Job Name

Actuary

Job Description
Actuaries work with companies and government departments, to help them forecast long-term financial costs and investment risks.

Salary Low
£30,000 Starter

Salary high:
£70,000 Experienced

Typical hours:
37 to 39 a week

Typical Hours per Day:
between 8am and 6pm

How to become an Actuary

You can get into this job through:

a university course
a college course
applying directly

University

You can get into this job by doing a degree and then joining an employer training scheme.
Most employers will look for a degree in maths or one that is closely related. For example:

maths and statistics
maths and statistics
economics
physics
engineering
accounting

Entry requirements

You'll usually need:

2 or 3 A levels, or equivalent, including maths

Apprenticeship

You may be able to start by completing an actuarial technician higher apprenticeship or actuary degree apprenticeship.

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, financial services or business analysis. You would then follow an employer training programme to qualify.

More Information

Professional and industry bodies

You can join the Institute and Faculty of Actuaries to begin training and to take professional exams as you progress.

Further information

You'll find more details about careers in the actuarial profession, training and case studies from the Institute and Faculty of Actuaries.

What it takes

Skills and knowledge

You'll need:

maths knowledge/li>
analytical thinking skills
to be thorough and pay attention to detail
knowledge of economics and accounting
the ability to think clearly using logic and reasoning
the ability to use your judgement and make decisions
ambition and a desire to succeed
thinking and reasoning skills
to be able to carry out basic tasks on a computer or hand-held device

What you'll do

Day-to-day tasks

Your day-to-day tasks may include:

analysing statistics
forecasting finances
testing financial options
assessing risks
using computers to build mathematical and statistical models
explaining findings to managers, government ministers or business clients

Working environment

You could work in an office.

Career path and progression

With experience, you could become a department manager and then a partner with a financial firm.

You could also specialise in a particular field, like life insurance or healthcare, or move into consultancy work, accountancy or banking.