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Predicting the future: Qualifying as an actuaryThe road to becoming a professional actuary is long but rewarding. Explore the professional
requirements to enter this risky business.
Actuarial science is the application of statistical and mathematical methods to forecast and
manage risk mainly associated with demography (such as the analysis of population
mortality and life expectancy). Essentially, it is the science of making calculated predictions
about trends and probabilities in the future, based on patterns of events that happened in
the past.
The work of an actuary
Actuaries are problem-solvers, business analysts and consultants – financial risk
assessors who look at past and present business information to develop and communicate a
picture of the future.
As a high-profile career – where a wrong decision can cost millions and sometimes
even billions of ringgit – actuaries are highly sought-after specialists. With their skills in
mathematics, statistics, economics and finance, actuaries are able to gauge and make
expert financial predictions, which enable organisations and individuals to plan for the
future.
Traditionally, actuaries are associated with the insurance industry – life, general and health
– which calls on their expertise in calculating and predicting risk. Today, an increasing
number of actuaries build their careers in healthcare, banking, business and risk
management, and assessment.
The path to becoming a qualified actuary
A degree in actuarial science is only the first step; learning doesn’t stop after graduation.
Qualifying as a professional actuary is a rigorous and demanding process which requires
aspiring actuaries to pass eight to nine professional exams. Actuarial trainees take
exams at their own pace while working for an employer, as full-time professional experience
is a requirement for qualification.
The actuarial qualification process takes at least three to seven years after graduation to
qualify.
Recognised actuarial qualifications in Malaysia
Currently, there are no local actuary qualification examinations conducted in Malaysia.
However, Malaysian insurance regulators, Bank Negara Malaysia and the Actuarial Society of
Malaysia (ASM) recognise members of the following organisations as qualified actuaries:
Institute of Actuaries (England)
Faculty of Actuaries (Scotland)
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Institute of Actuaries of Australia
Canadian Institute of Actuaries
Society of Actuaries (US)
Casualty Actuarial Society (US).
Source: Actuarial Society of Malaysia
Exemptions from some exams may be awarded to students who have a relevant degree of
an appropriate standard, or studied actuarial science at postgraduate level.
For a comparison of different qualifications and examinations, please see the ASM website
at www.actuaries.org.my/?page_id=25.
Finding work
Actuaries work in many areas that benefit the public, including life and non-life
insurance, pension funds, savings, capital projects, investments, healthcare and
risk management.
Employers of actuarial science graduates include:
Life insurance companies
Investment and financial services, including takaful
Actuarial consultancies specialising in employee benefits, life
insurance and general insurance
Government sector; Bank Negara Malaysia (BNM) and EPF are
major actuarial employers
Universities; academia and administration.
The demand According to ASM, there are only about 30-40 qualified actuaries in Malaysia at present.
ASM predicts that given the continuous growth of the insurance industry, demand for
qualified actuaries will continue to grow over the next few decades. The president of ASM
estimated that a minimum of 100 actuaries are needed to serve the Malaysian population of
24 million people. Overseas, actuaries are employed in various work areas ranging from
strategic planning to weather forecasting.
What is an actuary?What is an actuary?
Actuaries are experts in risk management. They use their mathematical skills to help measure
the probability and risk of future events. This information is useful to many industries, including
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healthcare, pensions, insurance, banking and investments, where a single decision can have a
major financial impact.
Actuaries in the UK belong to the Institute and Faculty of Actuaries. It is a global profession with
internationally-recognised qualifications. It is also very highly regarded, in the way that medicine
and law are, and an actuarial career can be one of the most diverse, exciting and rewarding inthe world. In fact, due to the difficult exams and the expertise required, being an actuary carries
quite a reputation.
What skills do actuaries have?
People who work as actuaries come from all sorts of backgrounds, though clearly they share a
love of maths. Actuaries are problem solvers and strategic thinkers with a deep understanding
of financial systems. On the way to achieving a qualification, you'll develop these and other key
skills - analysing data, evaluating financial risks, communicating clearly - through exams and
work-based training.
Who should become an actuary?
A graduate typically with a 2:1 in a numerate subject (others may be suitable)
Loves logic and problem solving
Good communicator
Excellent business acumen
Find out more about what actuaries do or why you should become an actuary.
What does an actuary do?
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Out of our 23,950 members
22% work in Pensions
27% work in Life Insurance
12% work in General Insuranc
5% work in Investment
2% work in Education
1% work in Health and Care
33% work in other sectors
What are the main industry sectors I could work in?
