Actuaries calculate the probability of different outcomes and their potential financial impact. They analyse data to help plan for the future and minimise risk. Insurance can involve actuaries in:
- Calculating insurance premiums
- Advising on pension plans
- Managing financial assets and liabilities.
An actuary’s traditional areas of work include pensions, life and general insurance, investment and consultancy.
An actuarial degree is not a requirement to enter the profession. However it is necessary to have an A level or equivalent in maths, as well as a mathematically-related degree, such as maths, statistics, economics, science or engineering.
To become a professional actuary, you will need to pass the exams and qualify as a Fellow of the Institute and Faculty of Actuaries. Graduate training schemes are the usual way to enter the profession, which you apply for directly with insurance employers. Your employer will then provide on-the-job training, as well as allowing you study days and sponsoring you through your actuarial exams.