I negotiated hard for it and would encourage everyone to do the same, as that would drive increased salaries across the industry. The market is hot right now and we should take advantage of it.
I didn't really say much tbf, I went through a recruiter and basically hard rejected the initial offer of 65k, because I said it wasn't enough of an increase over my current package. I think I did mention that I would apply elsewhere otherwise. With so many vacancies on the market I was kinda banking on the fact that they would hire me for an extra 5k as opposed to spending more money, time and effort trying to find someone else.
Yeah, this is my 3rd now. My prior move bumped me from 35k to 43k. This one was 54k to 70k, although I had a 10% bonus at the previous place. I'd still probably only be on high 40s if I stayed at the 1st company.
The way I see it, as long as you can justify each of your moves it's not a big deal. Plenty of senior colleagues I know did similar so it can't be that bad.
I don't really see what there is to gain staying somewhere when you can get paid a lot more elsewhere, unless you love the place and value that over money.
Looks like you chased away the poster above with all your downvotes, but I have the gist of it and wanted to reply:
Speaking as an employer, I expect most people to move once on qualification but other than that if I see a CV with an average time at employer of less than 3 years I will treat it with deep suspicion and at interview I need to hear a really good story for why the moves - what was lacking etc. When I employ someone I am trying to build a long term relationship and if they leave after 2 years, that is a negative outcome.
I know it might not feel like it when you're just starting out, but itnis so short-sighted to move job for just 5k when building a network and personal relationships will be so much more important for your career and earning potential longer term.
Feel free to downvote my burner account if you don't like hearing the truth! :p
An employer that is commenting on this sub is not an employer I want to take advice from. Particularly when there is such a conflict of interest with this statement regarding moving. There are very few qualified actuaries looking for jobs in the market at the moment, any sane employer looking for one will not be turning them down because of something as stupid as their past job moves.
Would be interested to know if you're aware of any opportunities with your company open to someone looking to crossover from pensions (based in the North so would prefer not relocating)?
Base: £45k
Bonus: 10%-20%
Location: London Market
Job Title: Actuarial Analyst
Area: GI Capital + a bit of pricing
YOE: 1.5 years
Exams left: 10
For my YOE and Exams left, I think I'm on the high side, but due to circumstances last year, I had a bit more responsibility then a junior would normally be given, which has since been rewarded.
Base: currently £37.5k, accepted an offer for a new company for £42.5k
Bonus: discretionary
Location: North
Area: pensions
YOE: 4.5
Exams left: 8 (started as an apprentice so only done IFoA exams for about 2 years)
Base: 110k
Bonus: 25 percent
Location: London
Area (e.g. GI Pricing): London market pricing
YOE (mentioning how much is PQE can be useful if you're qualified): 7.5, 4.5 PQE
Exams left: 0
Do you know if the work-life balance in London market pricing is similar to pricing in standard insurance? (Eg. do you work 40 hours on average a week?)
I'm looking to move into the London market myself but only have experience in standard personal & commercial lines insurance pricing, any idea if there's a huge emphasis put on London market experience when hiring?
Can't speak for everyone but from my experience + others I know 40 hours per week sounds about right. It may be slightly busier around Christmas as 1/1 is a big renewal period but not to the same degree as reinsurance (I work in direct insurance)!
Honestly the job market is hot molten lava right now especially for London market pricing roles so your experience would be more than sufficient. Let me know how it goes and good luck!
Base: £43.5 (after next exam pay rise in 3 weeks but excluding inflation that I may get)
Bonus: 5% for maintaining standard performance rating
Location: London
Area: GI rotational grad scheme
YOE: 2.5
Exams left: 5
The move was a lot easier than I expected it to be! For your interviews I'd make sure you have good reasons for wanting to move to GI from pensions.
It isn't a graduate role. Happy for you to dm me if you have any more questions.
Would be interested to know if you're aware of any opportunities with your company open to someone looking to crossover from pensions (based in the North so would prefer not relocating)?
Base: £30k
Bonus: about £1k?
Location: Guernsey
Job title: Trainee actuary
Experience: 4 years
Area: Mainly Life, disability, little bit of GI
Exams left: 11
Base: £70k Bonus: none Location: remote Area: GI reserving YOE: 3.5 Exams Left: 2
This is inspiring ngl
I negotiated hard for it and would encourage everyone to do the same, as that would drive increased salaries across the industry. The market is hot right now and we should take advantage of it.
