Actuaries work with companies and government departments, to help them forecast long-term financial costs and investment risks.Job Category:
What you will do:
You could work in:
- life assurance, insurance or pensions, designing policies
- consultancy, advising clients on financial risk
- the Government Actuary’s Department, advising on the cost of welfare and healthcare
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
- knowledge of maths & statistics
- knowledge of economics and accounting
- to be able to use a computer and the main software packages confidently
As well as:
- analytical thinking skills
- to be thorough and pay attention to detail
- the ability to think clearly using logic and reasoning
- the ability to use your judgement and make decisions
- ambition and a desire to succeed
- the ability to research, analyse and interpret data
- excellent communication and presentation skills
- problem-solving skills
In the UK, you’ll need to join the Institute and Faculty of Actuaries (IFoA) as a student member. You’ll then study for professional exams while you work as a trainee actuary.
To join the IFoA you’ll usually need a degree in maths or a related subject, like:
- actuarial science
Experience in an actuarial department could help you find a trainee position.
You could also enter this career from a related profession, like risk management, financial services or business analysis.
Working Hours and Environment:
You’ll usually work 35 to 40 hours, Monday to Friday. Trainee actuaries usually spend around 15 hours a week studying while working.
You’ll work in an office, but you’ll often need to travel to visit your clients, sometimes overseas.
Career Path & 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.