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Actuarial Work Placements

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Actuarial Analyst - Summer Internship - Birmingham


Actuarial Analyst Summer Intern Are you looking for a Summer Internship that is technically challenging? Do you want a future that allows you to develop commercial acumen alongside your technical skills? Are you keen to have the opportunity to progress in

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Helping you find a career in the Actuarial industry

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.

How to get Actuarial internships, work experience or placements
It can be difficult to secure direct actuarial experience as a lot of the information is confidential. However, any finance placements or work experience will help to demonstrate that you’re interested in the industry and give you some experience of working on projects in a professional setting.

If you manage to secure a placement with an actuarial employer, bear in mind that they are often used as the basis for offering permanent positions so put your best foot forward!

University students should consider nominating yourself to be a treasurer in a society or club to demonstrate your interest in the finance field.
Skills & interests you'll need
It perhaps goes without saying that you need to be competent and confident with numbers.

For the actuary exams, you will need a grade B at A-level (plus any second A-level in any subject at grade C) or a maths degree. If you have a non-maths degree, the requirement is dropped to a grade C at A-level. Many graduate employers will ask for a minimum 2:1 degree from candidates.

However, you also need to be able to analyse how business finances will be affected through external forces. Political and economic shifts can mean big changes for businesses and actuaries are required to advise on these, so you have to be dedicated to remaining up-to-date and aware of external forces that may impact business.

As you will be largely working with clients, it’s important to be an effective communicator and be able to break down complex numerical statistics in ways that will be easy for the client to understand. It's useful to have computer skills.

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