The actuarial profession remains one of the most intellectually demanding and financially rewarding career paths in London and across Europe. While many associate actuaries purely with insurance, the reality is far more diverse—these professionals are the mathematical architects behind pension schemes, investment strategies, risk management frameworks, and regulatory compliance across the financial services sector.

Global Markets, often encompassing Sales and Trading (S&T) roles in investment banks, includes activities like equities, fixed income, currencies, commodities (FICC), structuring, and research. Compensation in this sector is highly variable, depending on factors such as desk performance (e.g., macro trading vs. equities sales), individual contributions, firm type (bulge bracket vs. European banks), and market conditions.

This guide provides an overview of management consulting salaries in London and broader Europe for 2025, based on recent data from industry sources. Salaries vary by firm tier (e.g., MBB: McKinsey, BCG, Bain; Big Four: Deloitte, EY, KPMG, PwC; boutiques and others), experience level, and location. L

The Big 4 accounting firms—Deloitte, PwC, EY, and KPMG—offer competitive salaries that vary by role, experience, qualifications (e.g., ACA, ACCA), department (e.g., audit, tax, advisory), and location. London typically commands a premium due to higher living costs, often 10-20% above other UK regions.

Private equity (PE) compensation in London and broader Europe remains highly competitive in 2025, driven by factors like fund size, asset class, experience, and regional differences. Data from recent surveys shows that total compensation typically includes base salary, annual bonus, carried interest (carry), and sometimes co-investments.

The financial services sector hosts two powerhouse groups: the Big 4 accounting firms—Deloitte, PwC, EY, and KPMG—and the Bulge Bracket investment banks like Goldman Sachs, JPMorgan Chase, Morgan Stanley, Citigroup, Bank of America Merrill Lynch, Barclays, and Deutsche Bank. Big 4 firms dominate audit, tax, risk advisory, and consulting, treating investment banking as a secondary arm focused on mid-market transactions.

As the Big Four firms (Deloitte, PwC, EY, and KPMG) redefine professional services through AI integration—automating routine tasks, launching AI assurance services, and shifting toward tech-driven models—graduates face a more competitive landscape with reduced entry-level hires. Traditional accounting roles are evolving, with AI handling up to 90% of audits and data processes, creating demand for hybrids of technical expertise, human-centric skills, and adaptability.

Breaking into investment banking (IB) from a Big Four firm (Deloitte, PwC, EY, or KPMG) is absolutely possible—and quite common among those who execute well both on a strategic and tactical level. Thousands of accountants and consultants make this switch each year, often landing roles in M&A advisory, leveraged finance, or coverage groups at bulge bracket (BB), elite boutique (EB), or middle-market firms.

The late 1980s saw the rise of the Leveraged Buyout (LBO) era, exemplified by KKR’s acquisition of RJR Nabisco. The core concept was to acquire a business with a high level of borrowed funds, improve operations, and use the company’s cash flows to repay the debt.

Investment banking stays the golden ticket in finance, where the bonus component of your paycheck can swell two or three times your base in blockbuster years. It's not about just the cash only either—getting on an internship or graduate role can serve as the stepping stone into any solid corporate or startup career.