Actuary

Actuaries use financial and statistical skills to solve business problems. Their main job is to assess likely future events and the potential costs associated with them. This might include making sure that an insurance company has adequate funds to cover claims, or assessing social factors such as forecasted changes in life expectancy and the cost of providing state pensions and healthcare.

They do this by:

• analysing the past
• modelling or forecasting for the future
• assessing the risks involved
• interpreting results, and presenting conclusions and recommendations.

The work of individual actuaries depends on the field they work in. It can include insurance, pensions, consultancy, banking and investments, and government departments. They liaise with a variety of people, including accountants, solicitors, company secretaries, underwriters and investment managers.

Actuaries usually work normal office hours from Monday to Friday, but may have to be flexible. They work indoors in offices, although meetings take place at clients' premises. Some may travel overseas to visit clients.

Salaries range from £30,000 a year for trainee actuaries up to £170,000 for the highest-earning managing partners and directors.

An actuary should:

• have excellent maths and statistics skills
• be good at analysing information
• have strong verbal and written communication skills
• be good at solving problems
• enjoy working with figures
• have good business and commercial awareness.

Actuaries work throughout the UK, but there is a concentration of employers in London, Birmingham, Bristol, Leeds, Manchester, Edinburgh and Glasgow. They work for consultancies, insurance and reinsurance companies, banks and investment companies, pension providers and the Government Actuary's Department. The number of actuaries has been growing steadily, with life assurance and pensions consultancy the largest sectors employing actuaries, and general insurance the fastest growing sector.

Most entrants to actuarial work have a degree, often in a subject such as maths or actuarial science. Some have a postgraduate qualification in a numeracy subject.

Actuaries start work as trainees and study part time for professional exams offered by The Actuarial Profession (The Faculty and Institute of Actuaries). Study is mainly by distance learning, tutorials and attending university courses.

Actuaries may progress to become managers, senior executives or directors. It is possible to become a partner in a consultancy firm. There are good opportunities for UK actuaries to work overseas.

Further details