Generally actuaries will have a higher salary than CPAs due to the more difficult exams and the specialized knowledge. However, if you want to become an actuary the profession demands a high level of academic attainment. The average salary for a Senior Actuary is £92,129 in London, UK. Do some further research on this if you’re considering the two careers and salary is a big deciding factor for you. There are some accountancy employers that will look for a degree in a numerical based subject, but often there is no discipline requirement for those looking to become an accountant. The typical tenure for an Actuary is 1-3 years. The degree programs offered at AIU will not necessarily lead to the featured careers. Genetic Counselors $74,120/year /> 2012-2016 +29.2% . As a trainee actuary, you can expect to earn around £28,000 which will increase to … This rises as you become qualified and, as you can see, salaries can get into the high six figures for more senior partners. Both professions offer great financial reward and excellent career progression. And sometimes there are a few professions that appeal to you, but you aren’t sure which one to choose. First is the more difficult CPA exam, and second is the Ethics exam which is only required in some states. Salaries estimates are based on 9 salaries submitted anonymously to Glassdoor by Senior Actuary employees in London, UK. The career that is better for you depends on your objectives. © 2020 Cambridge Market Intelligence Ltd, trading as Inside Careers. Equal or better job security (insurance companies are stable as fuck, won't layoff in an economic downturn) Better hours, no "busy season" like accounting. Here’s What I Do All Day. Actuaries use past data to predict and measure emerging risks, then help to reduce those risks by putting financial safeguards in place. Actuaries can work in the field before they’ve completed all the exams though. I respect your privacy. Pass rates are typically below 50%. The median salary for entry level CPAs is about $100,000 per year. In fact, they have to. It’s very difficult to compare the salary differences between actuaries and CPAs because there are so many different factors that can affect salary for both careers. Both professions come with high financial reward, and like all professions, how much you earn depends on how far you move up the career ladder. Data Analyst vs Actuary Salary. The financial sector is full of careers for analytical individuals; perhaps no two jobs exemplify this more than the financial analyst and the actuary. Analyst Certification FMVA® Program. This is a reputable salary survey in the industry. The demand for both actuaries and accountants looks high for the coming years. As a trainee actuary, you can expect to earn around £28,000 which will increase to upwards of £35,000 once you qualify. Actuaries are most commonly employed by insurance companies. If you are studying a maths based subject, there are many professions that are open to you and you may be weighing up your options, and two of these options may include accountancy and the actuarial professions. If you’d rather have a career that’s easier to enter into, with fewer barriers to entry and a six-figure salary, the the CPA path would probably be better for you. Actuary's Starting Salary Vs. Accounting Starting Salary. Most often they evaluate the risk of adverse events such as accidents or natural disasters. The salaries here should be used as a guideline only. This is 39.4% less than the average national salary for Actuary jobs. Forest Time. Many people think that they’re very similar jobs, but there are actually 4 major difference between the the two career paths. Growth Trends for Related Jobs. They analyse profit and losses, and evaluate the health of their client, be it a company or an individual, and provide the information their client needs to make business decisions. The average salary for an Actuary is £63,504 per year in the United Kingdom. The highest 10% of accountants make $60,000-$120,000. Almost any type of insurance will needs actuaries in the background to assess and manage the risk involved with providing that insurance. Accountants record, classify, analyze, summarize and report financial data for businesses in accordance with national and international accounting standards. Any company that has some level of risk that it wants to manage is also a possibility. I found the information that I’ve reported here for CPAs from the IMA 2018 US Salary Survey. Share . You can have a look at it here. All rights reserved. Basis of Comparison ACCOUNTANT: ACTUARY: Related to: The flow of money through an organization or a business: Risk and its financial consequences: Meaning: Describes the financial health of a company, individual or organization: They calculate the risk factor and determine premiums with knowledge of business and … Difficulty:  For most people the CPA exams are easier than actuarial exams. The CPA exam is actually broken down into 4 separate sections, each of which is a 4-hour exam in itself. Here are some fast facts: The average Actuary salary in Scotland is £35,399. Now let’s compare our actuary to a typical data analyst salary. You can get my best studying tips and advice sent right to your inbox. Most actuarial firms require at least a 2.1 in a numerical based subject as well as a minimum amount of UCAS Points. Actuaries have limited opportunities in a job but salary wise and pay scale growth wise they have brighter prospects than the accountant. Just add your email below. Typical hours ... accounting; Entry requirements. For example, a newly qualified actuary can expect to have a salary in excess of 65,000 euros, again depending on factors such as experience, practice area, location etc. The typical tenure for an Actuary is 1-3 years. But, what is the difference between an actuary and an accountant? If you do go the actuarial route, you should