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Helping you find a career in the actuarial industry

Actuarial science involves assessing risk, often in a financial setting, using mathematics and statistics. The sector is responsible for measuring the probability of future events, and what the financial impact of these events might be on a business or on its clients.

Many actuaries work in the insurance sector, although there are opportunities in other sectors too. Actuaries in the UK are accredited and regulated by the Institute and Faculty of Actuaries (IFoA).

Day-to-day tasks for an actuary might include building statistical models to predict risk in areas like insurance or pensions.

The work actuaries do is essential across a number of industries, including financial services and healthcare.

Not all of those working in actuarial are actuaries. As a Certified Actuarial Analyst (CAA), you could work in areas like data analysis, pricing, or financial modelling.

N Written by Navdeep

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Which skills are needed for a career in actuarial sector?

You'll need to be proficient in maths if you want to be an actuary. Communication, teamwork and negotiation abilities will also be important.

You'll need to have a highly professional manner as it's likely you'll be meeting clients and stakeholders regularly.

What are typical actuarial career routes for graduates?

Many graduates training to become an actuary start their careers at a big firm, working either as a risk analyst or an actuarial trainee.

They're also likely to spend part of their time training to become an associate (AIA/AFA) or a fellow (FIA/FFA) of the profession. The training usually takes between three and six years, and allows those who complete it to work as an actuary around the world.

Once qualified, you can decide to specialise in a certain area to make your skills more niche and therefore more appealing to employers.

How can I get into the field?

Actuarial is a highly competitive field, and one that requires an extremely strong skill set, so it's worth knowing what employers look for when you're applying for roles.

Obviously, a strong head for maths and a clear and defined logical approach are both essential, as are proven IT skills.

There are also a large number of general, non-industry-related things that you can do to put yourself in a good position to start applying for jobs. These include:

Tailoring your CV for a role: Make sure you focus on previous experience and relevant skills
Think about your degree choice: There are certain universities and degree courses which offer exemptions from certain IFoA professional qualification exams. You can find a list of IFoA-accredited institutions here
Work experience: it'll show that you're committed and will allow you to start acquiring the practical skills you'll need for your future job
Take on similar roles: for example, assistant roles within the insurance sector, during holidays or as you apply for higher-level roles right after graduation
See what the top companies in the field require: start by looking for case studies from the big firms, and note what backgrounds and skills their current employees have
Use your contacts: University professors, those you met on work experience, people you can approach through social media or LinkedIn. They're all potentially the stepping stone to your next role, and they might be happy to help you

How much can graduates in the actuarial sector earn?

Wages in actuarial are similar to those in related industries such as accountancy and audit. Graduates working as actuaries are likely to earn between £25,000 and £35,000, with an average salary of £32,000. This can rise to more than £60,000 with several years of experience.

What qualifications do I need for a career in Actuarial?

Mathematics and statistics degrees are the best training for a job in actuarial. Graduates in mathematics-based subjects such as finance or economics are also suited to positions in the sector, especially if modules that focus on statistics and probability have been taken.

If your degree isn't in a mathematics-based subject, you will need to have at least a B in A-level maths.

Most actuaries will have studied the following subjects:

Accountancy
Finance
Management
Business
Mathematics
Economics
Statistics
Computer science
Chemistry
Physics

Undergraduate and masters degrees in actuarial science are also available at many universities.

The Certified Actuarial Analyst (CAA) qualification is designed to give you a solid foundation in actuarial techniques, and is the qualification you'll need to pursue if you want to become an actuary. You can find more information via the Institute and Faculty of Actuaries (IFoA).

Where can I read more about the actuarial industry?

The Actuary

Government Actuary Department (GAD)

Actuarial Education Company (ActEd)

Actuarial industry bodies

Institute and Faculty of Actuaries

International Actuarial Association

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