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All About Careers - Actuary

If you are an excellent mathematician with an interest in business and finance, then you might be interested in hearing more about actuarial careers. Many students we talk to have never heard of actuaries, which is why we are on hand to provide you with an insight into the world of an actuary.

First of all, what is an actuary? An actuary is someone who is an expert in calculating financial risk. They use their mathematical skills, economic principles and knowledge of the markets to forecast, assess, advice and plan for future risks (e.g. your house flooding) and to reduce the undesirable impacts of certain events.

So where do actuaries actually work? Actuaries are often employed by investment banks, insurance companies, pension funds, healthcare companies and other financial services. You might also work as a salaried consultant in specialist actuarial consulting firms. Either way, this profession is perfect for those with head for numbers. You’ll be applying that enthusiasm for maths to economic markets, taking into account potential trends and external factors. It helps to be good at strategic thinking and problem solving too as you puzzle over financial systems.

The actuarial profession is no easy profession to breeze into; it’s very highly regarded and competitive. You need a minimum of grade B in mathematics at A Level and a 2:1 or above in a degree in a quantitative subject (such as Maths, Physics or Engineering). Some companies prefer you to have a degree in actuarial mathematics or science. Once you’ve got a degree in the bag, you’ll start as a trainee actuary or risk analyst. You’ll also need to study for professional qualifications whilst you work, so that means more hard exams. Although once you’re fully qualified, all that hard work will be compensated with a hefty pay check; actuaries often receive annual salaries of over £50,000!

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