Actuaries' skills are in great demand throughout the financial sector, particularly in investment,
insurance and pensions. Actuaries are also increasingly employed in risk management for large
companies. However, actuarial consultancies are probably the biggest employers of actuaries in
the UK. There are many areas where actuaries work, including;
Consultancies - offering advice on issues such as acquisitions, mergers and financing
capital projects, and also on occupational pension schemes
Investment - involved in research and on the pricing and management of investments,
particularly in mitigating the risk of investments
Insurance - providing a service to companies which need a huge range of numerical
information investigated, analysed and explained; for example to create and price polices, or
to ensure they have the money to cover claims
Pensions - designing and advising on company pension schemes, especially placing a
value on accumulated pension commitments.
What kind of projects do actuar ies work on ?
Every area of business is subject to risks so an actuarial career offers many options. A typical
business problem might involve analysing future financial events, especially when elements are
uncertain. But it could also involve understanding something like the weather: assessing when
and where devastating storms may hit and their associated costs, for investments or insurance.
Due to an actuary's skill the opportunities open to them are endless, they can even be
employed in the marketing and development of financial products.
What skills do I need?
Understanding how businesses operate is vital, but what really sets actuaries apart is their natural mathematical, economic and statistical awareness, and their ability to apply this to real
business issues. The ability to communicate these difficult topics to non-specialists is also very
important.
Find out more about the skills that you need at each stage of qualification.
Can I work in other areas?
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The skills that you will gain as an actuary will be invaluable to you in your future career, whether
that is as an actuary or other. Many actuaries change practice area and career paths. They
move into teaching, alternative risk roles, consultants, business operations managers, career
advisers – the list is endless.
Can I work abroad?
Yes - With the skills you will gain with the UK Profession, they can take you anywhere in the
world. With mutual recognition agreements with some of the other actuarial professional bodies,
once you have qualified it may be easy to transfer to another professional body if your work
takes you that way.
Becoming an actuary
Become an actuary
How much do actuaries earn? What do they do day to day? Hthe Profession and working actuaries? This section of the webs
answer those questions and many more.
The career is very diverse, and the different routes to qualificat
the UK or internationally, will allow you to explore the career psuits you.
International Actuarial Careers Network
The IACN is an global network of students who belong to an onl
hosted on the Institute and Faculty of Actuaries website.
Students are able to join together to discuss industry topics, netw
students and employers and find out firsthand what employers an
want from them. It is an opportunity to join like minded people to profile within the Actuarial Profession and amongst employers torelevant industry knowledge and help you in your job search.
If this sounds like something that would interest you - come and
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Have you got a question?
Contact the team or one of our many Career Ambassadors forinformation on the working life of an actuary.
How to become an actuaryIt takes on average between three and six years to qualify as an actuary, but the
rewards are well worth the effort. Most actuaries start their training once they
graduate, but the information below also applies to people entering from another
career.
Step 1 - Take an A-Level or a Higher in maths or an equivalent
You'll definitely need this to become an actuary. But it's worth noting that whatever you
eventually decide to do, taking maths will broaden your career options.
Step 2 - Get a good degree
For most actuarial employers, a 2.1 or better is essential. Any subject is acceptable, but
employers prefer candidates with numerate degrees such as actuarial science, maths, stats,
economics, engineering, chemistry or physics.
We have links with universites with accreditation or exemption agreements, do you want to find
out more?
Step 3 - Find a trainee position
Join an actuarial firm and develop your skills while you qualify. Your careers adviser can help,
and you can download aDirectory of actuarial employers offering work experience or
graduate trainee positions, or visit the actuaries pages of theInside Careers website. There is
no age limit for joining the profession. If you're interested in changing from another career or profession, we usually recommend you undertake one or two of our examinations
independently, to assess your skills. Your experience in your current career may be valuable to
an actuarial firm, and you may wish to contact actuarial employers directly to discuss your
potential.
Step 4 - Register as an actuarial student and gain your qualifications
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To become an Associate or Fellow of the Institute and Faculty of Actuaries you must pass our
examinations, or be granted exemption from them, and also attain a satisfactory level of work-
based skills. This usually takes between three and six years. You study by distance learning,
and many employers offer support for study, some offering paid study leave during your training.
In the Students section of this website you can learn all about the qualifications you need to
enter the profession, how and when to apply for student membership, and you can download
and complete an application form. Our qualifications shows you what exams you need in order
to qualify as an Associate or Fellow of the Profession. TheStudent Handbook is a helpful
resource in outlining the route through the exams we recommend.
Step 5 - Enjoy a job anywhere in the world
Within the actuarial profession there are many different and exciting career paths, and once
you're qualified, your skills can take you anywhere. Some actuaries specialise in technical
research, while others may focus more on commercial activities. Most go on to be practising
specialists in one of the traditional financial fields, with many becoming senior managers in
insurance companies or firms of consultants.
