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How to become an Actuary

by ceojem in Careers Paths 14/09/2016 0 comments

Want to become an Actuary? What Actuaries do

Do look forward to a career you can actually  have confidence in? then a career in actuary might just be the right career you looking for

Actuaries make use their knowledge of business and economics, will use math, statistics, and financial theory, alongside tools like databases and statistical software and theories, to analyse data and evaluate financial risks in an  organisation. This therefore enables them to predict the financial impact and probability of particular events, and provide strategic advice to non-specialists to help them in their decision making.

Insurance companies and other businesses employs actuaries to help and  support  them in making informed financial decisions in other to  minimize their risk.

Actuaries usually work within the banking, pensions, public and governmental corporations, or in various types of insurance companies. however,  Actuaries to can also branch out into less conventional areas like energy, genetics or climate change

The particular duties of an actuary will vary depending on the field they’re based in,  and may include tasks such as assessing pension scheme liabilities in relation to insurance pricing, or they can also be involve in researching and analysing data based on specific groups

General Job roles  for an Actuary  may include:

  • Building statistical models using computers
  • Analysing statistical data to calculate, for example, accident rates for particular groups of people
  • Monitoring and mitigating risk
  • Ensuring systems comply with regulations
  • Keeping up-to-date with current events in business and economics
  • Simplifying complex information to share with clients
  • Preparing and presenting periodic reports and presentations on findings
  • Simplifying complex information to share with clients
  • Supervising staff
  • Presenting reports, explaining their implications to managers and directors and advising on risk limitation

Can I become an Actuary?

To become an Actuary you require advanced knowledge of maths, as well as excellent statistical analysis skills, this is absolutely essential for anyone looking forward  to become an Actuary. Also, you will need to be able to combine your mathematical mind with an in depth understanding of business and economics.

You may find yourself using complex technical terms without explanation,but you will have to change this  because without the ability to simplify complex terms and make them clearer and easy to understand for non-specialists like yourself, you’ll struggle to effectively get your recommendations across to those whom you need to.

As an Actuary, you will need to be:

  • Logical
  • Computer literate
  • Confident
  • Good at solving problems
  • An excellent communicator
  • Technically minded
  • Responsible
  • Meticulous

Become qualified as an Actuary

You require a relevant degree  such as actuarial science or actuarial mathematics, business or finance,  economics, engineering, mathematics or statistics or risk management to be accepted onto an actuarial training programme, which usually will involve working as a trainee alongside studying for three to six years.

Actuary Salary ( United Kingdom )

An Actuary earns an average salary of £52,308 per year. Experience has a moderate effect on pay for this job. Most people with this job move on to other positions after 20 years in this field.

£30K
£52K
£82K
MEDIAN: £52,308
National Salary Data (?)
£0 £33K £66K £99K
Salary £29,586 – £82,245
Bonus £1,001 – £15,441
Profit Sharing £0.00 – £6,983
Total Pay (?) £30,048 – £96,013
Country: United Kingdom | Currency: GBP | Updated: 17 Mar 2016 | Individuals Reporting: 538

Popular Skills for Actuary

This list show the most popular skills for Actuary and the effect each skill has on pay.
  1. Pricing – median salary £62,000
  2. Insurance  – median salary £61,000
  3. Risk management / control – £61,000
  4. Financial modeling – median salary £58,000
  5. Pensions – median salary £51,000

Related Jobs

  • Commercial Finance Manager
  • Credit Manager
  • Credit Risk Analyst
  • Economist
  • Equity Analyst
  • Finance Director
  • Finance Manager
  • Financial Analyst
  • General / Operations Manager
  • Underwriter

Skills That Affect Actuary Salaries

Pricing
up arrow8%
Insurance
up arrow7%
Risk Management / Risk Control
up arrow6%
Financial Modeling
up arrow1%
National Average
₤57,000
Financial Reporting
up arrow3%
pensions
up arrow11%
Financial Analysis
up arrow13%

How Experience Affects Actuary Salaries

Late-Career
up arrow70%
Experienced
up arrow42%
Mid-Career
up arrow13%
National Average
₤57,000
Entry-Level
up arrow24%

Years of Experience

Less than 1 year
6%
1-4 years
36%
5-9 years
37%
10-19 years
16%
20 years or more
5%

Job Satisfaction

Extremely satisfied

Rated 5 out of 5
based on 67 votes.
How to become an Actuary

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