Actuaries evaluate complex risks and assess the probability and potential financial consequences of those risks. Although the majority of actuaries work in traditional fields, actuaries are increasingly stepping outside of these specialisms to work in other areas of risk evaluation, such as the effects of climate change.
The work carries a high level of responsibility, and the decisions of actuaries affect thousands of people. In insurance-related specialisms actuaries must ensure that premium rates are set accurately and that adequate funds exist to meet claims. Actuaries may also be responsible for legislative and advisory work, managing other staff and reporting financial forecasts to management.
Career progression is encouraged through direct client responsibility, specialisation, management or partnership. Although qualification can be a lengthy and demanding process, the work is highly respected, globally recognised, and extremely well remunerated – trainee actuaries typically earn around £32,000, while qualified actuaries may earn anything from £46,000 to £221,000 depending on location and experience.
Most positions occur in towns and cities throughout the UK, and opportunities for international and self-employment also exist. Working hours tend to be predictable; although extra hours are common, actuaries are not usually required to work at the weekend, and there is scope for providing flexible/shared working hours depending on the employer.
Vacancies are advertised through targetjobs.co.uk, specialist recruitment agencies, websites and in publications such as The Actuary.