Actuary
Actuaries work with companies and government departments, to help them forecast long-term financial costs and investment risks.
Average annual salary (starting - experienced): £25,000 - £70,000
Typical hours (a week): 37 - 39
How to become an actuary
You can get into this job through:
- a university course
- an apprenticeship
- applying directly
University
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
- economics
- physics
- engineering
- accounting
University (Entry requirements)
You'll usually need:
- 2 or 3 A levels, or equivalent, including maths
Apprenticeship
You may be able to start by completing an actuarial technician higher apprenticeship or actuary degree apprenticeship.
Apprenticeship (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
Volunteering & Experience
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, financial services or business analysis. You would then follow an employer training programme to qualify.
More info
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 details about careers in the actuarial profession, training and case studies from the Institute and Faculty of Actuaries.
What it takes
Skills & Knowledge
You'll need:
- maths knowledge
- analytical thinking skills
- to be thorough and pay attention to detail
- knowledge of economics and accounting
- the ability to think clearly using logic and reasoning
- the ability to use your judgement and make decisions
- ambition and a desire to succeed
- thinking and reasoning skills
- to be able to carry out basic tasks on a computer or hand-held device
What you'll do
Day to day
Your day-to-day tasks may include:
- analysing statistics
- forecasting finances
- testing financial options
- assessing risks
- using computers to build mathematical and statistical models
- explaining findings to managers, government ministers or business clients
Working environment
You could work in an office.
Career path and progression
Career path & 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.
