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Actuary

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Actuary Career Details

Actuaries use their knowledge of mathematics, statistics, economics and business to assess financial risks and probabilities. Traditionally actuary work is mainly concerned with pensions, life assurance and other types of insurance, but actuaries may also work in investment and other business areas where major financial risks are involved. Actuaries create statistical and mathematical models to analyse past events and predict the financial outcome of different situations. For example, in insurance they may study accident rates or medical data in order to develop and price new insurance policies so that there are sufficient funds to cover liabilities but still make a profit for the insurance company. Insurance companies are required by law to employ at least one actuary to advise on financial management. Actuaries can also work for independent consultancies or the Government Actuary’s Department, advising on social security, pensions and health care provision.

Since actuaries are usually part of a wider team, they have contact with a variety of other professionals including insurance underwriters, investment managers, solicitors, company secretaries and accountants.

Working Environment

Actuaries normally work 9am to 5pm, Monday to Friday. They may need to work extra hours at busy times. Consulting actuaries will have to cover hours to suit their clients. During training, evenings and weekends will be spent studying for professional exams. Flexible working is common. Part-time work and job sharing may also be available.

The work is office-based, except where travel to visit clients is necessary. Dress code is usually formal.

Actuary Related Skills

To be an actuary you should:

be highly skilled in maths and statistics, with an aptitude for analysing data
have strong communication skills and the ability to explain complex information
have a thorough knowledge of business, economics and commercial practices
have good commercial sense and sound judgement
have a logical approach to problem- solving and good organisational ability
have highly developed information and communications technology skills
have an appreciation for detail and the bigger picture
be able work as part of a team or on your own.

Actuary Career Opportunities

50% of actuaries work in insurance or life assurance companies. A growing number work for independent consultancies, in investment banking, the Stock Exchange, industry and commerce, education, pension broking and the Government Actuary's Department.

In larger companies promotion to a management position is possible soon after qualifying, and senior roles are open to those with lengthy experience.

Self-employed consultancy or work overseas is a possibility.

Further Career Information

If you would like to know more about a career as an Actuary related facts, statistics, articles and websites.

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