Actuaries are experts in risk management
What the future looks like is crucial to Actuaries because, as experts in risk, they need to calculate the probability of future events occurring. From the ups and downs in financial markets, changes in technology or where and when hurricanes may strike, actuaries quantify the risks to business, especially when the amount of a future payment or the timing of when it is paid is uncertain.
They are problem solvers and strategic thinkers with a deep understanding of financial systems. They work in an ever-changing environment, across geographies and roles. An actuarial career is one of the most diverse, exciting and rewarding in the world.
Risky business, helping businesses make informed financial decisions
Actuaries provide commercial and financial advice on the management of assets and liabilities - especially where long term management and planning are key. Actuaries traditionally work in finance and investment, risk management, general insurance, life insurance, pensions and healthcare.
Every area of business is subject to risks so an actuarial career offers many options. Risk is central to the insurance industry, where everything from the safest types of car, to the likelihood of a ship sinking in a storm, need to be assessed and a premium calculated. Across the finance industry, from retail banks to pensions and investments, actuaries calculate risks large and small. In the growing area of enterprise risk management, actuaries are helping to identify and calculate risks to ensure businesses make well-informed strategic decisions. There are no limitations to where an actuary can go; they can even be employed in the marketing and development of sophisticated financial products.
Low risk, high reward
Apart from it being such a dynamic career, it is also one of the most rewarding. Salaries and benefit packages are excellent, even for those starting out in their career. In fact it’s one of the highest paid professions wherever you go in the world. Trainees earn between £25,000 and £30,000 a year and newly qualified actuaries can earn up to £55,000. In later years senior actuaries can earn six figure salaries. So retiring with a yacht is definitely an option.
Who should become an actuary?
• A graduate typically with a 2:1 in a numerate subject (others may be suitable)
• Loves logic and problem solving
• Good communicator
• Excellent business acumen
How do you become an actuary?
Studying to become an actuary normally takes around 3 to 6 years. The exam programme is flexible, so you can study at your own pace while working for an actuarial employer – many employers give you time off to study. In addition to passing the profession exams, you’ll work with your employer to meet the practical work-based skills requirement.
Where can you find out more information?
If you want to find out more about becoming an actuary, visit the Actuarial Profession’s website at http://www.actuaries.org.uk/becoming-actuary/pages/becoming-actuary. You’ll find profiles of actuaries and details of actuarial employers offering placements and graduate opportunities. Or visit our Facebook page, to engage with current student actuaries to discuss your future as an actuary.