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Actuarial profession
 Join the actuarial
profession and join
the forward thinkers
If youre someone who appreciates numbers
and their potential, you should consider
joining the actuarial profession.
Actuaries are experts in risk management. They use their
mathematical skills to measure the probability and risk of future
events and their financial impact on a business and/or their clients.
Actuaries work for banks, insurance companies, consultancy firms
and in industry - nationally and internationally. They work in the areas
of General Insurance, Health and Care, Investment, Life Insurance,
Pensions and the growing area of financial Risk Management.
Theres no doubt youll be making a difference. A career as an actuary
gives you the chance to apply your skills in maths and statistics to real
world challenges. Just think about the issues which matter most to
populations around the world - and consider how your skills could
be applied.
Secure your future in a career offering limitless opportunity. Find out more at www.actuaries.org.uk/become-actuary
2 | Institute and Faculty of Actuaries
You might be asked to consider how rising rates of obesity will
impact the long term prospects of the NHS.
Or if global warming will push up the price of flood insurance beyond
manageable rates.
Or whether fluctuating oil prices, a war or a glut of house building
in China will impact upon UK pension funds.
In an increasingly global economy, the ability to decipher and
interpret complex statistical and financial information will be ever
more crucial.
Its why the actuarial profession attracts some of the brightest, most
ambitious and creative people you could ever meet. And its why
actuaries are amongst the best paid of all professional groups with
starting salaries that far outstrip your peers in other industries.
Youre at a pivotal point in your career. If youre ready to tackle a
role thats as rewarding as it is challenging, its the right time to
find out more.
Actuaries are amongst the best
paid of all professional groups
Its a young, dynamic
profession, with 43% of our
membership 30 or under
www.actuaries.org.uk | 3
 Launch a career
that speaks volumes I was fortunate enough to work for Mercer in New York
for two years, advising US corporates. Thats whats so

about your skills fantastic about an actuarial qualification; its a

global passport.

Leah Evans | Mercer

Youll be working with a team of bright
people who share your passion for numbers
and your ambition to succeed. Its a young,
energetic and dynamic profession and the
Yes working I studied
Institute and Faculty of Actuaries (IFoA) is and studying maths and
your professional body. to become actuarial
an actuary is science and
tough but I its enormously
learn a great deal everyday satisfying to be able to apply
and I really love my job. Its the knowledge and skills Ive
Theres a new intellectual challenge every day.
rewarding financially too. The gained over the course of my
This is a role which really stretches me and the
salaries are definitely higher degree in such a direct manner.
sense that Im always learning something new is
than in most other sectors. It makes all the studying seem
a big plus point for me.
even more worthwhile.S

Clarence Er | EY Ben Bryant | Barnett Waddingham Rishav Bajaj | Deloitte

4 | Institute and Faculty of Actuaries www.actuaries.org.uk | 5

 The numbers The opportunities
The actuarial profession attracts academic and ambitious people with
skills which are highly in demand. As youd expect, its well paid right
from the start.

Opportunities for career progression, nationally and internationally, are

huge. In a globalised economy, becoming an actuary makes you part of
a truly international network. 58% of IFoAs student members are from
outside the UK and the interconnectedness of finance means youll be
Training Governance Profession for life
able to work anywhere in the world.

Take a look at where youll start and where you could end up.

The average salary for recent

graduates in the actuarial
profession is nearly 10,000 a
year higher than for graduate
The IFoA has starters in other roles. Supported by Work/life balance
14,929
student members Actuaries can earn up to:
employer and IFoA

82%
of actuaries receive bonuses International

If youre a fan of numbers, take a look at these impressive

6 | Institute and Faculty of Actuaries
benefits. It all adds up at www.actuaries.org.uk/become-actuary

6 | Institute and Faculty of Actuaries www.actuaries.org.uk | 7

 Youre tempted? Routes
to qualification
So where do you start?
The
Get a job as Study and sit Qualify as worlds
Yes a trainee/ IFoA exams an actuary/ your
student actuary whilst working fellow associate oyster
First things first. If you want to move into the
actuarial profession youll need an aptitude for
maths. If you love data, numbers and problem Have you
solving youll be in your element. studied a (can progress)

numerate
Remember that different employers have different requirements for degree?
entry into an actuarial role so do take a look at our Directory of
Employers or visit www.actuaries.org.uk for an in depth understanding The IFoA is the UKs only
of the best route for you. chartered professional body
dedicated to educating,
developing and regulating Get a job or an The
Sit the CAA Qualify as a
No apprenticeship. skys
actuaries based both in professional Certified Actuarial
Earn while the
the UK and internationally. qualification Analyst (CAA)
you learn limit
Become a member and
well support you throughout
your career.

Set your sights high and plan your route to qualification at www.actuaries.org.uk/become-actuary

