Actuary
Analyse numbers and big data to help businesses and governments predict the future.
Also known as: actuarial analyst, actuarial consultant, insurance actuary
About the job
What it's like
Do you love solving problems? Are you good with numbers? If so, you're probably well suited to a career as an actuary. And speaking of probability, that's what the job is all about!
You'll work out the likelihood of possible future events and what the costs could be for an organisation, business or government. Your work would help them assess risks and plan their spending sensibly.
Every day you'll dive into data and study statistics. You'll use your mathematical expertise to apply models to make sense of complex information.
You could work across many industries. For example, you could work for a pensions company. You might help develop new financial products so that the company can pay out money to customers when they need it but still make a profit. You could also work in government, advising other departments on the costs of policies. Or as a consultant for clients looking to invest in the stock market or buy a business.
Your tasks might include:
analysing past events, for example accident rates or medical data to assess risks
forecasting the future financial outcomes of various situations
using computers to build mathematical and statistical models
explaining your findings to government ministers or business clients
preparing reports that detail your findings
keeping up to date with the financial and business worlds
Explore more information about this job
Here are some useful links to learn more about this career:
Actuarial Careers – a jobs board with careers advice on getting into the industry
Institute and Faculty of Actuaries – access careers information and resources
Like the sound of this career?
Browse courses in Scotland related to 'Actuary'
Select qualification level(s)
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Related industries
Many jobs can be done in lots of different industries. We've highlighted the ones we think are most important for this job.
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Financial and professional services
Top skills
Skills are things you're good at. Whether you know what yours are or not, everyone has them!
It's useful to learn which ones are important in a job so you know the areas you need to brush up on. It can also help you work out if you're suited to a career.
Meta skills
Here are some of the meta skills you'll need to do this job.
- understanding
- analysing
- making decisions
- attention to detail
- researching
- observation
- working with numbers
- problem solving
Your skills are important
Our unique skillsets are what make us stand out from the crowd. Learn about each skill in depth and discover what employers look for in your applications and interviews.
Getting in
Explore each section to find more information about getting into this career.
Colleges and universities will list subjects you'll need for entry to a course. Some useful subjects include:
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Accounting
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Business
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Economics
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Maths (Mathematics)
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Skills for Work: Financial Services
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Statistics
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Foundation Apprenticeship: Financial Services
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Applications of Mathematics
You can get a head start in this career by doing a Foundation Apprenticeship in S5 and S6.
You'll get an SCQF level 6 qualification which is the same level as a Higher. You'll also learn new skills and gain valuable experience in a work environment.
Discover what's on offer at your school on Apprenticeships.scot.
You'll need a degree in a relevant subject for this career.
Check out the routes you could take towards getting into this career.
University
You’ll need a degree or postgraduate qualification in a subject related to maths, such as:
Actuarial Science
Actuarial Management
Mathematics, Statistics or a combination of both
Accounting
Economics
Risk Management
Engineering
Chemistry
Physics
College
Getting qualifications at college, such as an HNC or HND, could help you progress to more advanced study. Useful subjects include:
Mathematics
Statistics for Business
Finance, Risk and Business
Accounting
Engineering
Applied Science (Chemistry/Physics)
Apprenticeships
Modern Apprenticeships (MAs) mean you learn on the job. You get paid and work towards a qualification at the same time. An MA could help you progress to degree-level study.
You might want to consider an MA in Digital Technology.
Discover MAs on Apprenticeships.scot.
Graduate Apprenticeships (GAs) are designed for industry and you'll spend most of your time learning on the job but you'll also go to uni. You'll get a job, get paid and work towards a qualification at the same time.
You might want to consider a GA Data Science.
Discover GAs on Apprenticeships.scot.
Trainee roles
There may be opportunities for school leavers to get into trainee roles. You'll work in a more junior role while you gain the experience and qualifications needed.
You may also be able to retrain if you have experience in similar area such as financial services, business analysis or accounting.
You can use the My World of Work job search to look for trainee roles.
Getting work experience in a relevant role can help you. Search for opportunities on Volunteer Scotland.
Once in a job you will need to achieve professional qualifications and become an Associate of the Institute and Faculty of Actuaries.
Find the right course for you
Browse courses in Scotland related to 'Actuary'
