Actuarial Careers

Careers with a degree in Actuarial Science

 

PROFILE: Actuary

Actuaries apply mathematical and statistical techniques to business problems. They work out the degree of risk on life assurance policies, pensions and employee benefits and investments.
Tasks include: Calculating and advising on life assurance policies, pensions and employee benefits and investments; applying mathematical and statistical techniques to business problems by: computer work; writing letters, reports; filing; spreadsheets.
Employers: Actuaries work in life assurance, general insurance, actuarial consultancies, investment banks and for the Government Actuaries Department. Some Chartered Accountancy firms are now setting up actuarial departments.
Satisfactions include: Passing exams, able to achieve things, (i. e. valuation results), travel and working with people from other companies.
Negative aspects include: Studying for exams - very hard work - needs lots of motivation. Long hours.
Skills required include: Analysing, Investigating, Numeracy, Communication, Co-operating, Advising
Degree subjects: Actuarial science, mathematics, statistics, economics, operational research - mathematics based degrees, otherwise must have a very good grade at Maths A level. Need to show good communication and interpersonal skills as well as numeracy. Postgraduate qualification in Actuarial Science at Kent, Heriot Watt or City Universities may be helpful for those who have not studied Maths or Actuarial Science at first-degree level and give exemptions from professional exams.



Actuarial work can be very highly paid, but the professional examinations are very demanding. See our interview reports for a range of feedback on actuarial interviews.

WHAT SKILLS DO ACTUARIAL SCIENCE GRADUATES DEVELOP ON THEIR COURSES?

Employers will consider problem solving, thinking logically and high level quantitative and numerical skills as obvious acquisitions on an actuarial degree. You will also gather specific knowledge such as statistical methods, applied mathematics and actuarial technical skills such as Prophet. See our skills section at www.kent.ac.uk/careers/sk/skillsmenu.htm

DESTINATIONS OF KENT ACTUARIAL SCIENCE GRADUATES (EU Students).

These statistics only cover the first six months after graduation. The latest destinations for all subjects (1999-2007) including postgraduates can be found at www.kent.ac.uk/careers/fdrbases/destinations.htm

Actuarial Careers Chart

Mathematics careers Mathematics careers Mathematics careers Mathematics careers Mathematics careers Mathematics careers Mathematics careers Mathematics careers Mathematics careers Mathematics careers

YEAR

06 07 08
POSTGRADUATE STUDY
  • MSc: MSc Applied Actuarial Science - Kent (9), MSc Statistics - Kent (5), MSc Mathematics - LSE, MSc Risk and Statistics - LSE, MSc Investment Banking - Reading, MSc Finance - Oxford, MA Finance - Exeter (2), MSc Actuarial Management - CASS Business School (3), MA Islamic Studies - Middlesex University
  • Pg Dip Actuarial Science - Kent
  • Teacher Training: PGCE Mathematics - Christ Church
4 2 5
EMPLOYMENT
  • Trainee Actuary: Mercer (5), Kerr Henderson Hewitt (5), Towers Perrin (3), Punter Southall (3), Lloyds TSB Insurance (3), Friends Provident (3), Royal & Sun Alliance (3), Axa Sunlife Services (2), Colonial Financial (2), G.E. Frankona (2), Gov't Actuaries Dept. (2), Hymans Robertson (3), Kerr & Co (2), Entegria (2), Capita Life (2), HSBC Actuaries, Alexander Forbes, Steve Dixon Associates, Lincoln Financial Group, Nationwide, Pearl Group, Grant Thornton, Buck Consultants, Winterthur Life, Risk Research, Liberty Syndicate Management, SAGA, Norwich Union, Pinnacle Insurance, HBOS Life, Wolanski, Ecclesiastical Insurance, Prudential, Hogg Robinson, Abbey National, Scottish Widows, Colin Mougue, Gissings
  • Business Analyst: Mercer, Norwich Union, Amlin, Lloyds TSB
  • Client Evaluation Analyst - Barclays
  • Competitor and Market Analyst: RWE Trading
  • New Business Administrator: Mellon European Fund Services
  • Pensions Analyst/Assistant: Deloitte Touche, Lincoln Finance, Nat West. Bank., T Quality
  • Economic Analyst: Somerset County Council
  • Investment Analyst: Financial Ombudsman Service
  • Data Analyst - Binleys
  • Graduate Contracts Specialist: Bechtel
  • Tax Assistant: Coutts Bank
  • Consulting Assistant - Bacon & Woodrow
  • Statistician: Govt. Statistical Service
  • Trainee Chartered Accountant: Goatcher Chandler, PWC, PKF, Hughes Allen
  • Finance Analyst - Arcadia Group (+ BPP - CIMA accounting qualification)
  • Trainee Banker: HSBC, Lloyds TSB, Union Bank of Switzerland
  • Graduate Finance Trainee: Marconi
  • Tax & Financial Services Ass't - Pacific Ltd
  • Complaints Handler: HSBC
  • Insurance Sales Executive
  • Mortgage Advisor: London and Country Mortgages
  • Assistant Manager: Foundation Entertainment
  • Contracts Co-ordinator: Workplace Engineering
  • Benefits Assistant: Watson Wyatt Partners
  • Teaching Assistant - School
  • Key Worker: Cyrenians
  • Other employment: Receptionist - Recuitment agency, Computing Support, Crew Member - McDonalds (Canada), Resort Rep. - Crystal Holidays, Austria, Invoice Coordinator - Barker Personnel, Administrative Assistant - Personnel Solutions, Accounts Assistant - Hotgroup/Met Police, Sales Rep. - Virgin Money, Cashier - Nat West. , Clerical - Jobcentre, Ass't Bar Manager
12 10 11
NOT AVAILABLE to work or not seeking work e.g. taking time out to travel - 3 -

STILL LOOKING for work or study 6 months after graduation

- 1 -
UNKNOWN 9 4 6
TOTAL 25 20 22

Example Actuarial CV

www.kent.ac.uk/careers/cv/actuary-cv.htm

Questions asked in interviews for actuarial traineeships

Tests given. See our practice tests for help

Tips

Links

Some major Actuarial Employers

Vacation Work

The Institute of Actuaries www.actuaries.org.uk lists employers with vacation work and work experience opportunities in the Careers & Jobs section of their website

Actuarial science graduates can also enter a wide range of other careers which utilise their mathematical skills including

 

Once you have read this, visit the Careers Centre (in Keynes Driveway). You can browse in there as you would a library and ask at the helpdesk if you need help. I'm normally available there TUESDAY MORNINGS (10.30 am - 12.30 p.m.) and WEDNESDAY AND FRIDAY AFTERNOONS (2.00 - 5.00 p.m.) for short discussions etc. You don't need make an appointment to see me at these times.

Bruce Woodcock - Careers Adviser for Actuarial Science

He uses statistics as a drunken man uses lamp-posts--for support rather than illumination! Andrew Lang

43.78% of statistics are meaningless.

There are three kinds of people; those who can count and those who can't.

 

Last fully updated June 2009