8 | Institute and Faculty of Actuaries www.actuaries.org.uk | 9

 Making the grade
Your university course
If youre already certain that a career as an actuary is for you, an
actuarial science degree could be a great choice. Remember that
whichever degree you chose, most employers will ask for a 2:1
or a 1st.
The vast majority of actuarial employers will want to see a degree
with a numerate element. A degree which also ensures you develop
strengths in important areas such as business, team work, leadership
and communication would also be considered favourably.
Its time to talk about the E word: Exams
As with many professions, you learn the skills you need to qualify whilst
working. Actuaries do need to sit a fair few exams. Ours is a rigorously
controlled industry which operates to the highest technical and ethical
standards. Which means youll have to demonstrate your skills and
knowledge at many stages as you progress towards becoming fully
qualified and throughout your career. Remember your employer will
support you through these exams and will help you gain the skills and
techniques needed.
Youll face a number of exams covering areas such as finance and
financial mathematics, statistics and models, actuarial mathematics
and audit trails.
Take a look at the list of exam and qualification requirements at www. actuaries.org.uk/become-actuary
10 | Institute and Faculty of Actuaries
Youll also be tested to ensure you make the grade in your particular
specialist area, such as Health and Care, Pensions or Insurance.
In addition you will be assessed, in your role, for at least a year as you
build your all important work based skills.
Exemptions
Depending on the modules you take and the grades you obtain at
university, and whether or not the course you choose is part of an
IFoA accredited programme, you can be exempted from some of
the actuarial exams.
These exemptions are agreed between IFoA and the universities
themselves. Take a look at our website at www.actuaries.org.uk/
studying/exam-exemptions to see the full list of participating
universities. Remember that each university offers different
courses so contact them directly for full details.
Degree courses suited to
becoming an actuary:
Actuarial Science
Mathematics
Economics
Physics
Engineering
Chemistry
www.actuaries.org.uk | 11
 In their own words
My course was a Bachelor of Mathematics at Swansea
University and I have to admit, like lots of maths students,
I wasnt sure exactly what I wanted to do for a career. I did
know that it had to be a job that involved numbers, thinking
logically and that there was a new challenge every day.
I applied to an actuarial pensions and employee benefit
consultancy. At the assessment we were given unusual problems to solve by
working as a team. I really enjoyed the tasks and it was such a friendly team
that I was hooked.
Im in a supportive environment, tackling interesting work. I couldnt be
happier with where I am.
Nicola Duncan | Xafinity
In 2011 I undertook a year long Masters degree at Cass
Business School in actuarial science. Principally to get a
real feel for whether an actuarial career was for me but
an added bonus was that I gained 6 exemptions which
eased the pressure on me when I was settling in to my career.
The knowledge I gained through the year definitely helped
me when I was applying for graduate programmes. I was just a little more
confident about the subject matter. I joined Hymans Robertson as an
actuarial trainee and the hands-on experience Ive gained in meeting clients
and solving real problems has been immense. My tip is to ask as many
questions as you can. When youre surrounded by professionals who
want you to do well its a real bonus.
Nick Grover | Hymans Robertson
12 | Institute and Faculty of Actuaries
I studied computer science at university and on
graduating worked in IT at Lehmen Brothers before
moving to Zurich Insurance.
I was working with the actuarial team helping with
incident and change management and software
development and when I saw actuarial work in action
I was hooked. My employer supported me through the IFoAs core
technical exams which I passed with ease and the CAA qualification
was the natural next step.
I realised that employers dont need a fully qualified actuary to manage
their actuarial IT systems but having a good understanding of actuarial
work and the CAA qualification means I can really stand out. The
CAA qualification means that I can now also speak actuary to my
colleagues and support them in their roles.
Halima Michelle Sadiq | Zurich Insurance
I didnt have my career mapped out from the start
in quite the same way as some of my colleagues.
At university I read maths with philosophy because
they were subjects I knew Id enjoy and I thought Id
do well at. But as I didnt have an actuarial academic
background it meant that I didnt earn any exemptions
so had fifteen challenging exams ahead of me at the same time as
pursuing a full time career.
I passed the exams which was really satisfying and I dont regret
my approach. My non actuarial academic background gives me a
different perspective on my approach to work. Who knew philosophy
would come in so handy! And I think Ive built some skills, beyond the
actuarial requirement, which are proving useful in my career. It was
definitely the route that worked for me.
Tom Levi | Towers Watson
www.actuaries.org.uk | 13
 About the IFoA
The IFoA is the UKs only chartered
professional body dedicated to educating,
developing and regulating actuaries based
both in the UK and internationally.
We have the resources, expertise and commitment to support you
at every stage of your career. Well work hard to help you to realise
your professional goals and to continue to develop our industry to
ensure a breadth of opportunity. Join us and youll be one of over
26,000 members worldwide. Were a young bunch - 94% of our
members are under 40 and we have a truly international reach.
As a member youll benefit from:
Professional recognition of your achievements nationally
and internationally
Education and career development through the qualification syllabus
and Continuing Professional Development (CPD) programme
Influence through your involvement with matters of public interest
Regulation and control of our industry
Networking as you build a community of your peers to share best
practice and offer support
Extensive library resources online and hardcopy support for your
studies and research
Visit www.actuaries.org.uk today to join us.
14 | Institute and Faculty of Actuaries
Presidents
final thoughts
I hope this guide has given you an insight into the career opportunities
that are available to you as a qualified actuary. If this has whetted your
appetite, then please visit our website where you can find more details
about how to embark on your actuarial career.
Should you decide that this is the right career for you, then I am
certain that the IFoA is the best placed organisation to offer you the
professional support you need to achieve your goals and ambitions.
Your professional needs are at the heart of all we do providing
high quality, internationally recognised, qualifications and lifelong
learning opportunities. As a regulated professional the actuarial skill
set is of enormous value to business and society and can be applied
across multiple business sectors. As risk professionals, actuaries take
the long view to inform sustainable business decisions that balance
risk and reward. Trusted for our expert analysis and independent
judgement we help assure public confidence by making financial
sense of an uncertain future.
It takes a love of problem solving and a commitment to hard work to
succeed in our profession. I very much hope you decide its the right
move for you.
ColinMorrison
Fiona Wilson
President, Institute
President, and
Institute and
Faculty of of
Faculty Actuaries
Actuaries
www.actuaries.org.uk | 15
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Email: careers@actuaries.org.uk
www.actuaries.org.uk/become-actuary