Actuaries use mathematics, statistics and economics to judge probability and risk, in order to solve business problems and help companies and governments to forecast long-term financial costs. In this job you will be working with a lot of data - researching, analysing and interpreting it. You will need good business sense and an understanding of financial markets. You will also need a logical approach and sound judgement.

Tasks:

• analysing past events, for example accident rates or medical data
• assessing the risks involved
• forecasting the future financial outcomes of various situations
• using computers to build mathematical and statistical models
• explaining the findings to managers, ministers or business clients
• keeping up to date with the financial and business worlds.

Key skills:

• advanced skills in maths and statistics
• the ability to research, analyse and interpret data
• excellent spoken, written and presentation communication skills
• the ability to explain complex information
• good business sense and sound judgement
• a logical approach to problem-solving
• excellent computer skills
• the ability to pay attention to detail but also see the bigger picture
• the ability to work well as part of a team and also independently
• confident making decisions
• high level of understanding about financial markets and business
• good teamwork ethic.

Average salary (2014):

United Kingdom: Student actuaries typically earn around £31,000 a year. Newly-qualified actuaries earn around £44,000

Qualifications and training required:

Your main route into actuarial work will usually be via a graduate training programme. These are offered by major employers.

To work as an actuary, you must qualify as an Associate or Fellow of the Institute and Faculty of Actuaries (which operates under the name of The Actuarial Profession). Your first stage is to join the Institute as a student member, and then study for professional exams whilst working as a trainee actuary.

To become a student member, you will need one of the following:

• a third class degree or higher, including a pass in mathematical sciences as a major subject
• a first or second class honours degree in any subject, together with at least grade C at A Level in any mathematical subject or equivalent, for instance the Business, Administration and Finance (BAF) Diploma.
• two A Levels including maths at grade B or above and any other subject at grade C or above.

Although the minimum entry requirement is A Levels, most employers seek candidates that have obtained degrees in subjects like mathematics, statistics or actuarial science and risk management. Other useful degree subjects include economics, physics, finance, statistics, chemistry, engineering and accounting.

It is increasingly common for trainee actuaries to already have a postgraduate qualification in a numeracy subject. If you have a relevant degree (for example, actuarial science) or postgraduate qualification, you may be exempt from some of the professional exams. You may improve your chances of finding a trainee position if you have some work experience in an actuarial department.

Source: https://nationalcareersservice.direct.gov.uk