Planit


Actuary

Job Profile Image

Actuaries use mathematical and statistical theories to measure future risks and to calculate their potential cost. They make forecasts which help financial and government organisations solve current problems and make long-term financial plans.

The Work

You could be:

Pay

The figures below are only a guide. Actual salaries may vary, depending on:

Actuaries earn well above average salaries. The salary for a graduate trainee or part qualified actuary can range from £25,000 to £40,000 a year. A fully qualified and experienced actuary earns around £40,000 to £55,000. Senior actuaries earn between £50,000 to £90,000 and department or function heads and directors from around £70,000 to £180,000 a year. Some chief actuaries and senior partners earn more than £175,000 a year.

Many employers also offer bonuses and mortgage deals, a pension scheme and a company car. Actuaries usually receive a bonus each year.

Conditions

Workforce Employment Status

LMI data powered by LMI for All

Getting In

You can enter this profession as a school leaver or a graduate.

Apprenticeship Route

Degree Route

Other Information

To become a student member of the Institute and Faculty of Actuaries (IFoA) you need at least 3 Highers, including Maths at A.

It is also possible to move into actuarial work from related professions such as risk manager or business analyst.

The IFoA website publishes a downloadable Directory of Actuarial Employers, which lists actuarial employers to whom you can apply for a traineeship. It is useful to know which area of work you want to work in; employment areas range from banking and stock exchange to government and industry and commerce.

You will also find jobs advertised in the online journal The Actuary.

Inside Careers, the graduate recruitment website, has a section giving information about companies offering work experience placements and internships.

Workforce Education Levels (UK)

LMI data powered by EMSI UK

Job Outlook Scotland

Employment

Unemployment

Percentage of workforce registered as unemployed (Scotland)

LMI data powered by EMSI UK

Job Outlook Scotland

  Scotland
2020
3561
0.2 %
FALL
2025
3555

LMI data powered by EMSI UK

What Does it Take?

You need to have:

You need to be able to:

Training

Getting On

Video

Courtesy of icould

Contacts

The following organisations may be able to provide further information.

Discover Creative Careers Finder
Website: https://discovercreative.careers/#/
Twitter: @CreativeCareer5

Institute and Faculty of Actuaries
Tel: 020 7632 2100
E-mail: careers@actuaries.org.uk
Website: http://www.actuaries.org.uk/
Twitter: @actuarynews
Facebook: https://www.facebook.com/Actuarial

You can download a free copy of IFoA's 'A guide to Becoming an Actuary' from their website.

Was this article useful?
Please help us improve Planit by rating this article.