Actuary

Actuary job description: Typical employers | Qualifications and training | Key skills | Useful links | Find jobs

Actuaries evaluate complex risks and assess the potential financial consequences of those risks. Their decisions affect thousands of people. The majority of actuaries work in the fields of life assurance, general insurance and pensions, although increasingly acuaries are stepping outside of these traditional specialisms to work in other areas of risk evalaution, such as the effects of climate change.

The work carries a high level of responsibility. In insurance-related specialisms actuaries must ensure that premium rates are set accurately, and that adequate funds exist to meet claims. Actuaries may also be responsible for legislative and advisory work, managing other staff and reporting financial forecasts to management.

Career progression is encouraged through direct client responsibility, specialisation, management or partnership.

Employers include life assurance companies, the Government Actuaries Department, actuarial consultancies, investment banks, accountancy firms and management consultancies.

Qualifications and training required

Employers generally expect a good record of academic achievement, including a grade C at A level maths (unless you hold a degree in mathematics or actuary science) and a first or second class degree result. Although any degree discipline is acceptable, most graduates entering the profession have studied maths, statistics, economics, physics or similar subjects.

Qualification as an actuary is a lengthy process requiring three to six years of intensive study and examinations, normally undertaken in addition to employment. Study leave is generally given by most employers, but a substantial amount of private study is also necessary. A relevant degree, postgraduate MSc or diploma in actuarial science can reduce the length of time taken to qualify, enabling exemptions from a number of examinations. Some employers offer postgraduate student sponsorship, tied in with subsequent employment.

Key skills for actuaries

Analytical; numeracy; self-confidence