Graduate Careers in Actuarial Science
Imagine a person whose influence and decisions can affect thousands of people. A person with the rare ability to undertake several roles at the same time – problem solver, business analyst, consultant and financial risk assessor. This is an actuary, someone who has a thorough grounding in economics, statistics and the mathematics of finance, and uses these skills to solve business problems. Graduate careers in actuarial science are suited to those with the above skills and potential in these areas. If you are interested in a graduate career in actuarial science then read on to discover more about this challenging and dynamic job.
Actuaries analyse data to interpret the past, create models to forecast the future, assess risks, estimate outcomes and communicate facts, ideas and recommendations in a way that can be understood by actuaries and non-actuaries alike. They work in many areas that directly benefit the public, including life and non-life insurance, pension funds, savings, capital projects, investment, healthcare and risk management. Such work offers management opportunities, often at boardroom level, with actuaries having a commercial as well as 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. Also, agreements with other actuarial societies greatly facilitate the ability of actuaries to move and work in other parts of the world and create a truly global profession.
Your development
To qualify as an actuary you’ll need to complete the professional exams and appropriate work experience. Actuarial trainees take the exams at their own pace, usually whilst working for an actuarial employer (probably an insurance company, consultancy or financial organization). 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. Qualification typically takes three to six years.
Most new student entrants into the profession are recent graduates, who have joined a company as an actuarial trainee. The minimum entrance requirement is a grade B at A-level or equivalent in maths (grade C for holders of a second class honours degree or above). Any degree is acceptable.
Number of members: 16,000
Occupation areas: Insurance, pensions and benefits, investment and asset management, banking, healthcare.
Qualifications available: Diploma in Actuarial Techniques, Certificate in Finance & Investment, Associate Actuary, Fellow Degree disciplines required: Ideally a numerate degree – statistics, maths, engineering, science and economics.
Salary and benefits: Graduate entry salaries £20,000 to £26,000, newly qualified actuaries £48,000 - £56,000 and senior actuaries £100,000+.
Graduate careers in actuarial science are challenging, highly esteemed and well paid. The actuarial profession offers host of opportunities for talented and enthusiastic people to reach the very top of the ladder. If you are interested in a graduate career in actuarial science then application forms and requirements can be found at www.actuaries.org.uk.
Contact Details:
The Actuarial Profession
Careers
Napier House
4 Worcester Street
Oxford
OX1 2AW
Tel: 01865 268228
Fax: 01865 268222
E-mail: careers@actuaries.org.uk
Web: www.actuaries.org.uk
