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Actuaries are experts in financial systems and provide advice to businesses on how to operate and strategize based on data and financial risks from the external world. The work is wide, varied and highly important to business success.
You could be helping to set prices of products, forecasting potential risks and helping to create strategies to protect the businesses against any disasters. Although you will have to be very numerate and analytical, actuaries have the responsibility of communicating these issues to those in the business who may not be as mathematically savvy, so good communication skills are essential.
The professional qualification process to become an actuary can be quite long to complete, between 3-6 years, and is typically done alongside working. However, it’s a globally recognised profession and once qualified you could work anywhere in the world.
Actuaries are able to move into multiple different areas of the finance industry, so you could have a diverse and rewarding career. They are also very well paid, with a graduate starting out around £30,000 and if you progress to a department manager you can expect to earn £95,000.
This is quite a competitive industry and most placements will require a science or maths related degree. Some degrees include a sandwich or placement year and this could be an excellent opportunity to secure a graduate actuarial role. However, there are also companies who offer holiday internships and placements.
There are also a number of Government actuary apprenticeships available for those who have not completed a degree.
The actuarial industry has a significant gender gap and is supporting initiatives to get more women to pursue a career in actuary.