Actuaries analyse 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.
You can get this job through:
You may be able to start by completing an actuarial technician higher apprenticeship or actuary degree apprenticeship.
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.
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You can get into this job by doing a degree and then joining an employer training scheme.
Most employers will look for a degree in maths or one that is closely related. For example:
- maths and statistics
- actuarial science
You'll usually need 2 or 3 A levels, or equivalent, including maths.
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You may be able to switch to actuarial work from a related profession, like risk management, financial services or business analysis. You would then follow an employer training programme to qualify.
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.
You can join the Institute and Faculty of Actuaries to begin training, to take professional exams as you progress and to find out more details about careers in the actuarial profession, training and case studies.
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
- Insurance risk surveyor
- Investment analyst
- Management accountant
- 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
£30,000 to £70,000