BECOMING AN ACTUARY
IT IS A DIFFICULT ROAD TO QUALIFY AS AN ACTUARY BUT THE REWARDS ARE WELL WORTH THE EFFORT.
Step 1
HAVE A STRONG MATHEMATICAL CAPABILITY
You’ll definitely need this to become an actuary. But it’s worth noting that whatever you eventually decide to do, taking maths will broaden your career options.
Step 2
GET A GOOD DEGREE
Students can enroll directly into university for an actuarial science degree. This will enable you to write a number of the examinations required to qualify as an actuary.
The actuarial profession is also open to individuals in other careers. You can join the actuarial profession and write the examinations with any mathematical based degree.
Step 3
FIND AN ACTUARIAL TRAINEE ROLE
Join an actuarial firm and develop your skills while you qualify. There is no age limit for joining the profession. If you’re interested in changing from another career or profession, we usually recommend you undertake one or two of our examinations independently, to assess your skills. Your experience in your current career may be valuable to an actuarial firm, and you may wish to contact actuarial employers directly to discuss your potential.
Step 4
REGISTER AS AN ACTUARIAL STUDENT & GAIN YOUR QUALIFICATIONS
To become a Fellow of the Actuarial Society or an Associate of the Actuarial Society you must pass our examinations, or be granted exemption from them, and also attain a satisfactory level of work-based skills. This usually takes between three and eight years. You study by distance learning, and many employers offer support for study, some offering paid study leave during your training.
Step 5
ENJOY A JOB ANYWHERE IN THE WORLD
Within the actuarial profession there are many different and exciting career paths, and once you’re qualified, your skills can take you anywhere. Some actuaries specialise in technical research, while others may focus more on commercial activities. Some go on to be practising specialists in one of the traditional financial fields, with others becoming senior managers in insurance companies or firms of consultants.
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CAREER PATHS FOR ACTUARIES
WHERE DO ACTUARIES WORK?
Actuaries have an extensive skill set which makes them very valuable in the work place. Although the list is not exhaustive, these are some areas where the actuarial toolkit has added value:
- Insurance: investigating, analysing and explaining a wide range of numerical information to create and price polices, or to ensure they have sufficient funds to cover claims.
- Pensions: designing and advising on company pension schemes, especially placing a value on accumulated pension commitments.
- Investments: involved in research and on the pricing and management of investments, particularly in mitigating the risk of investments, and often using their understanding of insurance or pension liabilities to manage the corresponding assets.
- Banking: calculating and quantifying an array of risks faced by these institutions such as the inability of some borrowers to repay their debt, or the risk of a fall in financial markets.
- Healthcare: investigating, analysing and explaining a wide range of health and medical information to price contributions to medical schemes or assess the impact to the industry of changes in regulation.
- Risk management: assisting businesses to better understand the multiple risks they face in a holistic and comprehensive manner, as well as provide assistance and guidance in terms of how to understand their impact and how they can best be managed.
Although many actuaries traditionally work in the financial services industry, many have used their training to branch into wider business fields.
We will soon be loading video clips of professional actuaries in the industries below.