Comparing 2009 salaries with 2018, using the same survey:
Responsibility level 2009 2018 %change
Chief actuary, senior partner £184,034 £206,236 12%
Senior function head, practice director £120,814 £135,192 12%
Function head, practice head £108,861 £116,676 7%
Department manager, managing consultant £89,141 £95,053 7%
Section manager, senior consultant £74,617 £83,713 12%
Section leader, consultant £64,931 £73,103 13%
Senior actuary, junior consultant £53,041 £66,066 25%
Actuary £43,930 £51,594 17%
Student actuary £31,303 £35,936 15%
CPI 2018 / 2009 = 30% higher.
At all levels actuarial salaries have not kept pace with inflation.
Meanwhile Derek Cribb was on £267k in 2012/13 so is up 45% since then as he's now costing IFoA £389k, when inflation since then just 15% higher.
No of staff at IFoA up from 116 in 2012 at £8m to £10.6m in 2018 for 165 staff.
Back in 2001-03, the Institute used to say a newly qualified actuary could earn from £33k. Today it's more like from £44k according to one salary survey in the Actuary magazine this month. Just 33% up in 17 years when inflation up 61%; should be from £53k today if kept up with inflation.
Last edited by a moderator: Nov 20, 2018