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How much does an actuary earn?

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  • 21-05-2006 12:48pm
    #1
    JakeTheMsitake
    Closed Accounts Posts: 7 ✭


    I've heard a spectrum of answers and I was wondering how much an actuary actually (!) earns, ranging from beginner upwards etc.
    Can anyone help please?


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    #2
    nesf
    Registered Users Posts: 27,645 ✭✭✭✭nesf


    US stats: http://www.analyzemycareer.com/index.cfm?auid=256&action=careerSearch&subAction=view&id=12877

    http://content.salary.monster.ie/ may give you some ideas. Remember though that people who qualify as actuaries may not work under that title.


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    #3
    Civilian_Target
    Registered Users Posts: 5,618 ✭✭✭Civilian_Target


    Chartered actuarists earn a lot. Sorta €200,000 pa.+ lot.

    But, don't be fooled. Only 20-30% of the people that start actuary in uni in this country actually become chartered actuarists (although I'm sure the rest of them aren't too poor!) You need to be **** hot to pass those exams...


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    #4
    chump
    Closed Accounts Posts: 3,807 ✭✭✭chump


    I didn't think they earned THAT much...

    http://64.233.183.104/search?q=cache:CH4kI_Lc8IwJ:www.careerdirections.ie/CD/DBAllCareerDetails.jsp%3Fid%3D303+actuary+salary&hl=en&gl=ie&ct=clnk&cd=11&client=firefox-a

    Not sure if that link will work for everyone but
    A qualified and experienced Actuary earns in the range of EUR 50,000 - EUR 72,000 a year. Experienced actuaries can earn over EUR 94,000 a year. Benefits may include low-rate mortgages, medical insurance, and life and pension cover.

    Actuaries have the standard basic working week in financial services of 39 hours, Monday to Friday, although many work considerably more hours than the standard.

    Numbers of actuaries are on the increase, with actuaries in Ireland numbering about 300 now from about 150 five years ago, and about 20 thirty years ago. Opportunities are excellent.

    Note: Wage and salary figures quoted under Pay & Opportunities are approximate and are for guideline purposes only. These may vary depending on experience or economic and local circumstances. Any variances are outside the control of FAS.

    Also http://www.hrm.ie/jobs_details.cfm?id=14385
    Job Title:
    Financial Reporting Actuary

    Job Type:
    Insurance

    Salary:
    €100K

    and

    Requirements

    * Fellow of the Society of Actuaries in Ireland or equivalent
    * 5+ years post qualification experience
    * Experience in the Life Assurance Sector
    * Strong actuarial skills, in-depth understanding of standards and principles
    * Expertise in business modelling (particularly Moses modelling) and EV
    * Excellent communication and relationship building skills, particularly in working with and achieving results through virtual teams
    * People management experience
    * Analytical Thinking
    * Decision Making and Judgement
    * Strategic Thinking
    * Communicating and Influencing
    * Teamwork
    * Planning & Organising
    * Achievement Drive

    Also
    http://jobs.nicemove.ie/articles/articledetail.asp?article=731&t=55200662247AM
    Actuarial
    Actuary (part qualified) 35-50,000 40,000 3.5% - 9%
    Actuary (qualified) Open N/A 3.5% - 9%
    Actuary Student 20-30,000 25,000 3.5% - 9%

    Also
    http://www.ivenus.com/careers/myjob/WW-CareerFile-Wk20.asp

    I'd guess 30-40 while training (takes an age?) and then 100+ when qualified with all your experience


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    #5
    gerire
    Registered Users Posts: 2,586 ✭✭✭gerire


    They earn so much that you need a actuary degree to keep tabs on all their money


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    #6
    JohnnySideburns
    Closed Accounts Posts: 162 ✭✭JohnnySideburns


    Civilian_Target wrote:
    Chartered actuarists earn a lot. Sorta €200,000 pa.+ lot.

    But, don't be fooled. Only 20-30% of the people that start actuary in uni in this country actually become chartered actuarists (although I'm sure the rest of them aren't too poor!) You need to be **** hot to pass those exams...

    Just a question. What's an actuarist? I'm an actuary and I have no idea what an actuarist is! Also to say "to start Actuary" is like saying "to start Doctor". The correct way to say it is "to start Actuarial studies" or "to join the Actuarial profession". So in that light, I have to question do you know what you're talking about!!!!


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    #7
    nesf
    Registered Users Posts: 27,645 ✭✭✭✭nesf


    Hmm, I've heard people say they have started actuary. But they mean it in terms of starting the actuary exams etc. Shorthand perhaps?


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    #8
    chump
    Closed Accounts Posts: 3,807 ✭✭✭chump


    JohnnySideburns wrote:
    Just a question. What's an actuarist? I'm an actuary and I have no idea what an actuarist is! Also to say "to start Actuary" is like saying "to start Doctor". The correct way to say it is "to start Actuarial studies" or "to join the Actuarial profession". So in that light, I have to question do you know what you're talking about!!!!

    Maybe instead of being a bit snotty why don't you fill us all in ;)


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    #9
    Zulu
    Registered Users Posts: 10,965 ✭✭✭✭Zulu


    Souped up statistians as far as I can work out. (I know a good few)
    They're sh1t hot maths gurus.