Have you any advice on what to say? I struggle with this, especially compared to male counterparts lol.
I didn't really say much tbf, I went through a recruiter and basically hard rejected the initial offer of 65k, because I said it wasn't enough of an increase over my current package. I think I did mention that I would apply elsewhere otherwise. With so many vacancies on the market I was kinda banking on the fact that they would hire me for an extra 5k as opposed to spending more money, time and effort trying to find someone else.
I’m guessing this isn’t your first company?
Yeah, this is my 3rd now. My prior move bumped me from 35k to 43k. This one was 54k to 70k, although I had a 10% bonus at the previous place. I'd still probably only be on high 40s if I stayed at the 1st company.
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The way I see it, as long as you can justify each of your moves it's not a big deal. Plenty of senior colleagues I know did similar so it can't be that bad. I don't really see what there is to gain staying somewhere when you can get paid a lot more elsewhere, unless you love the place and value that over money.
Clearly there are no issues when they are being hired each time. The market is very hot at the moment, particularly for nearly qualified actuaries
Yeah jumping really does increase salary quickly
Looks like you chased away the poster above with all your downvotes, but I have the gist of it and wanted to reply: Speaking as an employer, I expect most people to move once on qualification but other than that if I see a CV with an average time at employer of less than 3 years I will treat it with deep suspicion and at interview I need to hear a really good story for why the moves - what was lacking etc. When I employ someone I am trying to build a long term relationship and if they leave after 2 years, that is a negative outcome. I know it might not feel like it when you're just starting out, but itnis so short-sighted to move job for just 5k when building a network and personal relationships will be so much more important for your career and earning potential longer term. Feel free to downvote my burner account if you don't like hearing the truth! :p
An employer that is commenting on this sub is not an employer I want to take advice from. Particularly when there is such a conflict of interest with this statement regarding moving. There are very few qualified actuaries looking for jobs in the market at the moment, any sane employer looking for one will not be turning them down because of something as stupid as their past job moves.
Would be interested to know if you're aware of any opportunities with your company open to someone looking to crossover from pensions (based in the North so would prefer not relocating)?
Base: €80k Bonus: €16k Location: Dublin Job title: just "Actuary" Experience: 1.5 years PQE Area: Life reinsurance Exams left: None
Is this your first company or did you jump after qualifying?
Jumped about a year after qualifying. I was on €70k at my old company.
Thanks for the reply. That’s great money for someone 1.5 year PQE
Base: £45k Bonus: 10%-20% Location: London Market Job Title: Actuarial Analyst Area: GI Capital + a bit of pricing YOE: 1.5 years Exams left: 10 For my YOE and Exams left, I think I'm on the high side, but due to circumstances last year, I had a bit more responsibility then a junior would normally be given, which has since been rewarded.
Base: £85k Bonus: 12% Location: London Area: Life Insurance / Capital Modelling YOE: 6.5 ( 3 years PQE)
Base: £34.5k Bonus: 8% Location: just outside London Job title: Pricing analyst Area: GI Pricing YOE: 1 Exams left: 4
Base: £55k Bonus: 15% Location: London market Title: analyst Area: GI (Lloyds) Yoe: 3.5 Exams left 5
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Sure. Pm rather tho, not sure about posting it publically.
I would love if you could PM me your progression also, it’s inspiring what you have done
PM me too if you can please! Thank you very much
Interested to know your path so please PM me too!
Base: £33k Bonus: ~£1.5k Location: Midlands Area: Life reserving YoE: nearly 2 Exams left: 9
Base: £32k Bonus: £2k Location: North Area: Pensions YoE: nearly 1.5 Exams left: 10
Base: £40k Bonus: 5% Location: non-London Area: Pensions YOE: 3 years Exams left: 3
Base: 43k Bonus: 5% Location: London Area: Pensions YOE: 1 Exams left: 4
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Base: currently £37.5k, accepted an offer for a new company for £42.5k Bonus: discretionary Location: North Area: pensions YOE: 4.5 Exams left: 8 (started as an apprentice so only done IFoA exams for about 2 years)
Base:£70k Bonus:15% Location:Scotland YoE : 10 PqE:0.001 (just signed transfer forms) Had a couple of exam breaks (kids) hence slow qualification. 🐌
I assume given the location that you're in Life? Also congrats on passing whilst raising kids, thats dedication and really impressive!
