School of Mathematical and
Computer Sciences

Actuarial Mathematics & Statistics

  

The Actuarial Profession

The professional body in the UK is called the Institute and Faculty of Actuaries. To become an actuary it is necessary to qualify as a Fellow of this body. In the past, the Faculty and the Institute were independent but they have recently merged. Indeed, since April 1994 they have held joint examinations. The education activities of the profession are administered from Oxford.

The profession is a small one, with around 4,500 actuaries currently employed in the UK. However, many actuaries become general managers or directors and the profession is amongst the highest paid in the country.

Actuarial work is concerned with the application of financial, mathematical and statistical techniques to a wide range of problems. The main areas of actuarial work are:

  • Insurance companies: valuing financial contracts and investing funds.

  • Consultancy: offering advice to occupational pension funds and employee benefit schemes.

  • Government service: supervising insurance companies and advising on the national insurance fund.

Actuaries are also employed in the stock exchange, in industry and in universities.

As actuarial techniques are relevant to many problems, actuaries enjoy a wide variety of satisfying and highly rewarding careers.

The professional bodies' own summary is "Actuaries make financial sense of the future".

MSc/Diploma Actuarial Science

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