How to become an actuary

Interested in a career as an actuary? Our step-by-step guide will tell you all you need to know about getting into the industry.

In this article we'll cover:

What is an actuary?

Actuaries identify and analyse possible future risks and predict their impact upon a business.

They use actuarial science, a combination of mathematics, statistics, and data analysis, to gain business insights and make reports based on previous outcomes and present data.

Qualifications 

To become an actuary, you’ll need:

If you don’t have a maths background but have an interest in an actuarial career, you can take an IFoA non-member exam. This tests whether your understanding of maths is at the appropriate level to become an actuary.

Pathways to become an actuary

The three main pathways to becoming an actuary include: having a maths-based undergraduate degree, an actuarial science undergraduate degree, or via an actuarial apprenticeship.  

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Exams 

You will need to pass actuarial exams after your training to become an actuary. There are 10 exams which are required by the Institute and Faculty of Actuaries (IFoA) and three further exams for specialisation. If you have taken an accredited IFoA course or apprenticeship you can get exemptions for some of these exams. 

Exams are often taken after you have secured a graduate role as an actuary. You can take these exams without a workplace, but practical application of your knowledge is favoured in the industry.

How long does it take to become an actuary? 

The average time to qualify as an actuary is six years. 

This time will be spent on: 

  • An undergraduate degree (in a maths-based subject or actuarial science) which will take three to four years. Or an actuarial apprenticeship which can take two to three years 
  • Passing your IFoA exams. This is the part of your pathway which is the most changeable from person-to person. It is dependant on whether you can get exemptions due to a university course, or how many of the 10 exams you can pass the first time around. Some people complete their exams in anywhere from one and a half to 10 years 
  • A year of work experience (at least) is preferable for securing a job as an actuary

Types of actuaries 

Actuaries work across different sectors, the typical fields they work in are:

  • Pensions
  • Insurance
  • Banking, finance, and investment

Within these sectors, sub-sectors can include:

  • Cyber security and technology
  • Data science
  • Climate change
  • Health and care

Salary 

A graduate salary for an actuary is typically between £25,000 and £35,000. After your starting salary, a typical salary progression could be: 

Scroll or swipe on small screens to see all table columns

Table showing the career progression and salary expectations of an actuary.
Experience  Job title  Salary 
Newly qualified, post exams  Analyst or consultant  £40,000 to £55,000
Three years plus  Senior actuarial analyst   Anywhere from £70,000 to £110,000
Over 10 years  Chief, partner, principal  £200,000 plus 

Day-to-day role of an actuary

Depending on the sector you work in your day-to-day responsibilities can vary. But typically, the daily tasks you’ll be working on as an actuary are: