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
  • applying directly for jobs

University

A common way to get into this job is to take a degree and then join 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 to 3 A levels for a degree

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 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
  • Being able to use a computer terminal or hand-held device may be beneficial for this job.

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.

Training opportunities

Apprenticeships In England

Actuarial Apprentice with Willis Towers Watson

  • Wage : £351.05 Weekly
  • Location: Reigate RH2 9PQ

Courses In England

Access to Business & Enterprise L3

  • Provider: MidKent College
  • Start date: 09 September 2019
  • Location: Gillingham

Access to Business Studies Diploma

  • Provider: GUILDFORD COLLEGE OF FURTHER AND HIGHER EDUCATION
  • Start date: 18 September 2019
  • Location: Guildford

Get help using this service

Call 08000 150 950

8am to 10pm, 7 days a week

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