Jobs in actuary
Actuaries (sometimes referred to as analysts) assess the likelihood of certain events occurring. How often drivers in a particular age group are likely to crash, for example, or what the average pay out tends to be. They could be calculating how much the insurer should charge per customer to ensure that it turns a profit.
School leavers wanting to go into this industry will need skills in maths and statistics, the ability to research, analyse and interpret data, excellent, communication and presentation skills, problem-solving skills and IT skills.
People working in the actuarial industry do so in a variety of organisations and areas. They could wok in life assurance, insurance or pensions, designing policies, consultancy or advising clients on financial risk. They could even work in the Government Actuary's Department, advising on the cost of welfare and healthcare.
Day-to-day tasks in this industry may include analysing statistics, forecasting finances, testing financial options, assessing risks, using computers to build mathematical and statistical models, and explaining findings to managers, government ministers or business clients
School leavers wanting to become actuaries will need to join the Institute and Faculty of Actuaries (IFoA) as a student member. They will then study for professional exams while they work as a trainee actuary. To join the IFoA you'll usually need a degree in maths or a related subject, like: actuarial science, economics, physics, engineering, accounting and statistics.
Actuarial apprenticeships offer school leavers the opportunity to get into this industry and into the workplace without taking a degree. There are many schemes available from actuarial employers.
There are two actuarial apprenticeship schemes that are available to choose from – either embarking on an apprenticeship taking the Certified Actuarial Analyst (CAA) qualification, or taking the Fellowship exams. It will be the decision of the apprentice employing company that you apply for to decide what route they decide to take. Both are incredibly beneficial and will take you on your journey to becoming an actuarial professional.
With an actuarial apprenticeship you can go from school into a career in finance or business, working for some of the world’s top employers, earning whilst you learn.