After the sharp rise in salaries of actuaries during the period between 2000 and 2010, the earnings of the latter who are gifted in mathematics and probability calculations, fell back to more reasonable levels. Nevertheless, this insurance job [4] remains well paid even for beginners.
Actuary: salary of a beginner and an expert in 2018
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The wage varies according to the country, the field of activity and the experience of the actuary. In France, a junior actuary in an insurance company is entitled to a starting gross salary of around 58 000 USD per year. Depending on the specialty (life , non-life, financial actuary, etc.), the remuneration is up to 63 000 USD per year. After several years of experience, the gross salary is between the bracket of 118 000 USD to 156 000 USD.
In the United Kingdom, a young recruit earns nearly 70 000 USD a year. By climbing the professional ladder, the pay is increased twofold.
In Canada, an actuary begins his insurance career with an annual salary of 56 000 USD for a 40-hour week plan.
In the United States, the average salary of this executive is around 112 000 USD a year. As a beginner, an actuary is paid nearly 65 000 USD a year plus bonuses of up to 15 000 USD a year.
In South Africa, a beginner actuary is paid around 41 000 USD a year. After gaining experience, the salary goes up to 82 000 USD per year.
In Morocco, the second-largest insurance market in Africa, an actuary starts his career with a salary of around 16 000 USD a year.
In Tunisia, where the average annual salary of an executive is estimated at 9 000 USD, an actuary can start a career in a private company with an average pay of 10 000 USD a year.
In the United Arab Emirates, the average salary in the actuarial field is about 80 000 USD a year, while in Japan it is 79 000 USD a year.
Read also | Actuary salary in 2019 [5]
Training: how to become an actuary?
Actuary training is generally open to holders of an undergraduate degree in mathematics or to holders of a bachelor's degree in a scientific branch.
Depending on the level of entry into the sector, studies last from two to three years and are attested by a 5 year-graduate degree.
Read also | Actuary's business [6]