Actuary
Actuaries work with companies and government departments, to help them forecast long-term financial costs and investment risks.
Also known as: Actuarial analyst
- Starter salary£32,000 a year
- Experienced£70,000 a year
- Typical hours37 to 42 a week
- Green jobPotential
What you'll do
As an actuary, you could:
- analyse data from past and present events to forecast future trends
- assess financial risks, using mathematical models and statistics
- work out solutions to business problems and help with planning
- write reports and presentations
- explain findings to managers, government ministers or business clients
Working environment
You could work in an office, at a client's business or remotely.
Skills and knowledge you'll need
You'll need:
- maths knowledge
- analytical thinking skills
- to be thorough and pay attention to detail
- knowledge of economics and accounting
- complex problem-solving skills
- the ability to use your judgement and make decisions
- ambition and a desire to succeed
- excellent verbal communication skills
- to be able to use a computer and the main software packages confidently
How to become a actuary
You can get into this job through:
- a university course
- an apprenticeship
- applying directly
University
You could start by doing a degree before joining a graduate actuarial training scheme.
Most employers will look for a degree with a high level of mathematics. For example:
- maths and statistics
- actuarial science
- economics
- engineering
- accounting
- physics or chemistry
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 might 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
- a degree in a relevant subject for postgraduate study
Apprenticeship
You may be able to do an Actuarial Technician Level 4 Higher Apprenticeship or an Actuary Level 7 Degree Apprenticeship.
These take between 2 and 3 years to complete.
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
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, accounting, financial services or business analysis. You would then follow an employer training programme to become a qualified actuary.
Career path and progression
As your career develops, you could specialise in a particular field, like:
- insurance
- healthcare
- banking
- data science
With experience, you could take on more responsibility for managing people or projects.
You might also work for the Government Actuary's Department , advising on public sector finances.
Professional and industry bodies
You can join the Institute and Faculty of Actuaries to begin training and to take professional exams as you progress.
Guides for this industry
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Contains public sector information licensed under the Open Government Licence v3.0