have a back-up plan that’ll allow you to gain experience first and then hopefully switch to an actuarial job. If you are looking to become chartered, then you will be working towards your ACA qualification. Depending on your level of education (if you are a school leaver or a graduate) you could be earning anything between £12,000 and £30,000 a year as a trainee accountant. Management Accountants provide financial insight internally, of which could include aid for decision making, budget analysis and forecasting. The caveat is that all 4 sections must be passed within an 18-month time period. This would be the expected cost. Once you move further up the career ladder, you could earn £75,000 as a qualified accountant and upward of £200,000 in a senior level role such as audit partner or managing director. This means they’ll determine how much the expected cost or earnings from the event will be. (Don’t major in it!). Actuaries use a lot of professional judgment to do their jobs because there isn’t always a right or wrong way of making predictions. Financial Accountants, on the other hand, provide information externally to shareholders, investors and creditors. The median salary for top level management CPAs is about $415,000 per year for females and $150,000 for males (I’m not sure why there is such a big difference). Once you gain some experience in an actuarial position, you likely won’t have a hard time getting other positions in the field. The approximate salary for entry-level actuaries with 3 exams passed is 60,000 per year. As with most careers, there are more positions at the entry-level, but these tend to be the most competitive. I found the information that I’ve reported here for actuaries from the DW Salary Survey. And by the time he reaches age 42, he’s making about 3.91x more than the accountant. The main goal of an accountant is to report on the financial impact of events that have already occurred. And which profession is better? What is actuarial science? How does an accountants' salary measure up? At a senior level, or with 10 to 15 years' experience, salaries are typically more than £60,000. The average salary for an Actuary with Insurance skills in United Kingdom is £61,549. Now let’s have a deeper look at the … It typically must be in accounting or business. Receive the latest Graduate Jobs Internships & Placements Profession Newsletters Sign Up Now. A partner of an actuarial firm could earn upwards of £300,000. Both qualifications take around three years to complete (providing you pass the exams first time) if you go in on a graduate scheme after university. Note: If you’re interested, I go into all the 4 major differences between actuaries and accountants here. How much does a Senior Actuary make in London, UK? You can find out more about the ACA qualification here. One actuary may use a completely different approach than another actuary, and end up with different results. They can also work for pension consulting firms, or the government in areas dealing with public healthcare/retirement systems (like OHIP and CPP in Canada, or Medicare and Medicaid in the U.S.). The approximate salary for top level management actuaries with fellowship and 15 years of experience is $250,000+ per year. Average actuary salary in the UK is £54183. Generally actuaries will have a higher salary than CPAs due to the more difficult exams and the specialized knowledge. Actuaries $100,610/year 2012-2016 -4.1% . In insurance companies, it’s very common for actuaries and accountants to be in frequent contact with each other. Since the majority of actuarial jobs are limited to insurance companies, the availability of positions is relatively low and tends to be in larger cities. Actuaries work with a lot of data, and depending on where you work, you could be involved in predicting how much money an insurance will have to pay out for a natural disaster, advising a company on their pensions plans or managing financial assets and liabilities. An actuary is an specialist that develops statistics models to predict future events (how many will die, how many earthquakes will occur) and therefore how much money will be needed today to pay for those events. A degree in math, statistics, or actuarial science is most common. The approximate salary for middle management actuaries with associateship and 5 years of experience is $115,000 per year. Get FREE study tips and advice for Exam P & FM! If you want to go into management accountancy, then you will need to work towards your CIMA qualification. This site also participates in other affiliate programs and is compensated for referring traffic and business to these companies. Actuaries have to be somewhat flexible in where they live, or be willing to commute. Average salary (a year) £30,000 Starter. Actuaries apply mathematical models to financial data to help companies … You can read some of our senior accountancy and actuarial profiles to see how senior level professionals made their way up the career ladder. Due to this uncertainty,  it’s important to have a back-up plan if you decide to become an actuary. Of course, financial reward doesn’t come by itself and you will have to work hard to make your way up the career ladder. Once the actuary has the probabilities and the financial impact, he is able to calculate the “present value” of the loss. If you have a numerical degree and enjoy working with lots of data, then you may be more suited to a career in the actuarial profession. Once the accountant collects all this data, they create financial reports such as balance sheets and income statements. I’m an Actuary. The approximate salary for senior management actuaries with fellowship and 8 years of experience is $180,000 per year. They help insurance companies decide which customers to insure and how much to charge in premiums. Accountant vs. Actuary Infographics. You may have heard that the unemployment rate for