What does an actuary do?
Actuaries assess risk for insurers, pension schemes and banks, using statistical models to price products and make sure organisations can meet future obligations.
Salary
These are approximate UK figures for guidance only, not guaranteed salaries. Pay varies by employer, location and experience. Approximate. Check the National Careers Service, Prospects and job adverts for current figures.
How do you become an actuary?
- A levels including maths
- Numerate degree or actuarial apprenticeship
- Trainee actuary role studying for IFoA exams
- Qualified Actuary
Most trainees have a numerate degree, but actuarial apprenticeships exist. Qualifying means passing the Institute and Faculty of Actuaries exams while working, which takes several years.
Routes vary. Always check entry requirements with course providers, employers and the relevant professional body.
Do you need a degree?
Often useful but not essential
Main routes in: A levels, Apprenticeship, Degree.
Useful subjects
- Maths
- Further maths
- Economics
Skills you'll need
- Maths and statistics
- Excel and modelling
- Business understanding
- Communication
- Exam discipline
Where could you work?
- Insurance
- Pensions consultancies
- Banks
- Government
What is the work like?
Office or hybrid work with spreadsheets and modelling software, while studying for professional exams.
Career progression
After qualifying, progress to senior actuary, head of pricing or chief actuary.
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Written by the STEMLaunch Editorial Team. Last updated 2026-10-05. General careers information only; check details with official sources such as the National Careers Service, NHS Careers, UCAS and professional bodies.