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Career profile: Actuary

DiceNobody can tell the future - but thanks to the power of statistics, actuaries can get very close.

What is an actuary?

An actuary uses statistics and mathematical models to work out the probability of something happening. For example, an actuary working for an insurance firm might work out the chances of your house burning down so that the company could work out how much your insurance should cost.

Becoming an actuary is a popular career choice for maths graduates - perhaps because it offers a high salary from the start, and is a skill that can be taken around the world.

Job roles for an actuary

Because so many businesses, industries and services are trying to predict the future, there are many different jobs an actuary could do:

  • Pricing and managing financial investments
  • Advising about business deals like mergers and acquisitions
  • Managing insurance costs and making sure insurance companies will have enough money to pay for claims

Actuaries are sometimes called upon for extra services, like acting as an expert witness in a legal case.

What does being an actuary involve?

An actuary’s job involves analysing large bodies of statistics about the real world: for example, how often people of different ages crash their cars. This information has to be processed accurately and presented in a way which can be easily understood by others in the business, so attention to detail and communication skills are important.

What qualifications do I need to become an actuary?

As well as A-level, you’ll need a good degree (usually a 2:1 or higher). This doesn’t have to be in maths, but it does need to include strong numeracy skills - for example, maths, physics, engineering or economics. There are also degree courses in actuarial science.

You’ll also need a professional qualification from the Faculty of Actuaries, which you’ll normally get as part of a trainee job. This will involve both exams and practical assessment.

How do I become an actuary?

After your degree, the first step towards becoming an actuary is to find a trainee job. Most jobhunting websites will list these, but you can also download a directory of companies that offer them to help you get started.

It normally takes three to six years to qualify fully, but as a trainee you’ll still be earning through this time.

Your shout!

Are you interested in becoming an actuary? Share your thoughts by posting a comment using the link below.