Our qualificationsActuarial student
The aim of the actuarial education strategy is to equip the actuaries of the future with the skills
they will need for their employers and clients. All exam subjects can be taken by well-
established distance learning methods, but we also make use of university-based education.
This provides flexibility in structuring courses, and means an increased choice of tuition
provision for students both before and after they enter the profession.
The entry standards for student membership are set out in the admission regulations on the
right.
More information on student membership
Associate
Students can become Associate members of the Institute and Faculty of Actuaries and gain the
right to describe themselves as an actuary and to use the letters AIA or AFA.
As an actuary and an Associate of the Institute and Faculty of Actuaries, members have a
breadth of expertise that brings wide and varied opportunities.
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More information on Associate membership
Fellow
Members of the profession who wish to continue their studies to an advanced level, or who
specialise in a particular actuarial field, may take further specialist exams to qualify as a Fellow.
Fellows use the letters FIA or FFA and are highly sought after as experts in their chosen field.
The Council may also recommend a person who is eminent or experienced in matters relative to
the profession, for election as an Honorary Fellow.
More information on Fellow membership
Chartered Enterprise Risk Actuary
CERA, or the Chartered Enterprise Risk Actuary qualification, is a global risk management
qualification which the UK Actuarial Profession is accredited to award to members who meet
certain criteria. It is one of the most comprehensive and rigorous enterprise risk managementqualifications available. It aims to address the urgent need for highly-qualified risk management
professionals worldwide, especially in the financial sector.
More information on the CERA qualification
International studentsAre you an international student? Or would you like to be? On this page, you will
find information to help you find work in the UK or to be a member of the UK
Profession abroad.
Bharat
Read the profile Position: Assistant Manager, Actuarial
Studied: Bachelor of Commerce
Now working for: Prudential, India
International students
How do I obtain a work permit to work in the UK?
Work permits are issued by the Borders and Immigration Agency, which is part of the Home
Office. Work permit applications can only be made by employers based in the UK who wish to
employ people from outside the European Economic Area. Individuals are not allowed to make
applications on their own behalf.
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Is there anyone I can talk to in the country I live?
Yes, the Institute and Faculty has appointed education advisers overseas to advise students
and those contemplating an actuarial career on matters related to the profession, particularly
with regard to the education, tuition and examination activities.
How do I apply to be a member?
We offer a reduced rate for education services to help students in certain countries. Please see
the how to register as a student page to understand if you are eligible for this reduced rate
and other elements relating to admission. Application forms and admission notes are available
also on that page.
UK Students
Can I work abroad?
Yes - With the skills you will gain with the UK Profession, they can take you anywhere in the
world. With mutual recognition agreements with some of the other actuarial professional
bodies, once you have qualified it may be easy to transfer to another professional body if your
work takes you that way.
Speak to employers to find out what opportunities are available to you.
International Actuarial Careers Network(IACN)
Welcome to the International Actuarial
Careers Network (IACN).
You are one step closer to belonging to a network of students interested in
becoming an actuary.
Below you will find details of what the network is, how you can join and what the
benefits are to you.
For see the current breakdown of the membership please see the IACN statistics.
What is the International Actuarial Careers Network?
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The IACN is an global network of students who belong to an online community hosted on the
Institute and Faculty of Actuaries website.
Students are able to join together to discuss industry topics, network with students and
employers and find out firsthand what employers and the industry want from them.
It is an opportunity to join like minded people to raise your profile within the Actuarial Profession
and amongst employers to help you gain relevant industry knowledge and help you in your job
search.
How does it work?
If you are interested in joining this online network, you will need to register using the registration
form.
On registration you will be asked to provide your contact details to enable us to provide you with
relevant information. Once you have done this, you will be given details of how to log into thecommunity and how the community works.
You will then be able to upload documents, start discussion topics, respond to discussion
threads and ask questions to the Institute and Faculty of Actuaries or employers.
The community will be monitored regularly. Please note that any content that you upload will be
attributed to the username you create when you log onto the website. Therefore, please ensure
that you are happy with the content before you publish it. See our full terms and conditions
online.
How will we use your details?
Your details will be used by us to contact you about our activities and services and our
qualifications. It will be kept for the duration of your time as a member of the network. It is
important to keep your details up to date. You will get regular reminders to do this.
We will not share your details with any third parties and no members on the community will be
able to access your contact details. But please note that any content you place on the
community will be attributed to your username.
We are confident that you will benefit greatly from being a member of the IACN, but if at any
time you would like to opt out of any notifications or updates, then please contact us
by emailing us.
What are we offering you?
Access to Career Ambassadors
Networking and links with employers etc
Q&A sessions
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Discussion topics
Profiles
Articles
Industry information
Information on local events
Careers newsletter
Free access to The Actuary online
Welcome gift.
What are the benefits to you?
