Actuary
Describe your sector in a nutshell.
The Institute and Faculty of Actuaries (IFoA) is the UK’s only chartered professional body dedicated to educating, developing, and regulating actuaries based both in the UK and internationally.
The IFoA regulates and represents over 32,000 members worldwide, overseeing their actuarial education at all stages of qualification and development throughout their careers. We set examinations, continuing professional development, professional codes and disciplinary standards for our members.
The Institute and Faculty of Actuaries came into being on 1 August 2010 as a result of the merger of the Institute of Actuaries in England and the Faculty of Actuaries in Scotland after members of both bodies voted to merge their respective organisations.
What are the different career opportunities/jobs available in your sector?
What Is An Actuary?
If you really love maths and want a rewarding career where you can really make a difference, the actuarial profession is for you!
Here we help you understand what an actuary is, what they do, where they work, and why you should consider becoming an actuary.
What is an actuary?
Actuaries are problem solvers and strategic thinkers, who use their mathematical skills to help measure the probability and risk of future events. They use these skills to predict the financial impact of these events on a business and their clients.
Businesses and governments increasingly depend on the skills of actuaries and analysts to help them model and plan for the future. As the world changes at an increasingly rapid pace, risk management expertise can help businesses navigate this evolving landscape. Discover your strengths and find out if you could become an actuary in our online personality quiz.
What’s interesting/fun about your sector/industry? Why should a young person want to work there?
The actuarial profession is a highly paid, low stress profession.
What skills/qualities do you look for in someone wanting to join your sector?
https://www.youtube.com/watch?v=IOxpSXqN4Jo
What is demand looking like in your sector? How do you think this will change in the future?
What is the approximate salary range can people earn?
A typical starting salary for a trainee actuary can vary depending on location and employer, but generally, it ranges from £25,000 to £35,000 per year.
As you gain more experience and pass professional exams, your salary can increase significantly.
What career pathways are available for a young person wanting to join your sector? (University and non-uni routes)
Where do I begin?
There’s more than one way to become an actuary and you can choose the route that best suits your situation now and your long term ambitions. Most people start with a maths-based degree at 2:1 or above and begin taking actuarial exams once they have secured a graduate role.
Others choose an actuarial apprenticeship and get started that way.
If you don’t have a background in maths but are interested in an actuarial career, we recommend you take one of our non-member exams to gain an understanding of the level of maths required to become an actuary.
Choosing the right school subjects
As a minimum, we recommend that you start with an A Level or equivalent in Maths. This not only helps you build the groundwork for future exams, but it is also often a requirement for many employers. Beyond maths, it’s important to look at subjects you are most likely to enjoy and be successful at. This could be supporting subjects such as economics or physics. However, don’t underestimate the value of other subjects such as languages – these can help demonstrate your communication skills! Find out more about the different subjects you can choose in our blog ‘What subjects you should study in school’.
What university course should I pick?
With so many university courses to choose from, it can be hard to know where to start. Firstly, we recommend a course that is maths-based. You can choose from a number of maths-based subjects such as economics, physics, pure maths or statistics. We recommend choosing a course that includes a significant amount of maths modules.
If you would like to study a course that is specific to the actuarial profession, there are a number of actuarial science degrees that are accredited by the IFoA, which will help you prepare for a career as an actuary. We accredit university courses around the globe which can provide you with exemptions to some of our exams. This means you’ll have fewer exams to complete after you graduate, giving you a head start with your exams.
Any advice you would give to a young person wanting to join your sector?
Take maths and further maths A levels.