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    #10
    JohnnySideburns
    Closed Accounts Posts: 162 ✭✭JohnnySideburns


    chump wrote:
    Maybe instead of being a bit snotty why don't you fill us all in ;)

    It wasn't my intention to be snotty. With no disrespect to Civilian_Target, it doesn't really look like you know what you're talking about if you don't know the basic terminology of the topic. I was just informing Joe Soap reading this thread of these flaws so that he/she could decide wheter or not to be believe Civilian_Target's post.

    How much a fully qualified actuary earns is a difficult question to answer. It depends on the abilities of the person and also how valuable their role is to the organisation. There are also different area's of insurance (eg Life, Pensions, Investments) with each area having it's own different supply and demands conditions for Actuaries. My own assessment would be to look the range of salaries on recruitment websites, take €10k to €20k away from the top salary and €5k to €10k away from the bottom and you probably have something realistic. If any other Actuary out there disagrees and wants to tell me I'm full of sh*t, feel free.


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    #11
    ticketyboo
    Closed Accounts Posts: 11 ✭ticketyboo


    I think part of the confusion here results from your definition of an actuary. I studied Actuarial studies (BAFS) however this does not qualify you as an actuary, merely an actuarial student. You have to become a fellow of the institute of actuaries (FIA). Depending on how you got on at college you will have exemptions from up to 9 exams. You can then join a firm on a graduate salary of about €30 - €35k. From there you work towards qualifying which can be done in 2 years but typically takes 3-5 years. Depending on experience a newly qualified actuary would make €60 - €90 roughly, i.e. even if you do the exams in 2 years you might be paid less than someone who took 5 on the basis that they have more experience. After qualifying the sky is the limit, the top actuarial job would be as a "appointed actuary" who is reponsible for financial reporting (in a manner) for life companies. An appointed actuary would earn around €250k but obviously not everyone reaches this level. In consultancies, partners can earn good money too, similar concept to being a partner in a law firm. Needless to say plenty of actuaries make the transition into senior management etc and advance their careers that way.

    Oh and btw I've never heard of an acturist either.

    But when at college we always said "I'm studying actuary" (actually I usually said "I'm studying commerce" but I digress:) ) I know it's gramatically incorrect but it is what everyone said, even some lecturers.


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    #12
    Running Bing
    Registered Users Posts: 3,841 ✭✭✭Running Bing


    How difficult is it to land a job in actuary from the point of view of someone who didnt study actuary(ial studies:o ) in college? I imagine the amount of actuaries hired by firms each year would be very small.


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    #13
    chump
    Closed Accounts Posts: 3,807 ✭✭✭chump


    I know a physicist who is considering going into actuary next year - purely money driven, and tbh I doubt they're mathematical enough.
    When working a temp job out Dun Laoghaire way one time a few years back I encountered a few student actuaries (if i can call them that) working in an insurance company. They said it wasa bit mind-numbing, and they literally sat plugging figures into a machine. Anyway they were like many trainee's - in that they were going through their penance for the rewards they hope to reap when they qualify... sound enough they seemed anyway (was very surprised ;))


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    #14
    tinkerbell
    Registered Users Posts: 6,423 ✭✭✭tinkerbell


    Babybing wrote:
    How difficult is it to land a job in actuary from the point of view of someone who didnt study actuary(ial studies:o ) in college? I imagine the amount of actuaries hired by firms each year would be very small.
    What is IAL studies? When you say "small", what exactly do you mean? I dunno what happens with the Galway students, but I think DCU and UCD get jobs each year. That's about 60 people or so, which is a lot considering it's a small community.

    And also, what is a chartered actuarist?! I'm an actuarial student, never heard such terms. If you are fresh out of uni with a maths degree / actuarial science degree, you should be earning between €25K and €35K (depends on the number of actuarial exams you are exempt from). Then it goes up and up.

    Actuarial increases go up a lot as you pass exams, gain experience etc. Qualified with a few years under the belt, and you can expect to earn well into the six figures.


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    #15
    tinkerbell
    Registered Users Posts: 6,423 ✭✭✭tinkerbell


    ticketyboo wrote:
    An appointed actuary would earn around €250k but obviously not everyone reaches this level. In consultancies, partners can earn good money too, similar concept to being a partner in a law firm. Needless to say plenty of actuaries make the transition into senior management etc and advance their careers that way.

    Oh and btw I've never heard of an acturist either.

    But when at college we always said "I'm studying actuary" (actually I usually said "I'm studying commerce" but I digress:) ) I know it's gramatically incorrect but it is what everyone said, even some lecturers.
    Wow, an Appointed Actuary on €250K, noice :D

    What kind of salary can you expect from partner in a consultancy or senior mgmt?

    Oh and when I was in college, I said I'm studying maths - insurancey-type maths! And everyone asks me, so an accountant yah? Nooooo!!!!! :rolleyes: Everyone asks me if I love maths so much, why didn't I become an accountant instead of an actuary. Aaaaagh, not ... the ... same ... profession ... here!!


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    #16
    Running Bing
    Registered Users Posts: 3,841 ✭✭✭Running Bing


    tinkerbell wrote:
    What is IAL studies?

    Sorry I was just messin about. they were saying its not actuary its acturial studies.
    tinkerbell wrote:
    When you say "small", what exactly do you mean?

    Not everyone who does the acturial science course will become actuaries after graduation, what I mean by "small" is the number of people hired as actuaries by insurance firms and the like each year wouldnt be large like say accountants or engineers. Maybe Im wrong I just always got that impression i.e. it would be a hard career to break into.


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