The Institute of Actuaries in England and Wales and the Faculty of Actuaries in Scotland are the two professional bodies for UK actuaries, working together across the UK as The Actuarial Profession.

What is an actuary?

Actuaries apply their statistical and mathematical expertise along with their knowledge of business and economics to solve real business problems. They use mathematical models and a broad understanding of the world around them to make predictions about the future, developing strategies that are appropriate given the risks involved and the probability levels required.

Actuaries work in many areas that directly benefit the public, through their work in life and non-life insurance, advising pension funds, savings, capital projects, investments, healthcare and risk management. Such work offers management opportunities, with actuaries having a commercial as well as a technical role.

Although qualifying as an actuary is a demanding process, the rewards are considerable. An actuarial career offers a challenging, well respected and well paid future. The qualification is an excellent basis for a business career that is widely recognised throughout the financial world. The variety and choice of rewarding opportunities available mean that it’s a stable profession, with very few actuaries unemployed or feeling the need to leave the actuarial world.

Training and development

To qualify as an actuary you’ll need to complete the profession’s exams. Actuarial trainees take the exams at their own pace, usually whilst undertaking full time work where the trainee actuary can gain valuable on-the-job experience. Study is normally undertaken by correspondence courses, which are run by specialist providers and supplemented by tutorials. Employers also typically provide support in the shape of mentoring, coaching, study leave and meeting the costs of learning materials.

Exemptions from some of the exams may be awarded to students who have studied to an appropriate standard in a relevant degree, or have studied actuarial science at postgraduate level. Qualification as an Associate member of the profession typically takes three years. Actuaries who wish to continue their studies to an advanced level, or who wish to specialise in a particular actuarial field, may take further specialist exams to qualify as Fellows, becoming sought after experts in their chosen field. Actuaries can earn from £53,000 and over £100,000 after gaining more experience.

International outlook

The UK qualification is already highly valued throughout the world, with 37 per cent of members based overseas. Mutual recognition agreements with other overseas actuarial bodies facilitate the ability of actuaries to move and work in other parts of the world and create a truly global profession.