Actuary

Alternative titles for this job include Actuarial analyst

Actuaries work with companies and government departments, to help them forecast long-term financial costs and investment risks.

Average salary (a year)

£30,000 Starter

to

£70,000 Experienced

Typical hours (a week)

37 to 39 a week

You could work

between 8am and 6pm

How to become an actuary

You can get into this job through:

  • a university course
  • an apprenticeship
  • applying directly

University

You can get into this job by doing a degree and then joining an employer training scheme.

Most employers will look for a degree in maths or one that is closely related. For example:

  • maths and statistics
  • actuarial science
  • economics
  • physics
  • engineering
  • accounting

Entry requirements

You'll usually need:

  • 2 or 3 A levels, including maths for a degree

More information

Apprenticeship

You may be able to start by completing an actuarial technician higher apprenticeship or actuary degree apprenticeship.

Entry requirements

You'll usually need:

  • 4 or 5 GCSEs at grades 9 to 4 (A* to C) and A levels, or equivalent, for a higher or degree apprenticeship

More information

Volunteering and experience

You may improve your chances of finding a trainee position if you have some work experience in an actuarial department. You can find details about internships and work placements through the Institute and Faculty of Actuaries.

Direct application

You may be able to switch to actuarial work from a related profession, like risk management, financial services or business analysis. You would then follow an employer training programme to qualify.

More information

Registration

  • the first step to qualifying as an actuary is to join the Institute and Faculty of Actuaries (IFoA) as a student member, and then study for professional exams whilst working as a trainee actuary

Further information

You'll find more details about careers in the actuarial profession, training and case studies from the Institute and Faculty of Actuaries.

What it takes

Skills and knowledge

You'll need:

  • maths knowledge
  • analytical thinking skills
  • to be thorough and pay attention to detail
  • knowledge of economics and accounting
  • the ability to think clearly using logic and reasoning
  • the ability to use your judgement and make decisions
  • ambition and a desire to succeed
  • thinking and reasoning skills
  • to be able to carry out basic tasks on a computer or hand-held device

What you'll do

Day-to-day tasks

Your day-to-day tasks may include:

  • analysing statistics
  • forecasting finances
  • testing financial options
  • assessing risks
  • using computers to build mathematical and statistical models
  • explaining findings to managers, government ministers or business clients

Working environment

You could work in an office.

Career path and progression

With experience, you could become a department manager and then a partner with a financial firm.

You could also specialise in a particular field, like life insurance or healthcare, or move into consultancy work, accountancy or banking.

Current opportunities

Apprenticeships In England

Actuarial Analyst Apprenticeship Programme with Willis Towers Watson

  • Wage : £18,250.00 Annually
  • Location: Reigate RH2 9PQ

Courses In England

Pre-Access to Business - Part-Time

  • Provider: COLLEGE OF WEST ANGLIA
  • Start date: 15 September 2020
  • Location: King's Lynn

Pre Access To Business Level 2

  • Provider: Boston College
  • Start date: 06 January 2020
  • Location: Boston

JobsIn the United Kingdom

The Find a job service can help you with your search for jobs and send alerts when new jobs become available.

Skills assessment

Take an assessment to learn more about your skills and the careers that might suit you.

Get help using this service

Call 0800 100 900 or use webchat

8am to 10pm, 7 days a week

More ways to contact us

Is this page useful?

Yes No