Actuary

Career path and progression

As your career develops, you could specialise in a particular field, like:

• insurance
• healthcare
• banking
• data science

With experience, you could take on more responsibility for managing people or projects.

You might also work for the Government Actuary's Department, advising on public sector finances.

What it takes

Skills and knowledge

You'll need:

• maths knowledge
• analytical thinking skills
• to be thorough and pay attention to detail
• knowledge of economics and accounting
• complex problem-solving skills
• the ability to use your judgement and make decisions
• ambition and a desire to succeed
• excellent verbal communication skills
• to be able to use a computer and the main software packages confidently

Related subjects

Most relevant

• Mathematics - Actuaries use advanced mathematics every day – from probability and statistics to calculus and algebra – to build models that predict future financial events. They calculate things like insurance premiums, pension fund values, and the likelihood of costly events occurring.
• Economics - Actuaries need to understand how economies work, including inflation, interest rates, and market behaviour, because these all affect long-term financial forecasts. They use economic theory to assess how changes in the wider economy could impact businesses, insurers, and pension schemes.
• Accounting - Actuaries work closely with financial data, balance sheets, and investment portfolios, so understanding accounting principles is essential. They need to interpret financial statements and assess the long-term costs and liabilities that organisations face.
• Business - Actuaries help businesses make strategic decisions by analysing financial risks and forecasting future costs. Understanding how organisations operate, plan, and manage resources helps them provide advice that is practical and relevant to real business problems.

Also relevant

• Computer Science - Actuaries build and run complex mathematical models using programming languages like Python and R to process large datasets and simulate future scenarios. Understanding algorithms and data structures helps them work efficiently with the computational tools that modern actuarial work relies on.
• Physics - Actuaries benefit from the mathematical modelling and problem-solving approach that physics develops. The ability to take a complex real-world situation, express it as a set of equations, and interpret the results is exactly what actuaries do with financial risk.
• English Language - Actuaries write detailed reports and give presentations to explain complex financial findings to clients, managers, and government ministers who may not have a mathematical background. Being able to communicate technical ideas clearly and persuasively is a key part of the role.
• Environmental Science - Actuaries increasingly factor climate change and environmental risks into their financial models, assessing how events like flooding, extreme weather, and the transition to low-carbon economies could affect businesses and insurers. Understanding environmental science helps them build more accurate long-term forecasts.
• Geography - Actuaries who work in insurance often assess risks linked to natural hazards, population distribution, and regional economic patterns. Geography's focus on understanding how physical and human factors vary across places is useful when modelling risks like flood damage or demographic change.