Align yourself with the UK Actuarial Profession
Gain access to employers
Find out industry knowledge
Network with like minded students
Get your questions answered by industry specialists
Attend career events
Newsletter and access to magazines.
Welcome gift
When you successfully register as a member of the IACN you will recieve a free welcome gift.
Ensure that you fill in the postal details on the registration form to allow us to send it to you.
Any questions?
If you have any questions about the network then please contact us using the details below
Email: [email protected]
Telephone: +44 (0)20 7632 2137
International newslettersInternation al news letters
As our international presence increases, we want to be able to reach you in a more personal
way so that you get a feel for the sort of things we are doing to help build the membership
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community. Newsletters like these are being sent to our members in different parts of the world
to ensure that you feel up to date with the activities that the Profession is engaged in.
In order to give you information that is relevant and interesting to you, we want you to keep us
up to date with activities that you are involved in, so that we can advertise your events, talks and
presentations and support you in many other ways. You can send your ideas toour international newsletter team.
Get a taste of actuarial work
Watch and listen ......
... as newly qualified actuaries explain how an actuarial qualification will enable the
range of careers.
Why do I need work experience?
Employers are looking for much more than an excellent academic record and work experience
can give you the edge. It shows initiative, drive and determination, and the fact that you've
learnt in real life situations.
47% of employers say that it is "not very likely" that they would take on a graduate with no work
experience. High Fliers, "The graduate market in 2013
How do I get work experience?
Many actuarial employers encourage internships, and often use them as opportunities to
evaluate suitable candidates for future positions. The Directory of Actuarial Employers will
show you which employers currently offer internships. Your careers adviser should also be able
to provide a wealth of information about internships.
What do I do if i can't get any actuarial work experience?
If you're struggling to find an actuarial work placement, it is often worth approaching large
employers such as insurance companies for general office-based work experience. Although
this may not be what you had in mind, it will be a useful insight into the workings of the industry.
Once you've established yourself, mention your interest in actuarial work, and see where it
takes you.
Can I take any exams before I become a member?
If you are interested in joining the profession, learning more about it, or simply improving your
financial skills, you can get a taste of what it's like to study as an actuary by taking
our Certificate in Financial Mathematics exam. This exam can be taken as a non-member. It
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would show an employer you are keen on this route, you can take and pass the exams
independantly and that you are a good investment. However, do not consider taking our exams
if you are struggling with your university course - the 2:1 or higher is a basic requirement, it is
more important to achieve that.
How do I get an actuarial graduate position?
The Directory of Actuarial Employers will show you which employers currently offer graduate
actuarial trainee roles. Themeet our members page gives you an idea of what roles are out
there, and what previous graduates have done since leaving university.
What can an actuary earn?Wherever you go in the world, you'll find the actuarial profession is one of the
highest paid.
Here is the basic salary you might expect to earn at different levels of responsibility.
Responsibility level Average basic salary (£)
Chief actuary, senior partner £221,250+
Senior function head, practice director £134,343
Function head, practice head £110,747
Department manager, managing consultant £87,557Section manager, senior consultant £81,239
Section leader, consultant £67,298
Senior actuary, junior consultant £59,836
Actuary £46,515
Student actuary £32,842
Source: XpertHR Salary survey of actuaries and actuarial students, 2011-12
For more information visit www.xperthr.co.uk
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Meet some of our membersCase Studies
Chris
Read the profile Position: Actuarial Analyst
Studied: Physics
Now working for: Guy Carpenter, London
Claire
Read the profile Position: Actuarial Trainee
Studied: Actuarial Science
Now working for: Hymans Robertson, Edinburgh
Andrew
Read the profile Position: Actuary, Investment Proposition
Studied: Mathematics
Now working for: Standard Life, Edinburgh
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Bhavna
Read the profile
Position: Actuarial Senior AssociateStudied: Mathematics
Now working for: Mercer Ltd, Liverpool
Video Profiles
Naila
Watch the video Position: Senior Consultant
Studied: Mathematics with French
Now working for: Deloitte, London
Jon
Watch the video Position: Consulting Actuary
Studied: Mathematics
Now working for: Hymans Robertson, LLP, Londo
Jinita
Watch the video Position: Associate Consultant
Studied: Actuarial Science
Now working for: Lane Clark & Peacock LLP, Lon
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Careers eventsCurrent Events
Please note that for all of these events, you will need to contact the university directly to apply
for a space. If you are not at the university, you will be unable to attend.
