Actuary
Analyse numbers and big data to help businesses and governments predict the future.
Also known as: insurance actuary, actuarial consultant, actuarial analyst
About the job
Salary
Source: National Careers Service
Weekly
£615
Entry level
£1,346
Experienced
Monthly
£2,667
Entry level
£5,833
Experienced
Yearly
£32,000
Entry level
£70,000
Experienced
5,500
people are currently employed
High growth
300 more jobs in 5 years
These figures refer to this job and similar ones with comparable skills and qualifications. They only apply to Scotland. Source: Oxford Economics
What it's like
You would gather and analyse data to judge the probability and risks of different future scenarios.
You'd advise managers in companies and public bodies so they can make responsible decisions about how to spend the organisation's money.
You'd work with a lot of data and statistics. You'd research, analyse and interpret the data to forecast long-term financial costs for companies and governments.
You would:
Analyse past events, for example accident rates or medical data to analyse risks
Forecast the future financial outcomes of various situations
Use computers to build mathematical and statistical models
Explain your findings to government ministers or business clients
Keep up to date with the financial and business worlds
If you work in an insurance or pensions company you would design these financial products so that the companies can pay out money to customers when they need it but still make a profit for the company.
As a consultant you'd advise clients on major financial risks such as investing their money in the stock market or buying a business.
If you work for the Government Actuary's Department you'd advise other departments on the costs of policies like benefits, state pensions and healthcare.
You would work closely with other professionals such as insurance underwriters, investment managers and accountants.
Hours
Environment
Travel
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Related industries
Many jobs can be done in lots of different industries. We've highlighted the ones we think are most important for this job.
Financial services
Top skills
Skills are things you're good at. Whether you know what yours are or not, everyone has them!
It's useful to learn which ones are important in a job so you know the areas you need to brush up on. It can also help you work out if you're suited to a career.
Here are some of the skills you'll need to do this job:
- understanding
- analysing
- making decisions
- attention to detail
- researching
- observation
- working with numbers
- problem solving
Your skills are important
Our unique skillsets are what make us stand out from the crowd. Learn about each skill in depth and discover what employers look for in your applications and interviews.
Getting in
Explore the sections shown for more information about getting into this career.
You might have qualifications which are not shown here but will allow you access to a course. You can compare your qualifications by looking at their SCQF Level. For more information about this, check out the SCQF website.
Always contact the college, university or training provider to check exactly what you'll need.
Colleges and universities will list subjects you'll need for entry to a course. Some useful subjects include:
Accounting
Business
Economics
Mathematics
Skills for Work: Financial Services
Statistics
Foundation Apprenticeship: Financial Services
Applications of Mathematics
You can get a head start in this career by doing a Foundation Apprenticeship in S5 and S6.
You'll get an SCQF level 6 qualification which is the same level as a Higher. You'll also learn new skills and gain valuable experience in a work environment.
Discover what's on offer at your school on Apprenticeships.scot.
You need an honours degree at 2:1 or above in a numerate subject (SCQF Level 10).
To enter a numerate degree such as accountancy requires minimum Highers BBBC, a relevant HNC/D or equivalent.
Alternatively, work-based qualifications, including a Modern Apprenticeship, may be available.
Advanced Highers / Baccalaureates or a relevant HND may support entry to the second year or third year of some degree courses.
Once in a job you will need to achieve professional qualifications and become an Associate of the Institute and Faculty of Actuaries.
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