Answers to questions we are often asked

What qualifications do I need to become an actuary?

In practice the majority of employers are looking for graduates with at least a 2.1 degree and excellent A-levels or equivalent.

The minimum entrance requirements for admission as a student of the Actuarial Profession are maths A-level at grade B, along with a second A-level or equivalent in any subject at grade C, English GCSE at grade C, and two other GCSEs in any subject at grade C (or equivalent).

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.
• Studying a numerate degree may also offer the opportunity for 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. Some of these degrees offer exemptions from all the Core Technical subject examinations. Other actuarial degrees offer exemptions from a subset of these subjects. You can find a list of these courses in the University actuarial degrees page.

The advantages of studying for one of these actuarial degrees are:

• An opportunity to find out more about actuarial work before starting employment.
• If a sufficiently high standard is achieved in the appropriate university exams, then the student will be recommended for exemption from the corresponding professional exam.
• A graduate from an actuarial degree should be able to qualify more quickly than a graduate from another course with fewer exemptions. This may lead to them being more focused on their work and promoted more quickly.
• A higher number of exam passes may mean that the actuarial graduate may 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 be lead to exemption from a few 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 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 List of Actuarial Employers (PDF).

How many years does it take to qualify?

In order to become a Fellow of the Faculty or Institute (FFA, FIA), students must pass examinations, demonstrate satisfactory completion of modules, and acquire a satisfactory level of work-based skills. Average qualification time is currently three to six years.

What exemptions from the professional examinations will I obtain?

Exemptions are always looked at on an individual basis. They will depend in each case on the scope and standard of the subjects covered by the particular examinations and on the achievement of a satisfactory level of performance by the applicant. Exemptions will normally be limited to Core Technical Subjects CT3 and CT7. However, some university courses include a number of modules in actuarial science and offer more exemptions. It is possible to gain exemptions from all eight of the Core Technical subjects on some undergraduate and postgraduate degrees. Other postgraduate degrees offer the opportunity for exemptions from Core Application and Specialist Technical subjects.

What is the difference between working for a consultancy and an insurance company?

Although there are many opportunities available to actuaries, generally actuarial trainees start working for either 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 the life, non-life, and pensions companies, as well as the consultancy firms. These opportunities offer different lifestyles and challenges.

Working in an insurance company means that there is usually only one client - your employer. Varied work is available but 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 London. For full listings of actuarial employers by location are indicated in the List of Actuarial Employers (PDF).

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 work-based learning log. Contact wbs@actuaries.org.uk for further information.

Will I need to continue training once I have qualified?

Fellows are required to maintain their competence once qualified through continuing professional development. This is mandatory for regulated roles.