ADD ADVICE TO FAVActuarial consultant
What actuarial consultants do
- advise employers on all aspects of pension arrangements
- assess the financial health of pension schemes
- calculate funding and premiums
- may advise on the appointment of trust funds
- give specialist advice to smaller offices that do not have actuarial departments
- may advise on awarding damages.
Key skills for actuarial consultants
- high level of numeracy
- good verbal and written communication skills
- ability to discern long-term trends
- good IT skills
- ability to forge good relationships with clients
- desire to take early responsibility
- high degree of self-discipline and commitment.
Training to be an actuarial consultant
About a third of the actuarial profession is engaged in consultancy, and training is mainly undertaken while in full-time employment. The aim is to pass the professional examinations of the Faculty of Actuaries (Scotland) and the Institute of Actuaries (England and Wales), for which study leave is often given.
Postgraduate diplomas are available (some employers sponsor very able students on these courses), which give exemptions from some of the syllabus. Most students qualify in about three to six years.
Salaries for actuarial consultants
Average starting salaries are £28,000 to £32,000 depending on location. On qualification, they rise to about £35,000 to £45,000.
