Actuary : Entry requirements

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1. Job description
2. Salary and conditions
3. Entry requirements
4. Training
5. Career development
6. Employers and vacancy …
7. Related jobs

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Case studies

• Trainee actuary: Jim
• Actuarial student: Victoria Rolfe

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From the excitement of Lloyds London Market, to an advisory role with one of the world's leading consultancy firms, an actuarial career is one of the most diverse, exciting and rewarding. With a professional qualification that is recognised worldwide who knows where the future could take you. Find out more about how to become an actuary.

Although this area of work is open to all graduates with strong numerical skills, the following degree subjects may increase your chances:

• actuarial science or actuarial mathematics;
• mathematics or statistics;
• economics;
• engineering;
• business or finance;
• science, e.g. physics and chemistry.

The majority of UK entrants to the profession are graduates with a first or second class honours degree. Some employers require specific degree subjects or an MSc in Actuarial Science. Graduates must have a minimum of grade B in A-level mathematics and a grade C in another A-level subject. Employers of actuaries look for a 2:1 or above, ideally in a numerate subject such as mathematics, statistics or economics. Eligibility of other qualifications, including those from outside the UK and Ireland, can be checked with the Institute of Actuaries in England or the Faculty of Actuaries in Scotland, which operate under the joint name of The Actuarial Profession.

Entry with an HND only is highly unlikely.

Details of postgraduate diploma and MSc courses in actuarial science accredited by The Actuarial Profession are available on their website. The Directory of Actuarial Employers in the UK and Ireland has a list of companies that may offer sponsorship for postgraduate study.

A degree, postgraduate diploma or MSc in actuarial science may give exemption from core technical subjects and allow qualification in a shorter time. Some universities have introduced actuarial modules into their mathematics, economics and statistics degrees, which also offer the opportunity for exemptions from examinations. Details are available from The Actuarial Profession .

Although pre-entry experience is not a requirement, talking to people in the job and, if possible, acquiring some work experience will prove invaluable. Some companies offer work placements or internships for students interested in becoming actuaries.

Candidates will need to show evidence of the following:

• a high level of numeracy;
• good communication skills, including the ability to convey complex information to clients;
• analytical and creative problem-solving skills;
• IT skills;
• the ability to write clear reports;
• the ability to take responsibility;
• self-discipline and determination and an appreciation of the demands of studying while working;
• sound judgement and a genuine interest in business;
• genuine commitment to an actuarial career.

The Financial Mathematics Exam, offered by The Actuarial Profession to university students and people working in financial services, provides a useful starting point for those considering a career as an actuary. A Certificate in Financial Mathematics is awarded on successful completion.

For more information, see work experience and internships and search courses and research.