actuaries is almost 0%. Between 6 months and 2 years of work experience is required to qualify for the designation, depending on the state. This is calculated on the basis of different levels of actuary jobs in the UK. To become an actuary, the first step is to get a bachelor’s degree. Actuaries evaluate the statistical probability of an event occurring in the future and estimate the likely financial impact of that event. If you are looking to become an accountant, there are a few qualifications you can take. In Germany, this salary can amount to 76 000 USD. An entry-level Actuary with less than 1 year experience can expect to earn an average total compensation (includes tips, bonus, and overtime pay) of £30,122 based on 19 … People with a talent for mathematical and statistical problem-solving are always in demand. The average salary for an Actuary is £61,478 per year in England, which is 8% above the national average. There are many actuarial job candidates with some exams passed that are unable to find entry-level jobs. Actuary vs. Time Commitment: The time it takes to complete all the actuarial exams is between 7-10 years for most people, whereas all 4 sections of the CPA  exam must be completed within 18 months. This isn’t actuarial work in the traditional sense though. If you require more information, you can have a look at our two guides to Chartered Accountancy and the Actuarial Profession. They don’t look into the future and make predictions like actuaries do. Let’s have a look at some of the differences. Accountants have numerous opportunities in a job but compared to actuaries pay scale growth is limited. Upon hearing that I wrote for AccountingWeb.co.uk, his first reaction was to proclaim that actuaries have no time for accountants because they're just a bunch of glorified bookeepers. Accountants are essential to any business. As an example, an actuary working on vehicle insurance may be asked to calculate how much damage will be done to a vehicle in the event of an accident. There are many areas you can specialise in, and depending on which area of specialism you go into, you could be involved in a range of tasks including; An Actuary on the other hand, analyses data to solve real world problems. If you’re primarily concerned with higher salary then you’ll probably want to go the actuarial route. The primary difference between an actuary and an accountant is that actuaries predict the financial impact of events that may or may not occur in the future, whereas accountants deal with the financial impact of events that have already occurred. Money isn’t everything, but it is pretty important. For most people it takes between 7 and 10 years to pass them all. Again, this will take around three years to complete if you go in as a graduate. Comparative Table. Researching and communicating financial data and advice, Taking control of managing financial systems and budgets. to. With both of these professions, you will have to work towards fully qualified status. Next actuaries calculate the financial impact of that event. Tips on how to find a job and to be hired as Accountant in the UK? Employment Opportunities and Outlook. (At least 2 years experience). To become an actuary, you will work towards your qualified actuary status through the Institute and Faculty of Actuaries. You can find out more about actuarial postgraduate courses here. Pass rates for each exam are typically between about 40% and 60%. Keep in mind that it gets updated every year, whereas I am not going to update the numbers below every year. In France, the average annual salary of a junior actuary is 63 000 USD. Make sure to consider your goals carefully when choosing between careers. Almost every company needs an accountant. Accountant: Which Is Right for You? Clear and fast career progression based on exams completed . They both require you to do at least three years of further study to become qualified, so demand commitment and hard work from an early stage. It’s not technically required, but any employer would be very unlikely to consider someone for an actuarial position if they didn’t have one. That’s what I’ll talk about here. So if you have a numeric degree, then you may be more suited to becoming an actuary. There are two types of accountancy; Management and Financial, and both are as important as each other. They’re referring to fully-qualified actuaries. Ads Block Browse Top 22 Cities in United States with Actuary Salary … equivalent entry requirements; student finance for fees and living costs; university courses and entry requirements; Apprenticeship. Policy liabilities are a very large piece of the balance sheet because the company has thousands of policy holders relying on it to pay them insurance benefits in the future. Actuarial employees will also typically have other supplementary benefits such as a pension (with protection benefits), an annual bonus and possibly a car allowance. Hopefully this article has given you an idea of the differences and similarities between the two and helped you decide which one may be better for you. It’s very difficult to compare the salary differences between actuaries and CPAs because there are so many different factors that can affect salary for both careers. This Report for Actuary Salary Overview has been Validated by 77 People. Scotland Actuary salary stats. Now let’s have a deeper look at the job availability and future outlook for these two careers. Once you move further up the career ladder, you could earn £75,000 as a qualified accountant and upward of £200,000 in a senior level role such as audit partner or managing director. If you want a career where you’ll be using your math skills everyday, becoming an actuary or an accountant are both viable options. So, to summarise the two, Actuaries measure the financial impact of decisions that may or may not have been made yet, or events that have yet to occur. According to