Actuarial science – the assessment of risk and probability by the application of mathematics, statistics and economics – provides a number of openings in the finance and insurance industries. Actuaries working in insurance may design policies and calculate premiums, while those in the financial sector may act as consultants, advising on matters concerning financial risk
Typical duties in this area of work include analysing recorded data, making risk assessments, forecasting outcomes and communicating results to managers and clients. The majority of those working in the actuarial field have a degree in actuarial science, mathematics, physics, economics or engineering, although A levels are also accepted. To become a qualified professional in this field, trainees need to be a fellow of the Institute and Faculty of Actuaries, which requires passing a number of actuary exams.
Salaries while training are in the region of £30,000 per year, which increases to £45,000 once qualified. Consultancy firms offer better rates of pay, with salaries from £48,000 to £66,000, while senior managers can expect earnings of between £80,000 and £150,000.