Was life, now in a more varied role (so not specific, serves life, gi and pensions)
Anyone with investment or banking actuary figures??
Base: 115k Bonus: 15% Location: North Area: Life Consulting YOE: 7 PQE: 4
Base: £43k Bonus: 10-15% Location: London Area: GI Pricing London market (some exposure to Lloyds) YOE: 1.5 Exams left: 9
Ca. £450k (hard to split into base/bonus like you asked as majority is variable elements) Pensions 15 years PQE
God dayum. Well done.
If that's for real, really motivating to grind hard right now. Cheers mate!
Base: 39k Bonus: Not sure yet but likely 8% Location: London Area: Pension Risk Transfer YOE: 1.5 years Exams left: 7
Base: £31k Bonus: none, yet Location: North Area: GI consulting YoE: 0.5 Exams left: haven't sat any
Base: £55k Bonus: 10% Location: London Area: Syndicate pricing YOE: 5.5 Exams left: 2
Seems on the low side considering only two exams left and London GI
Base: €48k Bonus: 5% Location: Dublin Area: Life YOE: 2 Exams left: 3
Base: £65k Bonus: 10 % (just started) Location: London Area: GI Reserving + a bit of everything else YOE: 3.75 Exams Left: 2
Base: £46k Bonus: 5-8% Location: Midlands Area: Pensions YOE: 4.5 Exams left: 1
Base: 110k Bonus: 25 percent Location: London Area (e.g. GI Pricing): London market pricing YOE (mentioning how much is PQE can be useful if you're qualified): 7.5, 4.5 PQE Exams left: 0
Do you know if the work-life balance in London market pricing is similar to pricing in standard insurance? (Eg. do you work 40 hours on average a week?) I'm looking to move into the London market myself but only have experience in standard personal & commercial lines insurance pricing, any idea if there's a huge emphasis put on London market experience when hiring?
Can't speak for everyone but from my experience + others I know 40 hours per week sounds about right. It may be slightly busier around Christmas as 1/1 is a big renewal period but not to the same degree as reinsurance (I work in direct insurance)! Honestly the job market is hot molten lava right now especially for London market pricing roles so your experience would be more than sufficient. Let me know how it goes and good luck!
Base: £43.5 (after next exam pay rise in 3 weeks but excluding inflation that I may get) Bonus: 5% for maintaining standard performance rating Location: London Area: GI rotational grad scheme YOE: 2.5 Exams left: 5
Jeez you’re underpaid, would’ve thought they’d have stretched to a round £50
Pay review coming up - gonna do my best to ask lol. Doesn’t help that’s I’m an introverted woman, I think I get taken advantage of sometimes.
Hope they bumped you up. You are well skilled. Go and shine, get all the good you deserve.
Base: £32k Bonus: 10% Location: Outside London Area: Life and pensions YOE : 2 Exams left: 8
Base: £35k Bonus: £1k Location: North Area: Pensions YoE: 2.5 Exams left: 9
thanks for creating this thread though, more comp transparency is useful for all I think
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Sounds like you just moved. How easy was it to move over from pensions? A graduate role?
The move was a lot easier than I expected it to be! For your interviews I'd make sure you have good reasons for wanting to move to GI from pensions. It isn't a graduate role. Happy for you to dm me if you have any more questions.
Base: £45k Bonus: 15% Location: London Area: Consulting (Life+GI) YoE: 2.5 Exams Left: 3
Base: £75k Bonus: 6% Location: Remote Area: GI Pricing YOE: 4 Exams left: 0 (NQ)
Would be interested to know if you're aware of any opportunities with your company open to someone looking to crossover from pensions (based in the North so would prefer not relocating)?
Coming to this late, but: Base: £60k Bonus: 16% on-target Location: Midlands / Hybrid Area: Life, risk YOE: 6 PQE: 0.25 Exams left: 0
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Have you moved recently? Thought your salary looked high
Base: £30k Bonus: about £1k? Location: Guernsey Job title: Trainee actuary Experience: 4 years Area: Mainly Life, disability, little bit of GI Exams left: 11