Actuary - overview

What does an actuary do?

As an actuary you’ll be confident using mathematical modelling to work out risk and probability for clients in a range of scenarios, like analsying pension schemes or accident rates in a specific group of people.

You’ll analyse statistics and write reports advising on risk and may also develop new financial products.

You’ll usually work with IT professionals to develop financial systems and test financial options.

You’ll need great communication skills working with a range of stakeholders and may supervise team members.

What will your days involve?

Daily tasks will vary but could involve:

• Analysing statistics, examining policies, and searching for patterns to help organisations make policy decisions
• Using and building mathematical and statistical models to assess risks and make predictions
• Writing reports, presenting information, and explaining results to stakeholders
• Monitoring economic trends and issues, conducting market research, and investigating information from databases, journals, and websites
• Checking standards of quality control

FAQs

How much can you earn as an actuary?

The average salary for an actuary in the UK is £50,440.

Does an actuary role involve travel in the UK or overseas?

As an actuary, you’ll usually travel to an office and to your clients. Overseas travel might be possible if you work for a larger global company.

Can you work from home as an actuary?

Working from home as an actuary is rare unless you’re self-employed.