Articles - Beyond the exam: Employers are rethinking actuarial reward

By Lindsey Norton-Bugg, Senior Director, Rewards Data Intelligence and Karen Chan, Director, Rewards Data Intelligence, WTW

Traditionally, the UK actuarial profession has been characterized by structured career progression, rigorous professional qualifications and significant employer investment in developing talent. Today, those fundamentals remain firmly in place, according to WTW’s 2026 UK Actuarial Examination Reward Report.

However, as organizations respond to changing workforce priorities and emerging skill requirements, the data also points to an evolving approach to reward and talent management. While the exceptional economic conditions of recent years appear to be moderating, competition for actuarial talent remains a significant consideration for employers.

As a result, organizations are increasingly taking a strategic and targeted approach to reward, balancing salary investment with professional development opportunities, retention initiatives and broader talent strategies.

Organizations appear to be directing reward investment toward specific career milestones. Progression through actuarial examinations, promotions and professional development continue to play a significant role in determining overall earnings growth.

While general salary budgets may be stabilizing, actuarial employees can still experience substantial salary progression throughout their careers when qualification-related increases, promotional opportunities as well as annual salary increases are taken into account. The findings suggest that employers remain committed to rewarding development and achievement, even as they carefully manage overall compensation budgets.

While the overall prevalence of separate salary structures for actuarial roles has remained broadly stable since 2024, a greater proportion of organisations now report having separate salary structures for both actuarial and other specialist functions.

Actuaries have traditionally been managed within dedicated reward structures that recognize the unique nature of actuarial qualifications and career progression. However, organisations appear increasingly willing to extend similar approaches to other specialist employee populations where skills, career paths or market dynamics differ from those of the wider workforce.

By now bringing multiple specialist populations under dedicated salary frameworks, employers may be seeking greater consistency in how they attract, develop and reward high-value talent. The trend also reflects the growing recognition that specialist expertise exists across a broader range of functions, each with its own talent market considerations and reward requirements.

However, the underlying reasons employees choose to leave have changed very little. Better pay and career development opportunities remain frequently cited drivers of turnover. These factors continue to represent key areas where organizations must remain competitive.

Interestingly, company retention strategies appear to be evolving. In the 2024 survey, career advancement opportunities emerged as the primary focus for retaining actuarial talent. Today, employers are more likely to identify pay as a central retention tool. This does not necessarily indicate that career development has become less important. Rather, it highlights the continued need for organizations to maintain competitive reward packages while also providing meaningful progression opportunities.

In a market where qualified actuarial professionals remain highly valued, employers appear to recognize that effective retention requires addressing multiple aspects of the employee experience.

The survey found that every participating organization provides some form of reward linked to examination progression. In addition, employers continue to offer comprehensive support through exam fee reimbursement, study leave and professional membership assistance.

These findings demonstrate the ongoing importance placed on professional qualification attainment. For many organizations, developing actuarial capability remains a long-term investment, and examination success continues to be recognized as a key indicator of professional growth.

The consistency of these practices across participating organizations reinforces the central role that qualifications play in actuarial careers. While talent strategies may be evolving in other areas, employers continue to view examination support as an essential component of attracting, developing and retaining actuarial professionals.

Among the capabilities identified as particularly valuable were AI governance, validation and explainability, along with programming and automation skills. At the same time, respondents emphasized that technical capabilities alone will not be sufficient. Communication skills and analytical thinking were also identified as critical areas of focus.

Together, these findings point toward an increasingly multidisciplinary vision of the actuarial profession. As organizations continue to adopt AI and advanced analytics across a range of business functions, actuaries may be expected to combine traditional technical expertise with a deeper understanding of technology, data science, risk and business strategy.

The survey findings are consistent with wider talent trends across the insurance industry. WTW's Talent Intelligence analysis shows that employers are increasingly seeking skills such as data analysis, automation, programming and scripting, agile methodologies and technology deployment alongside traditional insurance expertise. This suggests that technology fluency is becoming a core capability across many insurance roles, with actuaries well positioned to play a leading role at the intersection of risk, data and emerging technologies.

Rather than replacing actuarial fundamentals, these new capabilities appear to be expanding the skill set organizations value most highly.

Salary growth remains an important component of the actuarial reward package, yet organizations are becoming more deliberate about where they allocate reward investment. Examination support, progression-based increases and retention initiatives are all playing an important role in shaping the employee experience.

At the same time, broader specialist talent frameworks and growing emphasis on technology-related capabilities signal an evolution in how actuarial talent is viewed within organizations.

The findings suggest that actuarial reward is no longer defined solely by examination success and salary progression. Employers are increasingly balancing those traditional foundations with broader talent strategies designed to support retention, encourage development and prepare actuarial professionals for a future in which technical expertise, technology and business insight are more interconnected than ever.