UK
Cass Business School -
Actuarial careers talk
19
March
DLG 09 - social science
building
18:00-
20:00 Registration link
UEA - Actuarial Careers
Reception
20
March
Darcy Thompson
Common Room
13:00-
16:00
Open to all actuarial
students
International
23 March 14:00-17:00 Jomo Kenyatta University Actuarial Fair Nairobi, Kenya
20 March 16:30-17:30 Hong Kong University Hong Kong
June - TBC TBC Strathmore University Actuarial Fair Nairobi, Kenya
Past Events
We have made available the presentations from past events - please see the right hand menu
to find links to these.
24 October 2012 - Actuarial Careers Reception, Staple Inn Hall, London
Photographs from a careers fair at Heriot Watt University on 12 February 2013 can be viewed
here.
Contact us
If you have any queries about future events, or would like us to organise an event for a school
or university then please contact Jenni Hughes
Career Ambassadors
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This page outlines who our Career Ambassadors are and the role they have in the
Profession.
The role of a Career Ambassador is to promote the Profession by helping to advise those
interested in the career path about the role of an actuary and give them informal and personal
advice about their route in. Our Career Ambassadors are at many different stages in their actuarial qualification, from new graduates to senior actuaries. They are also working for many
different employers in various roles, which allows for a huge variety of insight into a dynamic
and ever changing career and professional body.
Our Career Ambassadors are based all over the world, and do a number of different tasks for
the purpose of promoting the work of actuaries.
Career presentations at schools and universities
Career fairs at schools and presentations
Career case studies for publications and online platforms
Over the phone and email advice
If you would like a Career Ambassador to come to your school or university or would like some
advice from a Career Ambassador then please contact [email protected]
For case studies on some of our members see meet some of our members.
If you would like further details on the task description of a Career Ambassador and other
volunteer opportunities then see the volunteering pages.
Are you attending a careers event?
If you are then we can provide you with the following material;
FAQ folders
Directory of Actuarial Employers
Inside Careers (universities only)
Stand (upon request)
Posters
IACN leaflets (universities only)
Squeezy dice.
Please send me details of the event - Name of institution, location, date, time and contact at the
institution.
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Career sponsorship eventsThere are a number of events that the Careers department sponsors during the
year. The events and supporting documentation are outlined below.
Highland Senior Mathematics Weekend 15-17 March Lagganlia Centre for Outdoor LearningKingussie
View a selection of photographs from the weekend here.
The above event has been running for 14 years and has proven to be hugely popular with
senior students studying advanced mathematics in their sixth year of high school.
The key aims of the weekend are:
To further foster and develop an enjoyment of mathematics through the application of
advanced mathematics to real problems.
To make students aware of the importance of mathematics, science and technology in
business and industry, as well as the careers and opportunities available to them.
To promote an ethos of both individual determination and commitment to a shared goalthrough a series of indoor and outdoor activities.
The event was a huge success, Suzanne Vaughan, a member of Scottish Board went to the
event on behalf of the profession. Her account of the event is below.
"On the rather chilly afternoon of Friday 15 March 2013, I drove from my lovely warm office in
Edinburgh up to Lagganlia Outdoor Centre (near Aviemore) to attend the Highland Senior
Mathematics Weekend on behalf of the Institute and Faculty of Actuaries.
This was a maths boot camp for the Highlands and Islands’ brightest mathematic students
(aged 16 and 17), brought together for the weekend to show them how their mathematic skills
could open up a world of job opportunities. This event was organised by the Highland Council
but sponsored by the Institute and Faculty of Actuaries via the Scottish Board.
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I opened the weekend on behalf of the Institute and Faculty of Actuaries with an evening
session covering the Actuarial qualification and career path. I also included a workshop which
gave the students a chance to work through some “real life” actuarial problem solving (one
question even based on a past CA1 exam paper question!). The highlight for me of the
weekend, apart from the absolutely stunning views of the snow-capped mountains of Aviemore,
was the complete enthusiasm the students showed towards this event and our profession.
They showed a real passion for learning and finding out more about what a career as an actuary
could offer.
It was a highly rewarding experience, and to me this is exactly the sort of opportunities we
should be seeking out more regularly to broaden awareness of our profession amongst this age
group. If we want to remain one of the most well sought after professions it is important that
young people know who we are and what we can offer. As a profession I believe we still have
plenty of work to do in this area, but I am convinced we are moving in the right direction."
View a selection of photographs from the weekend here
An article was also written after the event, that article is under "Associated documents".
Careers questions answeredWhat qualifications do I need to become an actuary?
Most employers are looking for graduates with at least a 2.1 degree and excellent A-levels or
equivalent.
The minimum requirements for admission as a student of the Actuarial Profession are
Maths A-level (or equivalent) at grade B, together with a second A-level (or equivalent) in
any subject at grade C; or
Three Scottish National Qualifications Authority Higher passes, one of which must be in
mathematics at Grade A; or
The Irish Leaving Certificate in at least five subjects; one of the passes must be in
mathematics at Grade A; or
The Actuarial Profession’s CT1 exam taken as a non-member; or
Other qualifications which are considered to be equivalent to the above.
