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Actuarial Careers
The Actuarial Profession enjoys substantial esteem in the business community, its members being well-regarded for their high degree of expertise. Actuaries are experts in risk, they have the rare ability to be able to take on several roles at once – problem solver, business analyst, consultant and financial risk assessor.
Opportunities
In a world of risk, opportunities can only be seized by those who are prepared. Actuaries combine a deep knowledge of financial systems with a broad understanding of the world around them, allowing them to interpret and understand risk in a holistic way. Actuaries are therefore uniquely placed to ensure that companies are strategically positioned to react to economic circumstances and to plan for whatever the future may hold.
The majority of actuaries work in the financial services sector, particularly in the areas of insurance and pensions. Actuaries can also be found in the corporate and public sector and many actuaries work as consultants, with close client contact from an early stage in their career. Actuaries also have the opportunity to pursue particular areas of interest such as the impacts of climate change, genetics, energy supply or enterprise risk management.
An actuarial career can offer considerable rewards both intellectually and financially. On qualification, an actuary is likely to earn between £48,000 and £63,000 per year; senior actuaries’ salaries are often £100,000+.
It is a young and vibrant profession, with 70% of members aged 40 or under. It is also steadily growing, as risk management continues to develop within the financial services sector and beyond into broad areas of business.
The UK Actuarial Profession is working with other overseas actuarial bodies to improve and increase the numbers of mutual recognition agreements. These agreements greatly facilitate the ability of actuaries to move and work in other parts of the world and create a truly global profession. The UK qualification is already highly valued throughout the world, with over 30% of members based overseas.
Find out more - Visit our Facebook page at
www.be-an-actuary.co.uk to engage with current student actuaries to discuss your future as an actuary.
Education and Training
To become an actuary you must have two important skills:
• you need to be able to prove your intelligence - usually by means of an impressive exam track record.
• you must be a competent mathematician. There is a minimum entry requirement of grade B at A-Level Mathematics or grade A at Higher Grade in Scotland.
The most successful actuaries also have good communication skills (GCSE English is a requirement) and professional integrity combined with a commercial outlook.
Traditionally, a mathematics or statistics degree has been the easiest way to demonstrate the main skills needed. However, many employers positively welcome applications from other numerate disciplines such as economics or physics. Students who have achieved an appropriate standard in a relevant degree, or those who have studied actuarial science, may be awarded exemptions from some of the professional examinations.
Professional Qualification
To qualify as an actuary, you must pass the professional examinations of the Faculty and Institute of Actuaries. The earlier subjects provide a thorough understanding of the mathematical, statistical and financial techniques required in the later subjects, and used in the workplace. At the next stage, you learn how an actuary approaches problems and also data modelling and communication skills. You then specialise, choosing two subjects out of a choice of six at the specialist technical stage. Then you take a final examination testing knowledge and understanding in greater depth in one practice area. Correspondence courses are provided for all subjects, with tutorials, revision courses and marking services. Employers usually support students through the examinations both financially and by providing study leave.
