The work of an actuary is to minimise the financial impact of risk. Actuaries will use mathematical and statistical modelling to predict and determine the likelihood of future events that will have a financial impact on an organisation. The University of Southampton is one of the few Universities in the country to be able to offer exemptions from all eight Core Technical Examinations from the Faculty and Institute of Actuaries, CT1 - CT8 if you’ve studied BSc Mathematics with Actuarial Science. Southampton students therefore have a clear advantage getting into this very lucrative and dynamic industry.
Role:
There are now many employers of actuaries, from banks to insurance companies, from government and public services to investment funds. By far the most common route into this sector is by joining a graduate training programme with an actuarial consulting firm. There will be a significant learning curve at the beginning as you balance studying to complete your professional exams and learn on the job, but the rewards can be substantial and the variety of work can be huge in this highly respected industry.
Skills required:
- Strong mathematical and problem solving skills
- Interest in finance and business
- Strong communication skills – you will have to explain your findings to an untrained audience
Advantages:
- Direct use of mathematical and statistical modelling
- Well paid and respected job
- Opportunities are expanding as more and more firms start to use actuaries
- Southampton offers exemptions in all 8 Core Technical Examinations (CT1-CT8) for some courses
Things to consider:
- You will be required to study for and sit several professional exams even if you are exempt from some.
- Work can be stressful and time consuming.
- You require not only maths skills but also business acumen.
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