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For holders of a second class honours degree or above in a non-mathematical subject, the
maths A-level requirement is reduced to a grade C.
For holders of a third class honours or above in a mathematical or actuarial science degree, the
maths A-level requirement is dropped.
What if I don’t meet the entry requirements?
There is the option to take the Certificate in Financial Mathematics (CT1) exam. It will give
you the option to see if the maths skills and experience you have is enough to take our exams.
If you do take and pass the exam, then you will be eligible to become a member of the
profession.
However, there are a few things to note before you consider this option
1) Most employers look for students with a minimum 2:1 in a numerate degree and a maths
A Level
2) You will be up against students with upper 1st or 2nd class numerate degrees and who
have exemptions from several subjects
3) Each company, especially in the recession will have upped their entry requirements in
order to facilitate the huge number of applicants for each position – if you do not meet the basic
requirements it may put you at a disadvantage
4) If you spoke to an employer and explained that you have/or are thinking of taking CT1,
which could get you into the Profession then it may exempt you from some of their entry
requirements. Please note that this is not definite, it is just something to be aware of, each
company will have specific requirements that you will need to meet.
It would be worth in this situation to call employers directly through the Directory of Actuarial
Employers to see if they can give you any advice as they will have their own procedures in
place.
What A Levels should I do?
In order to become a student member of The Actuarial Profession, you will need to have a
grade B at A level mathematics and a grade C in another A level subject, or equivalent. Other
than the mathematics A level, it is your choice which subjects you choose.
How do I choose my university and course?
For the majority of actuaries, a good degree is essential.
Most employers prefer candidates with numerate degrees from a university department with
a strong reputation.
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A numerate degree may also lead to exemptions from some of the Profession's exams. For
a list of those universities click here.
Actuarial science degrees, in particular, are likely to give the most exemptions.
You could look at the University League Tables for further information on where the
universities you are looking at fall.Will I benefit from studying a degree in actuarial science?
Several universities offer undergraduate degrees in actuarial science, which offer exemptions
from some or all of the Core technical subject examinations.
The advantages of studying for an actuarial science degree are:
It is an opportunity to find out more about actuarial work before starting employment.
If you achieve a sufficiently high standard in the appropriate university exams, then you will
be recommended for exemption from the corresponding professional exams.
If you have an actuarial degree you should be able to qualify more quickly than if you take a
course which gives fewer exemptions. You may be more focused on your work and be
promoted more quickly.
A higher number of exam passes or exemptions may mean that the you receive a higher
salary (probably staggered and dependent on future exam success).
An actuarial degree gives an excellent grounding in subjects like economics, finance,
mathematics, and statistics, as well as the more actuarial subjects. This makes actuarial
graduates suitable for a range of careers, not just actuarial work.
But I won't be at a disadvantage if I'm not doing an actuarial degree, will I?
There are benefits to studying alternative degrees:
Non-actuarial degrees enable students to experience a greater range of courses and to
pursue a variety of interests outside actuarial work.
Non-actuarial degrees may still lead to exemption from some of the Core technical subjects
(eg CT3 Probability and mathematical statistics).
Some employers are less enthusiastic than others about employing actuarial science
graduates, so you may wish to seek the views of your favoured employers.
Experience in the office is at least as important as exam passes. Actuarial graduates shouldnot assume that they will necessarily be paid more than other graduates.
What about postgraduate degrees?
Postgraduate degrees which offer exemption from Core technical subjects or Specialist
technical subjects are also available. These have similar advantages to the actuarial science
degrees noted above.
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However, students typically have to find private funding for these postgraduate courses.
Where can I get sponsorship?
The Worshipful Company of Actuaries do offer funding through a charitable trust.
Also, the Staple Inn Actuarial Society (SIAS) offers funding at university level.How long does it take to qualify?
In order to become a Associate or Fellow of the Institute and Faculty of Actuaries, students must
pass exams, completion a number of practical modules, and acquire a satisfactory level of work-
based skills. This means that the average qualification time is currently three to six years.
What exemptions from the professional examinations will I obtain?
This will depend on the scope and standard of the subjects covered by the university
examinations taken and on the performance you have achieved.
It is possible to gain exemptions from all eight of the Core technical subjects on some
undergraduate and postgraduate degrees. Some postgraduate degrees offer the opportunity for
exemptions from Core applications and Specialist technical subjects.
Details of the universities and courses we have agreements with are available, along with
information on how to apply. If you have taken a different university course you may still be
eligible for exemption from some of our exams, but will need to apply to us for confirmation.
You must be a member of the Profession before you can gain any of the exemptions.