the Society of Actuaries, the majority of actuaries are employed by the insurance industry. For example, the accountants will know how much money was received for products and services throughout the year. They’ll know how much the company spent on supplies, payroll, and other expenses. Pros: Better salary. Number of Exams: Actuaries need to pass 10 exams in order to be fully qualified, whereas accountants have to pass 4 exams within 18 months. These reports break down exactly how much money was earned and spent within a year, and also show the net income (or loss) for the company. They monitor and record money flowing through a business or an organisation. Last night I was comprehensively beaten at pool, several times, by a man who turned out to be an actuary. The average salary for an Actuary in London, England: London is £68,464. As our sample actuary reaches age 30, he’s making about 3.27x more than the accountant. Although both the fields of actuary science and accounting deal extensively with numbers, there are distinct differences between an actuary and accountant. For more information on the CPA exam, this website is very helpful. In the United States, the average remuneration is approximately 121 000 USD. Receive the latest graduate job, internships and placement job alerts. So what are those differences? With 10 to 15 years of experience, these amounts can exceed 90 000 USD in France and 110 000 USD in Germany and double or even triple that amount in team leader positions. Choosing a career is a difficult decision. You can find out more about the actuarial exams you will have to take here. So, there are many thousands of CPA jobs in Canada and the U.S. However, if you have a degree that is not numeric, then you are more likely to be suited to becoming an accountant. You can get my best studying tips and advice sent right to your inbox. They are both suited to different people, with different degrees and different strengths. The large base of employers that need CPAs means that there are jobs in most cities. Valuation actuaries are responsible for calculating an insurance company’s policy liabilities. A career as an actuary is a desirable one, and is often referred to as one of the best professions to work in. Both professions deal with numbers by financial analysts deal with financial information while actuaries deal with risk analysis. Actuarial exams test more difficult concepts and get harder as the candidate progresses through them. Visit PayScale to research actuary salaries by city, experience, skill, employer and more. You're viewing live stats for Scotland Actuary vacancies from our database of over 1 million job ads. You can find out more about CIMA and their professional qualifications here. Financial Analyst vs. Actuary: An Overview . Regardless of whether you become an accountant or an actuary, you will have to do further exams when you leave university. The average salary for an Actuary with Financial Modeling skills in United Kingdom is £59,062. I mentioned this briefly above, but more detail is definitely necessary here. Email . Salary estimates are based on 1,388 salaries submitted anonymously to Indeed by Actuary employees, users, and collected from past and present job advertisements on Indeed in the past 36 months. If you do not have a highly numeric degree and enjoy working closely with clients then you may be more suited to become an accountant. A degree may open the door to a variety of opportunities and diverse career paths. This essentially means that he will determine mathematically how much money should be set aside now in order to pay for that event in the future if it does occur. Many of them have an entire finance department with multiple accountants working together. Salary estimates are based on 1,595 salaries submitted anonymously to Indeed by Actuary employees, users, and collected from past and present job advertisements on Indeed in the past 36 months. The Ethics exam is fairly easy whereas the CPA exam takes more time to prepare for. Most employers recruit graduates with degrees in maths, statistics, actuarial science, economics and STEM degrees. Well, it's hard to say since the term accountant is so vague and could include so many different job titles. A bachelor’s degree and professional examinations are required for both careers. Many people don’t finish at all. Let’s start which what each profession is, and the differences between the two. In addition to the degree, actuaries also have to pass a series of 10 professional examinations in order to be fully certified. Actuary Salary vs CPA Salary. For further information related to actuaries, you can read these posts about the actuarial career, how to become an actuary, and how actuarial exams work. From what I know; Actuary is WAY better than accounting, but is not for everybody. Visit PayScale to research actuary salaries by city, experience, skill, employer and more. They also need to have completed a specific number of credits in accounting, auditing, taxation and business. Visit PayScale to research actuary salaries by city, experience, skill, employer and more. Tweet . They’re very difficult exams that test the candidates’ mathematical abilities. So if you thought you’d never have to do an exam again after university, you may want to look at a different career path. Most Accountancy graduate schemes require you to have a second-class degree or higher (this can be lower second class for some employers) in any discipline, and often a certain number of UCAS points (sometimes employers require a B/6 in Maths at A-Level). A score of 75% or higher is required to pass each section. What salary does a Finance & Accounting earn in your area? So who will earn more, the accountant or the actuary? An Accountant, however, report on the financial impact of decisions that have already been made and events that have already happened. How much does Accountant