Understanding Actuary Salary: Hourly Rates, Annual Pay, and the Role of Hours per Week

When researching an actuary salary in the UK, the most reliable source is the Office for National Statistics' Annual Survey of Hours and Earnings (ASHE). The latest provisional data for 2025 shows that the median annual pay for actuaries, economists and statisticians (Standard Occupational Classification 2433) is £51,520 for full-time employees. This figure is significantly above the UK median full-time salary of £39,039, reflecting the specialist skills and qualifications required in the actuarial profession.

Converting Hourly Rates to Annual Salary

To understand what this means in hourly terms, we need to make an assumption about hours worked per week. The ONS defines full-time as working more than 30 paid hours per week, but many professional roles, including actuarial positions, commonly operate on a 37.5 or 40-hour week. Using a 40-hour week (2,080 hours per year), the hourly equivalent of £51,520 is £24.77 per hour. If you work a 37.5-hour week, the hourly rate would be approximately £26.42 per hour.

A simple conversion rule of thumb is: annual salary ≈ hourly rate × hours per week × 52 weeks. This formula assumes a steady contracted week with no unpaid overtime, bonuses, or salary sacrifice. For part-time roles, you simply adjust the hours per week. For example, a part-time actuary working 20 hours per week at the same hourly rate would earn around £25,760 per year.

Full-Time vs Part-Time Considerations

The ONS ASHE data specifically covers full-time employees. Part-time actuaries will earn a pro-rata proportion of the full-time salary based on their contracted hours. It's important to note that the definition of full-time can vary by employer. Some may consider 35 hours as full-time, while others use 40. Always check your contract for your agreed weekly hours.

Additionally, the ASHE figures are medians, meaning half of full-time actuaries earn more and half earn less. Entry-level roles, positions outside London, or those in smaller firms may fall below the median, while senior actuaries in the City of London with bonuses can earn substantially more. London weighting and overtime can also boost total compensation.

National Living Wage and Minimum Wage Context

For comparison, the National Living Wage for employees aged 21 and over was £12.21 per hour from April 2025. At 37.5 hours per week, that equates to an annual salary of approximately £23,809.50. The actuary median hourly rate of around £24.77 is more than double the NLW, reflecting the profession's high skill level.

Using Our Tools

To calculate your own hourly-to-salary conversion, try our Hourly to Salary calculator. You can also explore salary articles for more insights on UK pay benchmarks.

Key Takeaways

• The median actuary salary in the UK is £51,520 per year (full-time, provisional 2025 ONS ASHE).
• Hourly equivalent ranges from £24.77 (40-hour week) to £26.42 (37.5-hour week).
• Part-time actuaries earn a pro-rata share based on contracted hours.
• Always consider London weighting, bonuses, and overtime when evaluating total compensation.
• Use the conversion formula: annual = hourly × hours per week × 52.

For further reading on UK salary data, visit our salary data page.