Careers questions answered

What qualifications do I need to become an actuary?

Most employers are looking for graduates with at least a 2.1 degree and excellent A-levels or equivalent.

The minimum requirements for admission as a student of the Actuarial Profession are

• Maths A-level (or equivalent) at grade B
• A second A-level (or equivalent) in any subject at grade C
• English GCSE (or equivalent) at grade C
• Two other GCSEs (or equivalent) in any subject at grade C

For holders of a second class honours degree or above in any subject, the maths A-level requirement is reduced to a grade C.

For holders of a third class honours or above in a mathematical or actuarial science degree, the maths A-level requirement is dropped.

How do I choose my university and course?

• For the majority of actuaries, a good degree is essential.
• Most employers prefer candidates with numerate degrees from a university department with a strong reputation.
• A numerate degree may also lead to exemptions from some of the Profession's exams.
• Actuarial science degrees, in particular, are likely to give the most exemptions.

Will I benefit from studying a degree in actuarial science?

Several universities offer undergraduate degrees in actuarial science, which offer exemptions from some or all of the Core technical subject examinations.

The advantages of studying for an actuarial science degree are:

• It is an opportunity to find out more about actuarial work before starting employment.
• If you achieve a sufficiently high standard in the appropriate university exams, then you will be recommended for exemption from the corresponding professional exams.
• If you have an actuarial degree you should be able to qualify more quickly than if you take a course which gives fewer exemptions. You may be more focused on your work and be promoted more quickly.
• A higher number of exam passes or exemptions may mean that the you receive a higher salary (probably staggered and dependent on future exam success).
• An actuarial degree gives an excellent grounding in subjects like economics, finance, mathematics, and statistics, as well as the more actuarial subjects. This makes actuarial graduates suitable for a range of careers, not just actuarial work.

But I won't be at a disadvantage if I'm not doing an actuarial degree, will I?

There are benefits to studying alternative degrees:

• Non-actuarial degrees enable students to experience a greater range of courses and to pursue a variety of interests outside actuarial work.
• Non-actuarial degrees may still lead to exemption from some of the Core technical subjects (eg CT3 Probability and mathematical statistics).
• Some employers are less enthusiastic than others about employing actuarial science graduates, so you may wish to seek the views of your favoured employers.
• Experience in the office is at least as important as exam passes. Actuarial graduates should not assume that they will necessarily be paid more than other graduates.

What about postgraduate degrees?

Postgraduate degrees which offer exemption from Core technical subjects or Specialist technical subjects are also available. These have similar advantages to the actuarial science degrees noted above.

However, students typically have to find private funding for these postgraduate courses.

Where can I get sponsorship?

It is more usual for employers to sponsor students through their professional examinations, as opposed to undergraduate or postgraduate study. There are some companies who offer postgraduate study sponsorship and they are highlighted in the Directory of Actuarial Employers.

How long does it take to qualify?

In order to become a Associate or Fellow of the Institute and Faculty of Actuaries, students must pass exams, completion a number of practical modules, and acquire a satisfactory level of work-based skills. This means that the average qualification time is currently three to six years.

What exemptions from the professional examinations will I obtain?

This will depend on the scope and standard of the subjects covered by the university examinations taken and on the performance you have achieved.

It is possible to gain exemptions from all eight of the Core technical subjects on some undergraduate and postgraduate degrees. Some postgraduate degrees offer the opportunity for exemptions from Core spplications and Specialist technical subjects.

Details of the universities and courses we have agreements with are available on the website, along with information on how to apply. If you have taken a different university course you may still be eligible for exemption from some of our exams, but will need to apply to us for confirmation.

What is the difference between working in a consultancy or in a non-consultancy role?

Although there are many opportunities available to actuaries, the majority of actuarial trainees start working for other an insurance company or a consultancy firm. Having decided on a career as an actuary you ought to contrast and compare the opportunities offered by various types of employers such as life, general insurance, pensions companies, financial firms as well as consultancy firms. These opportunities offer different lifestyles and challenges.

Working in a non-consultancy role means that there is usually only one client - your employer. Varied work can also be available in these roles, but it tends to come more slowly - often you'll be asked to work in one area for a period of about a year before moving on to the next challenge.

Work in consultancy firms tends to be more varied, as in any year you are likely to work for a number of different clients (and partners) solving different types of problems. This can become particularly challenging if you have a number of projects running in parallel and you need to ensure that you meet each of your clients' expectations and deadlines. Some consultancy projects can involve working at the client's site, which may not be in the same town as your office. This can give you an excellent opportunity to work with other people and see the running of an organisation other than your own consultancy. However, you would need to consider the impact of being away from home.

Where are actuaries based in the UK?

Actuaries work in cities throughout the UK and not just in London. Details of many actuarial employers can be found in the Directory of Actuarial Employers.

How do I obtain a work permit to work in the UK?

Work permits are issued by the Borders and Immigration Agency, which is part of the Home Office. Work permit applications can only be made by employers based in the UK who wish to employ people from outside the European Economic Area. Individuals are not allowed to make applications on their own behalf.

Do I have to work as an actuary to qualify?

Yes, as well as passing the examinations, Associateship and Fellowship requires the satisfactory completion of a period of work based training, evidenced by a learning log. Contact wbs@actuaries.org.uk for further information.

Will I need to continue training once I have qualified?

Yes, actuaries are required to maintain their competence once qualified through continuing professional development.