If you’re an actuary, become a ‘Solvency II technician’ to boost your salary by £30k
Insurance companies are increasingly looking for ways to scale down staff costs related to Solvency II implementation; the latest being a new-found appetite to recruit graduates into this area, suggest recruiters.
However, for the time being, it remains the highest paying area for actuaries to work in.
According to a salary survey from recruiters Morgan McKinley, Solvency II technicians are enjoying both unprecedented demand and increasingly large pay packets. A risk management actuary working on Solvency II related projects, can now expect £150k at the higher end of the pay scale, it suggests, which is £30k more than any other equivalent actuarial position.
This is not entirely surprising considering the sustained actuary recruitment drive for Solvency II-related work. The work is particularly lucrative on a contract basis – day rates start at £1k a day, or £235k a year, assuming five weeks annual leave – and insurers have been keen to tie actuaries down on a permanent basis.
Elsewhere, here are the salaries to expect as an actuary:
