Actuary Jobs Overview An actuary is a financial risk expert who helps public bodies, government departments and ...
Actuary Jobs Overview
An actuary is a financial risk expert who helps public bodies, government departments and companies forecast and plan for future costs and risks to investments. Using their knowledge of business, economics, maths and statistics, actuaries work for banks, insurance companies, pension funds, healthcare providers, accountancy firms and other investment services providing strategic financial advice. The work carries a high level of responsibility because their decisions can affect thousands of people, so actuaries need to be up to date with the financial and business worlds and use their skills to make sound judgement decisions.
Actuary Jobs Education Requirements
Entry requirements for actuarial jobs are quite demanding. One option is to join a company's graduate training programme, gaining hands-on experience while studying for professional qualifications. Most employers will seek trainee actuaries with at least a 2:1, ideally in a maths-related subject such as mathematics, statistics or economics. Although pre-entry experience is not a requirement, internships and placements may be helpful in securing an actuary job. To qualify as an Associate member of the profession typically takes three to six years. Actuaries who wish to become an expert in a particular actuarial field can take further exams to qualify as a Fellow. This can take another three to six years. Some people make the switch into actuarial work from a related profession, for example risk management jobs or business analysis jobs.
Actuary Jobs Market
Jobs are generally available in most large towns and cities across the UK with life assurance and pension consultancies among the largest employers, However, general insurance is the fastest growing sector. Skills acquired by actuaries are valued and there are many opportunities to progress to managerial positions.
Actuary Jobs Salary Information
Typical salaries for trainee actuaries are between £30,000 and £36,000 a year, while qualified actuaries can earn anything from £45,000 to £60,000 and experienced actuary salaries can reach six figure sums.