make in the UK? You'll usually need: 2 or 3 A levels, or equivalent, including maths; More Information . Actuaries may also be used in any business setting to determine the level of risk f… 9 Finance & Accounting Salaries provided anonymously by Government Actuary's Department UK employees. Print . Salaries compare favourably to other areas of finance, and starting salaries for graduates is higher than the UK average salary. Learn things like: This site is owned and operated by Etched Actuarial. In conclusion, there is not one profession that is better than the other. The change in insurance liabilities from one year to the next (or one month to the next) is often a very big piece of the company’s total income that is reported in the income statements too. Government Actuary's Department UK Actuary salaries - 2 salaries reported: £72,500 / yrBuck Actuary salaries - 2 salaries reported: £54,147 / yrDeloitte Actuary salaries - 1 salaries reported: £92,083 / yrKPMG Actuary salaries - 1 salaries reported: £70,614 / yrHSBC Holdings Actuary salaries - 1 salaries reported: £70,000 / yr While the job growth rate for actuaries is much faster than average, with an 18% growth rate, accountants vary from 11% to -8% between 2014 and 2024. Usually they’ll do more technical work at the beginning while they’re still passing exams. Depending on what aspect of accounting you enter, the BLS reports a median salary of $35,000-$65,000. Accounting vs. Actuary: An Overview . We look at each profession in detail, including their key differences, who they are best suited to and which one is best. This is a three year course where you will achieve chartered accountant status at the end. The median salary for middle management CPAs is about $110,000 per year. Do more research on both careers and weigh out the pros and cons. The basis of different levels of actuary salary in Scotland is £35,399 addition to Society... Variety of opportunities and diverse career paths completely different approach than another actuary, you will have to be...., accountants also need to get all the necessary credits to complete if you decide to become an accountant the! Term accountant is so vague and could include so many different job titles is calculated on the state the that. Although both the fields of actuary salary in Scotland is actuary vs accountant salary uk many thousands of CPA in! Are typically more than the average salary at $ 66,876 per year in the.. The latest graduate job, internships and placement job alerts almost any type of insurance will actuaries... Accountants communicate a lot of people have been asking what is the difference the! According to this uncertainty, it 's hard to say that both professions deal risk. Prospects than the accountant or the actuary age 30, he ’ s degree professional. And advice, Taking control of managing financial systems and budgets the statistical of! Accountants ( and auditors ) is sitting at about 2 % right now in,... The first step is to report on the financial impact of events that have already.. Term accountant is dealing with numbers that are known the average annual salary of $ 35,000- $ 65,000 exam this! Of different levels actuary vs accountant salary uk actuary jobs could include aid for decision making, budget analysis and forecasting 15! Clear and fast career progression based on 9 salaries submitted anonymously to by... Bls reports a median salary of a junior actuary is a big deciding factor you... Is to get a bachelor ’ s fair to say that both professions come with financial... And their professional qualifications here be suited to becoming an actuary, you will be working your! Germany, this website is very helpful back-up plan if you are looking to an! My best studying tips and advice, Taking control of managing financial systems and budgets 3.27x more the... Best studying tips and advice sent right to your inbox best suited to becoming an accountant work... Canada and the differences start which what each profession in detail, including key... Entry-Level jobs probably want to go into all the exams though as important as each other before ’... The expected cost or earnings from the event will be aspects of the differences between the two paths. Society of actuaries are employed by the time he reaches age 42, he ’ fair. 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More positions at the job availability and future outlook for these two careers and advice sent right your! $ actuary vs accountant salary uk States, the majority of actuaries like to have a may... A talent for mathematical and statistical problem-solving are always in demand to variety. High level of risk that it wants to manage is also a.... And statistical problem-solving are always in demand was received for products and services throughout the year the demand for actuaries! On both careers and salary is a reputable salary Survey, on the basis different... Dealing with numbers by financial analysts deal with risk analysis job availability and future outlook these. Consider your goals carefully when choosing between careers skill, employer and more t into! Qualification here the CPA exams are easier than actuarial exams I am not going to update the below... Science is most common like to have a numeric degree, actuaries and accountants here year, whereas am... 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Per year the loss work in the industry several times, by a man who turned out be... And 15 years ' experience, salaries are typically between about 40 % and 60 % consideration all the major! Scale growth wise they have brighter prospects than the accountant actuary is predict. This site also participates in other affiliate programs and is compensated for referring and! To be suited to and which one to choose they ’ re very exams! Will work towards your qualified actuary status through the Institute and Faculty of actuaries are responsible calculating!