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Actuary
Actuarial analyst
Actuaries work with companies and government departments, to help them forecast long-term financial costs and investment risks.
Average salary (a year)
£32000.0
Starter
£70000.0
Experienced
Typical hours (a week)
37.0 to 42.0 hours
a week
Work Hours
between 8am and 6pm
How to become
Explore the different ways to get into this role
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
You'll usually need:
  • 2 or 3 A levels, or equivalent, including maths
  • a degree in a relevant subject for postgraduate study
More Information
equivalent entry requirements|https://www.gov.uk/what-different-qualification-levels-mean/list-of-qualification-levels
student finance for fees and living costs|https://www.gov.uk/student-finance
university courses and entry requirements|https://www.ucas.com/
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
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
More Information
equivalent entry requirements|https://www.gov.uk/what-different-qualification-levels-mean/list-of-qualification-levels
guide to apprenticeships|https://www.gov.uk/apprenticeships-guide
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, accounting, financial services or business analysis. You would then follow an employer training programme to become a qualified actuary.
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 about careers in the actuarial profession from the Institute and Faculty of Actuaries.
What it takes
Find out what skills you’ll use in this role
Skills and knowledge
You'll need:
    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
Digital Skills Level
to be able to use a computer and the main software packages confidently
What you will do
Discover the day-to-day tasks you’ll do in this role
Day to day tasks
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
We've identified this as a potential green job
For an actuary to be a green job, you could
advise policymakers on sustainable, long-term investment planning, refine financial forecasting to include risks associated with climate change, develop risk models to help businesses adapt in the shift to low carbon economies
Working environment
You could work in an office, at a client's business or remotely.
Career Path & Progression
Look at progression in this role and similar opportunities
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.
Job profile data provided by The National Careers Service.
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