Actuary

You'll also predict the financial impacts of these events for organisations such as insurance companies, pension providers, businesses and governments.

Using your risk management expertise, you'll help organisations make informed decisions, develop long-term strategies and plan for uncertainty in a rapidly changing world.

Early-career actuaries are often employed under job titles such as:

• actuarial analyst
• actuarial assistant
• actuarial trainee
• graduate actuarial analyst

These roles are not separate professions, but represent the initial stage of an actuarial career while individuals study towards professional actuarial qualifications.

Types of actuary

Actuaries traditionally work in sectors such as:

• banking, finance and investment services
• insurance
• pensions.

Within these fields actuaries are increasingly working in newer and expanding areas, including:

• data science and analytics
• climate change and sustainability
• cyber risk and security
• data science and analytics
• health and social care
• technology and digital innovation

Across all sectors, new entrants typically begin in analyst-level roles, supporting qualified actuaries with data analysis, modelling and reporting while developing their technical and professional skills.

Responsibilities

In the early stages of an actuarial career, responsibilities are likely to focus on technical and analytical support. This means you'll need to:

• use mathematical and statistical modelling techniques to assess risk and uncertainty, for example analysing pension scheme liabilities to help price insurance products or estimate long-term costs
• analyse large datasets to make calculations, such as studying accident, health or longevity trends across different groups
• use spreadsheets, databases and specialist modelling software to clean, validate and interpret data
• build and test actuarial or financial models under supervision
• prepare reports, valuations, forecasts and regular updates to support decision-making
• communicate complex information clearly, explaining technical results to clients, colleagues and non-specialists
• contribute to the design, testing and review of financial products, such as insurance policies, pensions or investment solutions.

As you gain experience and complete professional exams to become a qualified actuary, your responsibilities will become broader and more strategic. At this point, you may:

• monitor and manage financial risk, including investment and market risks, to help organisations avoid excessive exposure
• present findings and recommendations to senior managers and stakeholders, advising on ways to reduce or manage risk
• advise on areas such as investment strategy, pension scheme management and employee benefits
• work closely with technology and data specialists to develop models and systems that meet regulatory and professional standards
• build and maintain client relationships, working with finance teams, investment managers and external partners
• support, mentor or supervise junior staff as part of a wider team
• contribute to major business decisions, such as company growth, restructuring or mergers and acquisitions.

Salary

• Starting salaries for graduate or trainee actuaries (often titled actuarial analysts) usually range from £28,000 to £35,000.
• As you progress through professional actuarial exams and gain experience, salaries typically rise to £40,000 to £60,000 for part-qualified roles. Salary progression is often closely linked to exam success.
• A senior actuarial analyst or qualified actuary commonly earns between £65,000 and £90,000, though this can be higher in specialist roles or in London and other major financial centres.
• Highly experienced actuaries in senior leadership roles, such as chief actuaries, partners or principals, may earn six-figure salaries, with total pay varying widely depending on responsibility, sector and performance.

Salaries vary according to location and are usually higher in London.

Income figures are intended as a guide only.

Working hours

You'll typically work around 35 to 40 hours per week, though this can vary by role and employer.

You may occasionally need to work extra hours, but weekend work and shift patterns are not usually required. In more traditional areas of employment, junior staff such as graduate trainees are less likely to work long hours, as they often need time alongside work to study for professional examinations.

Flexible working options, part-time roles and career breaks are increasingly common, although availability depends on the employer, sector and individual circumstances.

What to expect

• Most actuaries are employed by large organisations such as insurance companies, consultancies, pension providers and financial services firms. Self-employment or freelance work is possible but remains uncommon, particularly early in a career.
• Jobs are available in most major towns and cities across the UK, although London continues to offer the highest concentration of roles.
• The Institute and Faculty of Actuaries (IFoA) is the UK's chartered professional body for actuaries, with over 30,000 members working in more than 100 countries worldwide.
• The actuarial profession is still male-dominated, with women still underrepresented, although the IFoA and many employers are actively working to improve diversity, equity and inclusion.
• Professional exams are a key part of actuarial training, and balancing work, study and personal life can be challenging, particularly in the early years of your career.
• Depending on the employer and role, there may be opportunities for travel within the UK or internationally, especially in consultancy or global organisations.

Qualifications

Although this area of work is open to graduates from a range of degree subjects with strong numerical and analytical skills, the following degree subjects are particularly relevant and may improve your chances:

• actuarial science or actuarial mathematics
• mathematics or statistics
• economics
• risk management or finance-related subjects
• other numerate subjects, such as engineering, physics or chemistry.

Most UK entrants to the Institute and Faculty of Actuaries (IFoA) are graduates with a first- or upper second-class honours degree.

Employers typically look for a 2:1 or above, ideally in a numerate subject such as mathematics, statistics, economics or actuarial science. Eligibility of other qualifications, including those from outside the UK and Ireland, can be checked directly with the IFoA.

There is no longer a separate professional qualification for actuarial analysts. All actuarial analysts now follow the same professional training pathway as actuaries, progressing through the Institute and Faculty of Actuaries (IFoA) exams while working.

Entry with an HND only is very unlikely, although foundation routes and apprenticeships may be available.

A degree, postgraduate diploma or MSc in actuarial science can provide exemptions from some core professional exams, allowing qualification in a shorter time. Graduates from other numerate degrees may also gain exemptions, particularly where modules include statistics, probability or financial mathematics.

