Call them the financial fortune teller! An Actuary has a very particular set of skills in Maths, Business and Economics that allow them to forecast financial risks for a company. With their in-depth knowledge, they are able to advise a company how to evaluate and manage potential financial risks. Fail to plan is a plan that fails!
Particularly if an Actuary is working in the insurance industry, some risks they could calculate would be the risk of floods, fires and accidents. This will then determine insurance premiums the business offers to clients. Actuaries are also employed in banking and corporate finance industries. No matter the industry, they’ll usually have the following job responsibilities:
- Identifying and collating related statistical information for analysis
- Analysing statistical data to determine the severity of financial risks and costs
- Producing reports and presentations on potential risks and their implications
- Advising on strategies and policies to minimise and avoid potential risks to the business
- Creating new methods of risk analysis to produce more accurate forecasts
- Keeping up-to-date with the latest financial developments and other factors that may effect the business
Key Skills & Characteristics
An Actuary should:
- Be excellent with numbers whilst maintaining a high level of accuracy
- Have strong research and analysis skills
- Have good communication skills with the ability to explain complex information
- Be decisive and show sound judgement
- Possess great interpersonal skills whilst having an inquisitive mind
Many call Actuaries, Mathematical Geniuses. Too right! To become one takes true talent, hard work and dedication. Every Actuary needs to be a part of the Institute and Faculty of Actuaries (IFoA) of which you will need to pass some exams and get relevant work-based skills.
So the best start would be to complete a degree in either Actuarial Science or Actuarial Maths. This could even get you some exemptions from the IFoA’s exams. The career is open to all graduates, however you may need a B or C grade in A-Level Maths to be a part of the IFoA. They do offer non-members the opportunity to complete The Certificate in Financial Mathematics (CT1) and goes towards completing the professional qualification and becoming an Actuary.
Work experience from internships and placements is always a bonus!
Section Function Head
Advice From Our Experts
- Impact – Your input can make a real difference
- Number Crunching – If you love numbers, you’re going to love this career
- Financial Package – It’s a lucrative career throughout the levels of progression
- High Responsibility – If you make the wrong recommendation, it could significantly hurt the business
- Mundane – At times, it can be quite repetitive if you are more of a creative type of person
- Long Hours – It can involve long hours and immense dedication, especially when studying for exams