singh_87)
    Omar, please stop telling people stuff that although may be true, doesn't provide evidence for the point you are trying to make. Accountants are required by every business, as it's a necessity to do the companies accounts. Every business does not however have actuarial requirements, hence the larger scope for Accountants. Do you actually know what an Actuary does? I really don't mean to be rude, but when you could influence someone's future, I think it is important to relay true information. This also goes to re-iterate the fact that you shouldn't solely base your life/career decisions on a forum....
    Actuaries are very important as you say, but its a very niche profession, everybody needs accountants, not everyone needs an actuary, and those who do would rather use the well established, large companies that are already around, hence the small amount of private actuary practices around.
    Offline

    2
    ReputationRep:
    (Original post by x.narb.x)
    Actuaries are very important as you say, but its a very niche profession, everybody needs accountants, not everyone needs an actuary, and those who do would rather use the well established, large companies that are already around, hence the small amount of private actuary practices around.
    Is what I said earlier, no?

    Accountants are required by every business, as it's a necessity to do the companies accounts. Every business does not however have actuarial requirements, hence the larger scope for Accountants.
    Offline

    0
    ReputationRep:
    (Original post by Singh_87)
    Omar, please stop telling people stuff that although may be true, doesn't provide evidence for the point you are trying to make. Accountants are required by every business, as it's a necessity to do the companies accounts. Every business does not however have actuarial requirements, hence the larger scope for Accountants. Do you actually know what an Actuary does? I really don't mean to be rude, but when you could influence someone's future, I think it is important to relay true information. This also goes to re-iterate the fact that you shouldn't solely base your life/career decisions on a forum....
    Well you're just agreeing with me...you're right the scope is larger for accountants...

    Yes I do know what an actuary does. Perhaps not in as much depth as you do, but I know enough to say for sure that everything in my last post was true.

    "you could influence someone's future" - well good for him, you just said yourself everything I said is true.

    And ofcourse you shouldn't solely base your life/career decisions on a forum. My opinion is only that of one person. But he knows that. I hope.
    Offline

    2
    ReputationRep:
    Umm..no, I said what you said is true in the sense that actuaries advisory services are usually of a more sophisticated and complex nature, however this is not why Actuaries may find it more difficult to start their own practice.
    If you re-read what I said, what you wrote is true, but it does not prove the point you were trying to make.
    Offline

    15
    ReputationRep:
    (Original post by Singh_87)
    Is what I said earlier, no?
    Missed that post, I just remember you earlier saying "of course you can start your own actuary firm" when I wasn't denying that - just saying that theres less scope to the point where its unrealistic.

    Yes, technically, its possible, but realistically, its not.
    Offline

    2
    ReputationRep:
    (Original post by x.narb.x)
    Missed that post, I just remember you earlier saying "of course you can start your own actuary firm" when I wasn't denying that - just saying that theres less scope to the point where its unrealistic.

    Yes, technically, its possible, but realistically, its not.
    Oh right, well then coolio
    Offline

    0
    ReputationRep:
    (Original post by Singh_87)
    Umm..no, I said what you said is true in the sense that actuaries advisory services are usually of a more sophisticated and complex nature, however this is not why Actuaries may find it more difficult to start their own practice.
    If you re-read what I said, what you wrote is true, but it does not prove the point you were trying to make.
    Well you cant prove your point either mate. I'm not going to go and look up some statistics for him. What I said doesn't need proof - its true, simple as.
    And I'd like to see you try and deny it.

    And this is partially why they find it harder to start their own practice. If you re-read what I said, I went on to say that their services are only required, in general, by large firms, whereas accoutants are required by small as well. And what you are saying about accounting requirements is true, and part of the reason why they have more scope to set up a practice. The other part is what I said earlier.

    If you are expecting further argumetn on this, don't bother posting back, cos you're not going to get one.
 
 
 
Poll
Black Friday: Yay or Nay?
Useful resources

Articles:

Guide to investment bankingGuide to consultancy

Featured recruiter profiles:

Deutsche Bank logo

Deutsche Bank is recruiting

"Thrive in an international banking environment"

Quick link:

Unanswered investment banking and consultancy threads

Groups associated with this forum:

View associated groups

The Student Room, Get Revising and Marked by Teachers are trading names of The Student Room Group Ltd.

Register Number: 04666380 (England and Wales), VAT No. 806 8067 22 Registered Office: International House, Queens Road, Brighton, BN1 3XE

Write a reply...
Reply
Hide
Reputation gems: You get these gems as you gain rep from other members for making good contributions and giving helpful advice.