Actuarial

Actuaries evaluate complex risks. This is a career area suited to highly analytical, numerate graduates who can communicate well and keep a strategic eye on the future.

An actuary is essentially a financial forecaster who calculates and assesses risks, and predicts future outcomes. Actuaries use complex statistical and mathematical models to predict the occurrence and potential impact of uncertain events, and maintain and update these models according to changes in the financial landscape.

Key roles typically involve monitoring these predicted impacts, advising clients of their findings and developing solutions. The work is typically varied, involving a good mix of customer-facing activities and number-crunching.

What degree background do I need to become an actuary?

Officially, any degree background is acceptable to become an actuary. However, in practice, most new starters will have a numerate degree such as statistics, economics, finance or mathematics. Graduates from non-numerate degree backgrounds will need to display a strong understanding of the financial system and a good grasp of figures.

Actuarial science degrees and postgraduate qualifications are popular because they can exempt you from some of the examinations that are required to gain entry to the profession.

Who typically employs graduate actuaries?

  • Specialist actuarial and management consultancies, such as Mercer and Towers Watson
  • Accountancy and professional services firms, such as Deloitte and PwC.
  • Insurance companies and brokers and pensions funds. Examples of insurance employers include Aon, Aviva and Swiss Re.
  • Retail and investment banks
  • The Government Actuarial Department (GAD)

How do I start out in an actuarial trainee role?

You’ll usually start out as a trainee, carrying out tasks to support senior colleagues. At first the work will involve carrying out calculations and making financial projections based on pre-constructed models; later down the line you’ll have a hand in constructing these models and deciding which are most suitable by reviewing results and drafting reports.

’The work is varied in nature, involving a good mixture of client-facing activities and number-crunching.’

From the outset you will be studying for a professional qualification alongside full-time work. Actuaries are required to study towards an Associateship or Fellowship with the Actuarial Profession in order to gain the highly analytical skills needed to progress. Balancing work and study can be challenging, but most employers are happy to shoulder the bulk of the cost and often offer support such as up to 40 days’ study leave per year.

What is the career path of an actuary?

Once qualified, many actuaries choose to specialise in a particular area that interests them, such as insurance or pensions, or to practise abroad as the qualification is recognised worldwide.

Many actuaries progress to more senior managerial roles and take on greater responsibilities including handling client relationships and undertaking important technical duties. Since the work actuaries do is increasingly wide ranging and often applicable to many different sectors, opportunities also exist in seemingly unrelated fields, for instance on infrastructure projects or schemes that address climate change.

What skills should I have to be an actuary?

The best actuaries have a good head for numbers and are highly self-motivated. They are astute problem solvers, hard workers and top-notch communicators. The work can be changeable so possessing good foresightedness and flexibility is essential.

How to get hired by these graduate actuarial employers

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