Actuary

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Job Description

Analysing statistical data that relates to different types of insurance such as life, car, building etc. to construct probability tables from which they can determine the risk involved in insuring certain people.

Entry Requirements

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
economics
physics
engineering
accounting
statistics
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.

The IFoA has more information on how to become an actuary.

Career Path and 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.

Related careers you may be interested in:

  • Data analyst-statistician
  • Economist
  • Insurance risk surveyor
  • Investment analyst
  • Management accountant

National Government Policy states that all students should have achieved at least a Grade 4 or C Grade in English & Maths at GCSE.  Achieving this minimum grade in these subjects will increase the opportunities open to you, support your future career development and prospects.

Students who do not meet this standard will be supported to continue to study English and Maths through full-time education or an Apprenticeship.

Required Skills

  • The ability to write reports
  • Good communicate skills
  • Problem solving abilities
  • The ability to make decisions and take responsibility
  • Excellent people and listening skills
  • A genuine interest in business
  • Good IT skills

Starting Salary

£30,000 to £70,000

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