The Actuarial Statistics (CS1) and Actuarial Mathematics (CM1) exams are offered by the IFoA to non-members, including university students and those working in financial services. These exams provide a useful introduction to actuarial study and count towards the professional qualification.

The IFoA also provides information on actuarial apprenticeships, which offer a paid route into the profession without completing a full-time degree. School leaver apprenticeships usually require A-level maths, alongside strong academic performance.

Skills

To work as an actuary, you'll need to have:

• a high level of numeracy, with confidence using maths and statistics to analyse risk
• strong analytical and problem-solving skills, including interpreting data and identifying patterns
• clear communication skills, to explain complex information to non-specialists
• good IT skills, particularly in spreadsheets, data analysis and modelling tools
• the ability to write clear, structured reports
• strong interpersonal skills and the ability to work well in a team
• self-discipline and resilience to balance full-time work with professional exams
• commitment to completing actuarial training and developing a long-term career.

Work experience

Although pre-entry experience is not essential, talking to people already in the job and gaining relevant insight through work experience can be invaluable. Some employers offer work placements, insight programmes or summer internships for students interested in becoming actuaries. Internships are often advertised from autumn (October or November) for the following summer, so starting your search early is strongly recommended.

You could also network with actuarial professionals, attend careers fairs or employer events, or arrange work shadowing to gain a better understanding of the role.

Find out more about the different kinds of work experience and internships that are available.

Employers

Most trainees start their careers in financial services, particularly in the traditional areas of insurance and pensions. Typically, this will be for an insurance company or a consultancy.

Employers may advertise entry-level roles using titles such as actuarial analyst or actuarial trainee, but these roles all lead towards qualification as an actuary rather than representing a distinct career route.

At an insurance company, you'll usually work for one organisation (your employer) and may specialise in a particular area before moving into others. Insurance work can include life, health and medical insurance, as well as general insurance such as motor, home and personal cover.

In a consultancy firm, the work is often more varied on a day-to-day basis. You're likely to work with a range of clients, helping them solve different financial and risk-related problems. Financial consultancies may work across pensions, risk management, mergers and acquisitions, corporate restructuring, asset management and liability management.

Career opportunities and progression can vary depending on the size, sector and focus of the employer.

The Government Actuary's Department (GAD) is an independent actuarial consultancy within government. Its work includes advising UK and international public sector organisations, particularly on insurance regulation, public finance and long-term risk issues.

This is a global career and the International Actuarial Association (IAA) is a membership body representing over 90,000 actuaries in more than 115 countries worldwide, with the aim of promoting the profession and developing competence.

Look for job vacancies at:

• Actuary List
• Insurance Jobs
• The Actuary Jobs
• Actuarial Careers

The IFoA has a Find an Actuary tool, which you can use to identify actuarial firms and employers, follow their graduate and internship recruitment activities, and research potential employers.

Specialist actuarial recruitment agencies, such as Sellick Partnership, Oliver James, Emerald Group and Star Actuarial Futures, handle vacancies at different career stages and advertise roles online, as well as through industry networks and professional publications.

Professional development

Most new entrants start their careers in analyst-level roles (such as actuarial analyst or actuarial trainee), studying for professional exams alongside full-time work as part of the same training pathway that leads to qualification as an actuary.

Student actuaries progress through exams at a pace agreed with their employer, using self-study, online learning and tutorials, often provided by specialist organisations such as the Actuarial Education Company (ActEd). Many employers offer structured support, including mentoring, coaching, paid study leave and financial help with exam fees and learning materials. Subjects studied include statistics, actuarial mathematics, economics, financial modelling and risk management. It's important to keep up to date with developments in the profession, as changes in regulation or practice can affect exam content and study materials.

Qualification as an Associate of the Institute and Faculty of Actuaries (IFoA) typically takes around three to six years, depending on exam progress and exemptions. To qualify as an associate, you must pass a series of professional exams, complete practical learning modules and demonstrate work-based skills. Associate-level qualification is internationally recognised and allows members to use the letters AIA or AFA.

Those who wish to specialise further or progress to senior expert roles can continue their studies to qualify as a Fellow of the IFoA. Fellowship involves advanced specialist exams in areas such as insurance, pensions, investment or enterprise risk management.

Qualifying as a Fellow typically takes a further three to six years, although this varies depending on exemptions, exam success and career pathway. Fellows use the letters FIA or FFA and are recognised as experts in their chosen actuarial field.

Career prospects

Once qualified, you can progress relatively quickly into senior or managerial roles, with greater responsibility for leading projects, managing teams and mentoring junior actuaries and trainees.

An actuarial career offers a high degree of flexibility. While you may choose to specialise in an area such as insurance, pensions, consultancy, investments or reinsurance, it's often possible to move between specialisms later in your career. For example, you might move from pensions into investment management, banking, asset management or roles within large multinational organisations.

Enterprise risk management is a growing area, offering opportunities for experienced actuaries to progress into senior leadership or board-level roles, such as chief risk officer (CRO).

Some actuaries choose to move into product development, strategy, marketing or senior commercial roles, where technical expertise and the ability to explain complex products are highly valued. Others pursue specialist interests in areas such as climate change, sustainability, energy supply, health or emerging technologies.

Other related areas of work open to experienced actuaries include:

• investment and actuarial systems development
• technical or academic research
• commercial and strategic roles
• advanced financial and risk modelling
• software and analytics development
• valuation and consultancy work
• wider business or operational management roles.