Actuarial qualification is the ideal path for students considering a career in risk management

Actuaries are experts in risk, and the rise of risk management to the top of the financial services business agenda offers unprecedented career opportunities for the profession. Increasing regulation in actuaries’ traditional career areas of pensions and insurance has created significant demand in recent years, while the regulation that is now set to increase across the banking sector, as a result of the global financial crisis, is likely to fuel this demand.

The actuarial qualification offers a broad education including communication and business understanding, as well as the technical areas of risk, modelling and investment skills. It can take between one and three years, depending on previous study exemptions, to qualify as an Actuary and gain the designation Associate member of the Profession. There is also the opportunity to continue to advanced specialist study to become a Fellow of the profession, which normally takes an additional two years.

In emphasising its expertise in risk management, the Profession reflects a move in the role of actuaries into areas such as investment banking and asset management. It also reflects an increasing demand for risk managers and the need for a quantitatively based formal qualification for professionals in the financial sector.

The Profession’s Head of Learning Trevor Watkins said the Associate qualification could fill a gap in formal qualifications within the sector.

He said: “It is clear that many companies and organisations in financial services were not adequately prepared for the economic turbulence that has occurred and that better risk management capacities were needed.”

“As a result, more organisations and companies are building their risk management teams. It is essential that those who take these roles have the skills and knowledge to forecast risk effectively and aid in the recovery from unexpected happenings in the financial world.”

“An actuarial qualification provides a strong grounding in risk management that is more valuable than ever to our financial institutions, and many other companies and organisations.”

The Associate qualification is aimed, in particular, at graduates and students in fields such as actuarial science, mathematics, statistics and economics.

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Enquiries: Tel. Fleur Morrison on 020 7632 1453 or email fleur.morrison@actuaries.org.uk

Notes to Editors

1. Actuaries provide commercial, financial and prudential advice on the management of a business’s assets and liabilities, especially where long term management and planning are critical to the success of any business venture. They also advise individuals, and advise on social and public interest issues.
2. Members of the Profession have a statutory role in the supervision of pension funds and life insurance companies. They also have a statutory role to provide actuarial opinions for managing agents at Lloyd’s.
3. The Profession is governed jointly by the Faculty of Actuaries in Edinburgh and the Institute of Actuaries in London. A rigorous examination system is supported by a programme of continuing professional development and a professional code of conduct supports high standards reflecting the significant role of the Profession in society.
4. The Profession is available to provide expert comment to the media on a range of actuarial-related issues, including enterprise risk management, finance and investment, general insurance, health and care, life assurance, mortality, and pensions.