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Actuary

Actuary

Do you want to become a Actuary? Here is some information to help point you in the right direction:

Job Description - Print Page

Actuaries aim to make financial sense of the future. They do this by advising on the possible financial results of projects that are being planned. Their work involves:

  • analysing what has happened in the past
  • predicting what different things could happen in the future
  • assessing the risks involved in those things that could happen
  • explaining to senior managers what the results would mean in financial terms.

Actuaries use their expertise in maths, statistics, economics, law, marketing and accounting. They also use computers a great deal in their work.

Actuaries work in offices. They work normal office hours but often have to work beyond those times.

Starting salaries for graduates are between £19,000 and £24,000 a year. A newly-qualified actuary will earn at least £44,000, and this can rise to well over £100,000 a year for a senior manager in a large company.

An actuary should:

  • be very strong in maths and statistics
  • be good at analysing information
  • be able to explain complicated information clearly.

It can be possible to become an actuary with A levels/H grades. Most entrants, though, have a degree, often in a subject such as maths, actuarial science, economics, statistics or physics. Training combines work with part-time study for the examinations of the Institute of Actuaries or the Faculty of Actuaries. It usually takes five or six years to qualify.

Most actuaries start by working for a life assurance or consultancy company. There are also opportunities with general insurance companies, banks, industrial and commercial companies and the Government Actuary's Department.

Actuaries can become managers, partners in consultancy firms or senior executives of companies.


 

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