How to become an Actuary

217

£30,000/y

avg. starting salary

Want a career you can really count on? You should become an Actuary… Actuaries use their knowledge of business and economics, alongside other statistical theories, to analyse data and evaluate financial risks within an organisation. This enables them to predict the financial impact and probability of particular events, and provide strategic advice to non-specialists. They commonly work within banking, pensions, public and governmental corporations, or in various types of insurance – but it’s also possible for an Actuary to branch out into less conventional areas like climate change, genetics, or energy. Their specific duties will vary dependent on the field they’re based in, and could include tasks such as assessing pension scheme liabilities in relation to insurance pricing, or researching and analysing data based on specific groups of people. Other general duties for an Actuary could include:

Building statistical models using computers
Analysing various types of data
Monitoring and mitigating risk
Simplifying complex information to share with clients
Preparing and presenting periodic reports and presentations on findings
Ensuring systems comply with regulations
Keeping up-to-date with current events in business and economics

An advanced knowledge of maths, as well as excellent statistical analysis skills, is absolutely essential for anyone looking to become an Actuary. You’ll also need to be able to combine your mathematical mind with an in depth understanding of business and economics. However, if you often find yourself using complex technical terms without explanation, you may need to change your ways – without the ability to simplify complex terms and make them clearer for non-specialists, you’ll struggle to effectively get your recommendations across. An Actuary will also need to be:

Logical
Computer literate
Confident
An excellent communicator
A good problem solver
Meticulous
Technically minded
Responsible

Actuary

Up to £30,000

Senior Actuary

Up to £70,000

Chief Risk Officer

Up to £185,000

"I’m an Actuary specialising in general insurance, having recently finished my actuarial training programme. To me, it’s a really exciting job. It’s all about assessing risks and essentially making sure an organisation doesn’t end up losing revenue due to an unforeseen economic downturn – or you know, bad decisions. My day-to-day involves a lot of research, analysis, and planning, alongside reporting and presenting my findings and sharing advice. It can be tough to tell people what to do when it comes to their business, but I find it’s all about laying the facts out on paper and just explaining it in black and white. And when I’m confident in my decisions, they are too."

Get qualified

You’ll need to be working towards, or have a relevant degree to be accepted onto an actuarial training programme, which will involve working as a trainee alongside studying for three to six years. Alternatively, undertaking other courses will be of benefit to you.

Recommended Actuary courses

Actuary Training and Individual Risk Models

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6-in-1 Cost Effective Bundle | CPD Accredited | 6 FREE PDF Certificates | 70 CPD Points | Lifetime Access
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- Certificate(s) included
- 70 CPD points
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...course, you'll learn the fundamentals of Actuary Training and Individual Risk Models and explore the essential concepts. ⊱⊱ Course Curriculum ⊰⊰ Actuary Training and Individual Risk Models Module 01: Introduction to Actuary Module 02: Actuaries and Their Environment Module 03: The …
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Actuary Training with Statistics & Insurance Course

StudyHub

100% Passing Rate | 3 Courses Bundle | CPD Certified | Free PDF Certificate | Free Exam | Lifetime Access
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...Training for UK Actuaries ● ➥ Course 02: Data Analysis and Forecasting in Excel ● ➥ Course 03: Understanding UK Insurance (General, Commercial, Liability, Life) - Level 3 Key Features of the Actuary Training with Statistics & Insurance Course Course : CPD Accredited Actuary Training …
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