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The job of actuaries is to make financial sense of the future. They help the financial world and governments to evaluate the long-term financial implications of their decisions.

This involves actuaries using mathematical and statistical expertise and knowledge, as well as economics, business law and practice, marketing and accounting. The work includes analysing what happened in the past (eg accident rates for particular groups of people, cars or aeroplanes), modelling the future (eg predicting the effects of different life expectancies on the investments required for funding pensions), assessing the risks involved (eg the chances that an earthquake will occur in a particular area), and explaining to senior managers and directors what the results mean in financial terms.

Actuaries have traditionally been concerned mainly with life assurance and pensions but are increasingly involved in assessing risks associated with areas such as general insurance, investment and healthcare. Their analysis plays a vital role in their organisation's business decisions - eg what rates to apply for insurance policies to be profitable but still competitive. In insurance companies, actuaries calculate the funds needed to cover the firm's long-term liabilities.

Many actuaries work for consultancies that advise organisations on various financial activities that have a degree of risk, especially occupational pension schemes. In the Government Actuary's Department, they advise other departments on matters such as social insurance, state pensions and public sector pensions.

Entry level

Actuaries have to be Fellows of the Actuarial Profession, starting with student membership and studying for professional exams while working. The minimum entry requirements for this are at least two A levels/three H grades, and three GCSEs/S grades (A-C/1-3) including English. One of the A levels should be maths at grade B, or further or higher maths at grade C, and the other A level must be at least grade C. H grades should include maths at grade A and English. Equivalent qualifications might be considered.

In practice, most employers seek graduates when recruiting new entrants, often from numerate disciplines. The main degree subjects of successful entrants are maths and actuarial science, although economics, statistics and physics are also well represented. Some entrants to actuarial work have a postgraduate qualification in actuarial science. Entry to postgraduate courses is usually with at least an upper second class honours degree in maths, statistics, economics or a related subject.

There is no upper age limit for entry to this work and it is often a second career for people with strong numerical skills.

Several universities offer degrees in actuarial science, or degrees with substantial actuarial content. Courses usually last three years full time. A few universities also offer actuarial postgraduate courses that usually last one year full time.

Making the grade

You would usually start work as a trainee and would be given induction training by your employer. You would study part time for professional exams. A revised exam system began in April 2005, based on technical aspects of actuarial work and their application. It allows for specialisation in healthcare, life insurance, general insurance, pensions or finance and investment. Study is mainly by distance learning and tutorials. It is possible to complete all the exams in three years but the average is five to six.

If you have a relevant degree or postgraduate qualification, you may get exemption from some of the professional exams. Once qualified, you have to keep up to date with relevant changes.

Personal qualities

As an actuary, you should have outstanding maths and statistics skills, and an aptitude for analysing data. You would need excellent verbal and written communication skills in order to explain complex information clearly and concisely.

Accuracy and attention to detail would be very important, as would excellent time management, prioritising and IT skills. The training is long and difficult and you would need determination to see it through.