Which companies hire actuaries

There are many different factors that can affect the size and number of claims so general insurance companies employ actuaries to assist with their financial management. It consists of multiple financial backers grouped in syndicates, which then essentially join hands and spread the amount of risk. These syndicates specialise in different types of risk. They are responsible for the oversight of market reserves and capital, which means that they ensure that there are enough funds set aside to ensure that adverse claims are met.

Mergers between life insurance companies is becoming increasingly frequent, though when this does happen you tend to find that actuaries are retained from both sides one of the many benefits of being an actuary is job security, you can read more benefits here. Working in life insurance is quite a traditional path for actuaries, and they often work at all stages of the business journey, from the product development, through to the pricing and risk assessment as well as the marketing of the new product.

A large part of what actuaries do is measure risk, so naturally they are well suited to work in risk management. Actuaries will develop models for businesses to minimise future risk, which they will then have to explain to the business so it can be used to full effect.

The actuary will then leave the model with the business. All of these opportunities can also be found in the Directory of actuarial employers.

It is important to note that some actuarial employers do not offer internships or work experience, for work that may rely on a particular level of technical skill or confidential client work. Often work experience is reserved for those in the penultimate or final year of university — although of course, there are exceptions. When you are applying for a role, what employers want to see is that you have used your initiative to get a job or work experience in your holidays or even taken a gap year and done something productive.

These are skills such as communication, team work, leadership and being able to think logically around a situation. If you are unable to gain an actuarial job when you leave university you could apply for technical support roles or analyst roles in the financial services sector, opening opportunities to shadow actuaries. Member ID. Remember Me. Forgot your Password? The Actuaries Institute is committed to the development of actuarial science through research and the expansion of the profession into new areas of endeavour.

Access articles and papers of interest to practitioners, including intellectual property from past events. Access CPD and track your progress on the personalised member dashboard here. The Actuaries Institute is committed to promoting the actuarial profession and is recognised as a source of authoritative, professional and independent comment for the financial services sector and non-traditional areas such as health, environment, climate change, genetics and information technology.

If you pass an exam, there is a pay jump and more responsibility. It can take six to eight years to pass all the exams. Starting out in an entry-level actuarial job can lead to any number of career paths. But once you get your foot in the door, then you can find the job that best fits you. Some people become actuarial analysts; others become consultants.

Companies groom promising entry-level employees for advancement, training them in project management, leadership, computer application, communication and other key areas. Because such skills are transferable to any number of highly paid business jobs, starting out in an entry-level actuarial job can lead to any number of career paths.