Role:
Actuaries evaluate, manage and advise on financial risks. They also assess the probability and potential financial consequences of those risks.
The main area of actuarial work is in pensions and insurance, and is where most professionals in this field begin their careers. Some actuaries may move on to investment banks at a later stage.
Specific tasks vary but work may include:
- analysing statistical data in order to calculate, for example, accident rates for particular groups of people
- using mathematical modelling techniques and statistical concepts to determine probability and assess risks, such as analysing pension scheme liabilities, to price commercial insurance
- monitoring risk within trading positions in investment banking to ensure excessive risks are not taken during the fast pace of trading
- presenting reports, explaining their implications to managers and directors, and advising on risk limitation
- advising on issues such as the selection of investment managers or the administration of pensions and benefits
- working with IT professionals to develop systems to ensure compliance with the requirements of regulatory bodies
- communicating with clients and carrying out relationship management, including with investment managers, financial directors and external stakeholders.
Source: Prospects
Skills Required:
Employers look for candidates who are confident in their abilities, as well as motivation due to the difficult and lengthy nature of the qualification process. Further valued skills include:
- Numeracy
- Analytical ability
- Problem solving ability
- Self-assessment
- A deep understanding of economics and of the legislation relating to financial services
- Attention to detail
- Responsibility
- Technical aptitude
- Computer literacy, as specialised software may be used
- Written and verbal communication skills.
Source: TargetJobs
Things to Consider:
Although pre-entry experience is not a requirement, talking to people in the job and, if possible, acquiring some work experience will prove invaluable. Some companies offer work placements or internships for students interested in becoming actuaries which can potentially be helpful in securing a graduate job; however this is dependent on the organisation.
Read more (Prospects profile on Actuarial profession)
Jobs are quite widely available in most large towns and cities of the UK, although London has the largest proportion of jobs. /p>
Salaries for experienced Actuaries can be very high.
Read more (Prospects profile on Actuarial profession)
Useful Links:
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TargetJobs- Actuary careers advice and job description
Prospects- Actuary job description
Institute and Faculty of Actuaries
Other University of Southampton sites
Links to external websites
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