Career Advice for an Actuary

Actuaries analyse statistics and use maths and scientific principles to assess risks that can occur because of specific events. They work with businesses or government departments to plan for events and reduce the repercussions should these instances occur. Actuaries collect various information to evaluate how things will affect business continuity or the financial implications of events.

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How to Become an Actuary

Choosing your career path and learning how to become the person you aspire to be is not always straight forward; getting a job in your chosen industry will take dedication, focus and the right qualifications.

When you have chosen the career path you wish to follow, you will need to learn how to become an Actuary

Should you wish to work as an Actuary you will need to evaluate what courses are required, their cost and what qualifications you need. It is important that you also assess whether you have the right credentials from a personality point of view, what the demands of the job are and whether they complement the lifestyle that you desire.

Another factor to consider, should you wish to fulfil your career aspirations, is the number of jobs you will need to have to reach your ultimate job, and the length of time it will take to reach this goal.

Common Qualifications for an Actuary

  • 2 or 3 A Levels, including mathematics
  • Degree in Maths and Statistics, Economics or related
  • Postgraduate degree in actuarial science

Key Responsibilities for an Actuary

  • Meeting with clients to determine their specific needs
  • Collecting relevant information pertaining to the events that need to be assessed
  • Using different methods to analyse the information
  • Determining the financial impact of events on businesses or individuals
  • Using analytical programmes to create models and reports on findings
  • Preparing reports for clients and management
  • Presenting findings and communicating complex data in an understandable way
  • Researching and developing strategies to minimise risk
  • Staying up to date with the latest industry standards
  • Conducting research according to regulations and compliance standards

What to expect as an Actuary

An actuary uses statistical information and computer programmes to evaluate the financial risks associated with events. They will work with businesses, individuals, or government departments to help them prepare and reduce the impact on their finances should these events happen. To be successful in this career, you will need to be highly detail orientated, have an analytical mind, and be able to communicate complex information in a simple way.

Recommended Actuary Jobs

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How to get Actuary Jobs

Our advice on how to get an Actuary job is to focus on preparation and personalisation.

Preparation

This occurs before you write a CV cover letter or complete an Actuary application. If you have not held an Actuary position before, it will help to research the industry and review what a typical career path might look like. If you have held an Actuary role, focus your research on the company where you are seeking employment.

Valuable resources that will help you learn about the employer include the company’s career page, social media page, blog, job ad, and job description. Helpful information will consist of the company’s mission statement, values, and vision. You could also use an employer review site to gain insights on average salaries, what current employees say about the company culture, and what it is like to work for the organisation.

Personalisation

You are now in a position to use what you have learned in your Actuary CV, cover letter, and application. You should personalise each Actuary application, cover letter, and CV; prioritising job skills and relevant experience and providing examples that show you have similar values and goals.

This pre-application stage is a crucial step in how to become an Actuary in the UK. It puts you in a superbly informed state, ready for forthcoming telephone, video, or in-person interviews.

Students: How to Become an Actuary 

As with all professions, choose your study topics carefully. Review the qualifications needed to be an Actuary and the subjects you will need to enrol in certification courses, higher education, or online courses. 

Aligning your study subjects

The more closely you align your study subjects with your career path, the more likely you will be to have projects and modules that you can refer to and show a prospective employer that you have practical or theoretical Actuary experience.

How to get Actuary Experience

What does it take to be an Actuary? The best way to find out is to get work experience, which will be invaluable when applying for Actuary jobs. You can learn how to be a successful Actuary through internships, apprenticeships, or volunteering for a local business.

How to be an Actuary Part-Time 

If you are wondering how to get into Actuary part-time, there are several possibilities. You might find a new employer looking for a part-time Actuary or find your existing employer is amenable. Often companies recognise the value of flexible hours and having more staff at work during busy times of the day. 

Actuary freelance work

If you have impressive Actuary qualifications and experience, you could take on the challenges of working freelance with control over your schedule.

Making a Career Change

How to start a career in this profession if you work in another industry may require studying for qualifications online and focusing on transferable skills when writing your CV and attending job interviews.