The Institute and Faculty of Actuaries

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About The Institute and Faculty of Actuaries

Other locations: Oxford, Oxfordshire; Edinburgh, City of Edinburgh

Industry: Teaching & education

No of employees: 31938

Our company in a nutshell

The Institute and Faculty of Actuaries (IFoA) is the UK's only chartered professional body dedicated to educating, developing and regulating actuaries based both in the UK and internationally.

What is an actuary?

Actuaries are highly regarded professionals; actuaries are problem solvers and strategic thinkers with a deep understanding of financial systems.

Being an actuary means having highly valued mathematical skills and expertise
Actuaries come from different academic backgrounds but share a love of maths even if they haven’t done a maths degree. When you train as an actuary you’ll learn how to analyse data, evaluate financial risks, and communicate this data to non-specialists.

Actuaries use their skills to help measure the probability and risk of future events
Every area of business is subject to risks so an actuarial career offers many employment options, including banking, insurance, healthcare, pensions, investment but also non-financial areas.

An actuarial career can be one of the most diverse, exciting and rewarding in the world
Members of the Institute and Faculty of Actuaries (IFoA) are part of a globally recognised profession and have internationally-recognised qualifications.
To qualify as an actuary you need to apply to become a student member of the Institute and Faculty of Actuaries (IFoA). You then need to pass our exams, or obtain exemptions from them and gain satisfactory level of work-based skills.

Life at The Institute and Faculty of Actuaries for graduates

Actuaries are highly regarded professionals; actuaries are problem solvers and strategic thinkers with a deep understanding of financial systems.

Case studies

Jessica Clark

General Insurance, London

I started at Lane Clark & Peacock the year after I finished university. Owing to an industrial placement that I took during university, I knew I wanted to be in an organisation where I would be challenged, use my degree and be able to forge my own career. LCP has offered all this plus more and the first six months have flown by. I am part of the Insurance Consulting team in the London office, working as an analyst and training towards my actuarial qualification.

LCP has a great open working environment. The experience and skills that the team has makes it a great place to learn. Being able to work with the partners directly from the beginning has been a fantastic experience. I also feel supported to share my own ideas, which has made me feel like a valuable member of the team.

LCP has also given me the opportunity to get involved in projects that take my interest. I feel in control of the direction of my career and it is great that I have a say in the work I am doing.

I was surprised and pleased with the level of responsibility and involvement I have had from the beginning. For example getting involved in project management and going to client meeting were things I thought I would have to bide my time before being able to do.

In my first six months here, I have had the chance to get involved in a range of work from reserving, reinsurance and pricing. This is exactly why I wanted to join a consultancy as each day is different and you get a chance to broaden your skills quickly.

On these projects I have mainly used Excel, but also our in-house software. I get the chance to be involved at each stage of the project, from processing the data, performing the analysis and helping to prepare the final report that goes to the client.

At LCP it is a real team effort and I have felt supported throughout each stage, which I think is why I am able to have a good work-life balance. This has meant I have been able to take advantage of all the great things London has to offer.

Xavier

Actuary, Marsh

What it’s really like to work as an actuary in the City

Course undertaken and university attended:
BSc Actuarial Science – London School of Economics


What do Marsh/your team do?

Marsh is part of Marsh and Mclennan Companies (MMC), a listed company on the New York Stock Exchange. MMC offers a wide range of services through its many subsidiaries. Specifically, Marsh provides insurance broking services. As part of the Financial Services Group, I help clients, mainly non-financial, model their insurance losses. I then consider this loss projection along with other factors, like insurance premium, to recommend an insurance programme which would fit their risk appetite.


What is a typical day like for you?

I'll list a few things which I have to go through every day. You can then decide what a typical day looks like for me: using my brain, opening up at least 10 spreadsheets, speaking to clients (could be internal or external), high-fiving my colleagues.


What do you enjoy most about your job?

As a qualified actuary, I had to pass a lot of exams, which required me to study a lot of mathematical and statistical theory. I know a lot of actuaries who forget their exam material quite quickly after qualifying. However, my job requires me to actually use what I've learnt in my exams to solve problems for clients. Makes all the studying worth even more.


What was the interview process like?

Just like talking to a friend – who really wants to get to know you inside-out. One interesting question was being asked to describe a creative use of an Excel function. Thank you to the mighty "SUMPRODUCT" – you helped me get my job!


How do you manage your work/life balance?

I try to spend a few hours a week doing some sort of physical activity – whether it is running, going to the gym, or playing sport. A healthy physical body leads to a healthy mental brain. Having a more agile brain leads to completing work much more efficiently. Finishing work quickly leads to having more time to enjoy life! Not saying that I dislike my job, though.

Jobs by The Institute and Faculty of Actuaries

Actuary

Ongoing

Nationwide

£33,000 per annum

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Live Vacancies from The Institute and Faculty of Actuaries

Actuary

The Institute and Faculty of Actuaries

The Institute and Faculty of Actuaries (IFoA) is the UK's chartered professional body dedicated to developing and regulating actuaries. Our members are part of a globally recognised profession and have internationally-recognised qualifications.

Expiry date:
Ongoing
Location:
Nationwide
Salary:
£33,000
Job type:
Graduate job
Contract type:
Permanent