Actuary: Job Description
Actuaries use statistical techniques and mathematical skills to assess the probability of an event and its financial consequences.
Insurance companies are legally obliged to employ at least one actuary to advise on financial management.
What does an actuary do? Typical employers | Qualifications and training | Key skills
Actuaries evaluate complex risks and assess the probability and potential financial consequences of those risks. Although the majority of actuaries work in traditional fields, actuaries are increasingly stepping outside of these specialisms to work in other areas of risk evaluation, such as the effects of climate change.
The work carries a high level of responsibility, and the decisions of actuaries affect thousands of people. In insurance-related specialisms actuaries must ensure that premium rates are set accurately and that adequate funds exist to meet claims. Actuaries may also be responsible for legislative and advisory work, managing other staff and reporting financial forecasts to management.
Career progression is encouraged through direct client responsibility, specialisation, management or partnership. Although qualification can be a lengthy and demanding process, the work is highly respected, globally recognised, and extremely well remunerated – trainee actuaries typically earn around £32,000, while qualified actuaries may earn anything from £46,000 to £221,000 depending on location and experience.
Most positions occur in towns and cities throughout the UK, and opportunities for international and self-employment also exist. Working hours tend to be predictable; although extra hours are common, actuaries are not usually required to work at the weekend, and there is scope for providing flexible/shared working hours depending on the employer.
Vacancies are advertised through targetjobs.co.uk, specialist recruitment agencies, websites and in publications such as The Actuary.
Typical employers of actuaries
Qualifications and training requiredEmployers generally expect a good record of academic achievement, including grade C in a mathematical subject at A level and a first or second class degree result. Most employers require a degree in maths, statistics, economics, physics or similar numerate subjects, although some accept any degree discipline. Internships are strongly encouraged by employers, and are commonly used as a way of evaluating suitable candidates for future positions.
Qualification as an actuary takes three to six years. Courses are often provided through distance learning, although university-based courses are also available. Students must pass a range of traditional and practical exams, and complete one year of work-based training before being granted associate membership of the Institute and Faculty of Actuaries (IFoA). In order to then become a Fellow, three years of work-based training are required, as well as further specialised study and exams.
Professional study is well supported. Students are granted membership of IFoA while they study, and employers often provide paid study leave, sponsorship and contribution to study materials as well as mentoring students. A substantial amount of private study is often required, but exemptions from some assessments may be available if you can demonstrate significant prior knowledge of the syllabus.
Key skills for actuaries
Employers look for candidates who are confident in their abilities, as well as motivation due to the difficult and lengthy nature of the qualification process. Further valued skills include:
Retrieve from: https://targetjobs.co.uk/careers-advice/job-descriptions/276925-actuary-job-description
Actuaries use statistical techniques and mathematical skills to assess the probability of an event and its financial consequences.
Insurance companies are legally obliged to employ at least one actuary to advise on financial management.
What does an actuary do? Typical employers | Qualifications and training | Key skills
Actuaries evaluate complex risks and assess the probability and potential financial consequences of those risks. Although the majority of actuaries work in traditional fields, actuaries are increasingly stepping outside of these specialisms to work in other areas of risk evaluation, such as the effects of climate change.
The work carries a high level of responsibility, and the decisions of actuaries affect thousands of people. In insurance-related specialisms actuaries must ensure that premium rates are set accurately and that adequate funds exist to meet claims. Actuaries may also be responsible for legislative and advisory work, managing other staff and reporting financial forecasts to management.
Career progression is encouraged through direct client responsibility, specialisation, management or partnership. Although qualification can be a lengthy and demanding process, the work is highly respected, globally recognised, and extremely well remunerated – trainee actuaries typically earn around £32,000, while qualified actuaries may earn anything from £46,000 to £221,000 depending on location and experience.
Most positions occur in towns and cities throughout the UK, and opportunities for international and self-employment also exist. Working hours tend to be predictable; although extra hours are common, actuaries are not usually required to work at the weekend, and there is scope for providing flexible/shared working hours depending on the employer.
Vacancies are advertised through targetjobs.co.uk, specialist recruitment agencies, websites and in publications such as The Actuary.
Typical employers of actuaries
- Life assurance companies
- Pension funds
- Insurance companies and consultancies
- Healthcare providers
- The Government Actuaries Department
- Actuarial consultancies
- Investment banks
- Accountancy firms
- Management consultancies
Qualifications and training requiredEmployers generally expect a good record of academic achievement, including grade C in a mathematical subject at A level and a first or second class degree result. Most employers require a degree in maths, statistics, economics, physics or similar numerate subjects, although some accept any degree discipline. Internships are strongly encouraged by employers, and are commonly used as a way of evaluating suitable candidates for future positions.
Qualification as an actuary takes three to six years. Courses are often provided through distance learning, although university-based courses are also available. Students must pass a range of traditional and practical exams, and complete one year of work-based training before being granted associate membership of the Institute and Faculty of Actuaries (IFoA). In order to then become a Fellow, three years of work-based training are required, as well as further specialised study and exams.
Professional study is well supported. Students are granted membership of IFoA while they study, and employers often provide paid study leave, sponsorship and contribution to study materials as well as mentoring students. A substantial amount of private study is often required, but exemptions from some assessments may be available if you can demonstrate significant prior knowledge of the syllabus.
Key skills for actuaries
Employers look for candidates who are confident in their abilities, as well as motivation due to the difficult and lengthy nature of the qualification process. Further valued skills include:
- numeracy
- analytical ability
- problem solving ability
- self-assessment
- a deep understanding of economics and of the legislation relating to financial services
- attention to detail
- responsibility
- technical aptitude
- computer literacy, as specialised software may be used
- written and verbal communication skills
Retrieve from: https://targetjobs.co.uk/careers-advice/job-descriptions/276925-actuary-job-description