Where are actuaries based in the UK?
Actuaries work in cities throughout the UK and not just in London. Details of many actuarial
employers can be found in theDirectory of Actuarial Employers.
How do I obtain a work permit to work in the UK?
Work permits are issued by the Borders and Immigration Agency, which is part of the Home
Office. Work permit applications can only be made by employers based in the UK who wish to
employ people from outside the European Economic Area. Individuals are not allowed to make
applications on their own behalf.
Do I have to work as an actuary to qualify?
Yes, as well as passing the examinations, Associateship and Fellowship requires the
satisfactory completion of a period of work based training, evidenced by a learning log.
What happens in a graduate placement?
Once you gain a placement within a firm, you will embark on a route through the exams and
gaining the necessary work experience for you to qualify as a Fellow of the Actuarial Profession.
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Typically employers give you one day off a week to study although this is subject to each
individual employer. You will be given a study mentor who will be able to support you through
the qualifications.
You will be given a salary which will usually increase when you pass exams and take on more
work and responsibility.
Will I need to continue training once I have qualified?
Yes, actuaries are required to maintain their competence once qualified through continuing
professional development(CPD).
Contact usPlease use the contact details below to find out more
Careers enquiries
Please email [email protected] or call 01865 268 228
To attend an Actuarial Careers Evening or Reception
Please email [email protected] or call 020 7632 2137To become a Careers Ambassador
Please email [email protected] or call 020 7632 2137
Would you like an actuary to give a presentation or attend a school or university fair?
Please email [email protected] or call 020 7632 2137
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Actuarial Science
Subject description
Are you interested in money and investing it? Do you enjoy maths, and find statistics
fascinating? If so, working as an actuary could be possible career option. The UK spends
billions of pounds each year on financial products such as insurance, pensions and mortgages.
Actuaries are experts who design products like these to look after people's financial needs and
to protect their financial interests: part of their work is to try to predict what money will do when it
is invested. Actuaries sometimes give specialised evidence in court (for example in fraud cases)
or work with the government to predict how much money will be needed to meet the nation's
spending needs on services such as health, education and social care.
To qualify as an actuary you need a good honours degree in Actuarial Science (or a subject with
a high numerical content such as Mathematics or Economics) and specialist professional
qualifications from the Faculty and Institute of Actuaries. It is important to find out which courses
are approved by the Faculty and Institute and give exemptions from some of the professional
examinations for actuarial trainees.
Example areas of study
The following is as list of example topic areas that actuarial science degree courses could
include and is intended as a guide to the subjects you may study. It is important to check the
exact focus of the course with the institutions that you wish to apply to before you submit your
application.
Algebra and calculus
Statistical theory and practice
Financial and investment mathematics
Computing in mathematics
Financial economics
Actuarial investigations
Distribution theory
Time series and simulation
Life assurance practice
Demography Financial risk management
Pension funds
Database systems
Data analysis
Macroeconomics
Econometrics
Financial accounting
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Financial forecasting
Numbers and functions
Life insurance mathematics
Organisational behaviour
International monetary economics
Survival models
Probability and inference
Problems of finance and investment
Stochastic and actuarial methods in finance
Research methods
Microeconomics
Statistics and statistical reporting
Some career possibilities
By choosing an actuarial science degree you are not committing yourself to becoming an
actuary. Many graduates do become actuarial trainees but others go on to a variety of financial
and other careers including insurance, accountancy training, finance companies, banking or
research for higher degrees.
What do I need to get on a course?
The entry requirements for actuarial science degrees do vary so it is important to check these
requirements with the institutions that you wish to apply to. The list below is intended as a guide
to the grades and qualifications that you may need.
UCAS Tariff: 220 - 300 points including mathematics
A-level: AB - AAA including A in mathematics
SQA Highers: AAABB including mathematics SQA Advanced Highers: AB - AAA including mathematics
Irish Leaving Certificates: AAABB including mathematics
International Baccalaureate: 34 - 38 points including mathematics
BTEC National Diploma: relevant subjects considered
For your application or interview, evidence of the following could be useful:
Work experience or work shadowing in a financial organisation (such as a bank, and
insurance company or the Stock Exchange)
Interest and knowledge of financial issues (for example by reading The
Economist and The Financial Times) Further information is available from The Actuarial Profession and the Association of
Consulting Actuaries (ACA).
