Actuary

Entry Requirements:

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:

• 2 or 3 A levels, or equivalent, including maths
• a degree in a relevant subject for postgraduate study

Entry requirements:

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:

• 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.

DirectApplication

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.

Required Skills:

Digital skills : to be able to use a computer and the main software packages confidently

Skills:

• 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
• thinking and reasoning skills
• the ability to read English
• knowledge of systems analysis and development
• the ability to think clearly using logic and reasoning
• persistence and determination
• the ability to use your initiative
• knowledge of computer operating systems, hardware and software
• knowledge of English language
• business management skills
• legal knowledge including court procedures and government regulations
• concentration skills
• a good memory

What you'll do:

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

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

Location : You could work in an office, at a client's business or remotely.

Salary:

Starter : £32,000
Experienced : £70,000

These figures are a guide

Working hours:

37 - 42 hours a week

Working Pattern is between 8am and 6pm

Career Path:

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.