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)

£25,000 Starter

to

£70,000 Experienced

Typical hours (a week)

37 to 39 a week

You could work

between 8am and 6pm

How to become

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 a graduate actuarial training scheme.

Most employers will look for a degree with a high level of mathematical skills. For example:

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

A course with a placement year or a summer internship will give you valuable experience and an advantage when you apply for work.

You could take a postgraduate degree in actuarial science that may allow you to qualify as an actuary in a shorter time.

Some actuarial companies may offer sponsorship for postgraduate courses.

Entry requirements

You'll usually need:

  • 2 or 3 A levels, or equivalent, including maths

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

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

Professional and industry bodies

You can join the Institute and Faculty of Actuaries to begin training and to take professional exams as you progress.

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

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 use a computer and the main software packages confidently

What you’ll do

What you'll do

Day-to-day tasks

In this role you could:

  • analyse statistics
  • forecast finances
  • test financial options
  • assess risks
  • use computers to build mathematical and statistical models
  • write reports and presentations
  • explain findings to managers, government ministers or business clients

Working environment

You could work in an office.

Career path and progression

Career path and progression

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

With experience, you could take on more responsibility for managing people or projects. You could progress within a company or change specialism with another firm.

You could work for the Government Actuaries Department (GAD) advising on public sector finances.

Current opportunities

Current opportunities

Apprenticeships In England

Apprentice Actuarial Technician with Capita

  • Wage: £346.13 Weekly
  • Location: Leeds

Actuarial Technician Apprentice with Atkin and Co

  • Wage: £288.40 Weekly
  • Location: Solihull

Courses In England

Access to HE: Business

  • Provider: SUFFOLK NEW COLLEGE
  • Start date: 13 September 2021
  • Location: Ipswich

International Access to University in Business

  • Provider: BOURNEMOUTH AND POOLE COLLEGE, THE
  • Start date: 09 September 2021
  • Location: Not Specified

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