To find out more about the typical subjects you will study, potential career paths and further
information useful for your application log-on to Course Discover
at www.coursediscoveronline.co.uk *
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*NB: Your school or college will need a subscription to Course Discover in order for you to gain
access, for further information go to: www.coursediscover.co.uk
Credits:
BSc Actuarial SciencePage Contents >
Degree Structure
Teaching and Assessment
Suggested Preliminary Reading
UCAS Code: N321 BSc/ActSci HEFCE/QAA Teaching Assessment: Approved 22 out of 24 points (November 1999) - as part
of a single assessment of Mathematics and Statistics. Course Requirement: A level Mathematics at grade A or International Baccalaureate Higher
level Mathematics (with 7). Normally required: A level: grades A A A, one of which must be Mathematics. Further
Mathematics is highly desirable. International Baccalaureate: Diploma with 38 points including 7 6 6 at Higher level (with 7 in
Mathematics).
If you have enjoyed mathematics at A level and are interested in the applications of statistics to the socialsciences, then you should consider this subject. Actuarial science applies mathematical skills to a range
of applied subjects and helps to solve important problems for insurance, government, commerce, industryand academic researchers.
If you choose the Actuarial Science degree then you take additional courses, which together with the
mathematics and statistics required, can lead to exemptions from all of the first of the examinations of theInstitute of Actuaries. See Undergraduate Programme Accreditation and Exemptions for more
information.
Take a look at what Statistics graduates have gone on to do here.
Degree Structure
The BSc Actuarial Science degree involves studying courses to the value of twelve units over three yearsas indicated below.
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First Year
1. ST102 Elementary Statistical Theory2. MA100 Mathematical Methods3. AC100 Elements of Accounting and Finance or MA103 Introduction to Abstract Mathematics
4. EC102 Economics B
Elementary Statistical Theory is a theoretical statistics course which is appropriate whether or not your A
level Mathematics course included statistics. It forms the basis for later statistics options. MathematicalMethods is an introductory level 'how to do it' course designed to prepare you for using mathematics
seriously in the social sciences or any other context. Elements of Accounting and Finance will give you anintroduction to the preparation, uses and limitations of accounting information and problems of finance
and investment. You will also take an Economics course.
Second Year
1. ST202 Probability, Distribution Theory and Inference
2. MA212 Further Mathematical Methods3. ST227 Survival Methods (half) and ST226 Actuarial Investigations - Financial (half)4. Courses to the value of one unit (to be discussed with tutor)
Probability, Distribution Theory and Inference will develop your knowledge of probability and statisticsbeyond the first year course. It will also provide the probability and statistics basis for all third year
courses. Further Mathematical Methods covers the mathematics needed for statistics and actuarialcourses. Actuarial investigations (Financial) is a course on compound interest techniques from anactuarial viewpoint and Survival models provides an introduction to actuarial mathematics and statistics.Within in the optional unit you can choose from courses in economics, mathematics, sociology,
psychology, information systems, or anything else that might interest you. Alternatively, you can do anapplied statistics project.
Third Year
1. ST302 Stochastic Processes (half) and ST304 Time Series and Forecasting (half)2. ST306 Actuarial Mathematics: General (half) and ST300 Regression and Generalised Linear
Models (half)3. ST305 Actuarial Mathematics: Life4. ST330 Stochastic and Actuarial Methods in Finance
There are no options in the third year, but you might substitute one or two of these courses with an optiontaught outside the department. This however may affect exemptions from the Institute and Faculty of
Actuaries examinations.
You might be able to gain exemptions from the core technical stage of the Institute and Faculty of Actuaries examinations if you reach a sufficient standard in the relevant LSE courses. This is normallywell above a pass mark.
There could be changes in the programme given here for the second and third years of the degree tokeep up with developments in Actuarial Science.
Have a look at the BSc Actuarial Science regulations page for more information on option courses.
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Teaching and Assessment
You will usually attend a mixture of lectures and related classes totally between ten and fifteen hours per week. Your personal tutor will be able to offer general guidance and assistance with both academic andpersonal concerns and you will be expected to meet him or her at least three times a term.
Most courses are assessed by a three hour examination in June. A small number of courses areassessed by project work. The class of degree you will attain is based on the assessment over all three
years with the emphasis on marks gained in the second and third years.
Suggested Preliminary Reading
The following books can help prepare for the programmes:
J S Rosenthal Struck by Lightening: the curious world of probabilities (Harper Collins, 2005) V Bryant Yet Another Introduction to Analysis (Cambridge University Press, 1990)
N L Biggs Discrete Mathematics (Oxford University Press, 2003) P Eccles An Introduction to Mathematical Reasoning (Cambridge University Press, 1998) D Hand Statistics: a very short introduction (Oxford University Press, 2008)
The following are books on mathematics and statistics containing little to no formulas:
A Dilnot The Tiger That Isn't: Seeing Through a World of Numbers (Profile books, 2007) K J Devlin The Millennium Problems: the seven greatest unsolved mathematical puzzles of our
time (Granta Books, 2005) P J Davis and R Hersh The Mathematical Experience (Houghton Mifflin, 2000)
