Jobs worth

Jobs worth

The corporate world is becoming more complex by the day, and that's good news for actuaries. Their skill in tackling financial uncertainties is in big demand.

Will an actuary's personal finances support a mortgage?

You bet. A trainee actuary earns around £20,000 a year, someone freshly qualified earns between £32,000 and £52,000 and an experienced actuary can earn well over £100,000.

Where do I sign up?

Not so fast. Actuaries need to be highly numerate and to actually enjoy number crunching. Ask yourself whether you are a logical, clear thinker who can write clear reports with an ability to explain complex matters in ways that can be understood by people who may not have a mathematical or analytical background.

Who would give me a job?

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General insurance is currently the fastest growing area of actuarial activity as the demand for the actuary's mathematical ability, combined with their knowledge of investment trends, accounting, law and business keeps growing. Actuarial employers are usually concentrated around London, the south-east, Bristol and Edinburgh. The Faculty and Institute of Actuaries annually produce the List of Actuarial Employers in the UK and Ireland. This details which employers have traineeships available and it has the employers listed by location.

Do I need a college education?

It is possible to become a trainee actuary with A-levels, but this is becoming increasingly unusual, around 95% of trainee actuaries are graduates. Actuarial training is the responsibility of the Faculty and Institute of Actuaries. It usually takes between three to six years to qualify.

Any tips for, er, more mature entrants?

Actuarial examinations can be taken at any age and exemptions may be given on an individual basis in recognition of your prior experience. Many mature entrants choose to study for one or two examinations independently in order to improve their chances of employment. Study is mainly by correspondence courses and tutorials which take around 15 to 20 hours a week. The examination timetable is flexible with exams being held twice a year. Unlike some other professions, the training is portable, you can start with one company and move as a part-qualified actuary to another employer.

What's the catch?

Before pulling in serious money, there is the long and arduous training period with a series of tough exams thrown in for good measure. Few trainees get through all papers first time round. On average you will need to spend a further 15 to 20 hours' studying at home in the evenings and weekends on top of your full-time work. However,the profession reviews any failed exams to give you pointers to improve your performance in the re-take.

Where can I find out more?

Institute of Actuaries, Napier House, 4 Worcester Street, Oxford, OX1 2AW. The Faculty of Actuaries, Maclaurin House,18 Dublin Street, Edinburgh EH1 3PP. Also there is a shared website, www.actuaries.org.uk

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