MSc Actuarial Science / Careers

Year of entry: 2020

Career opportunities

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Department of Mathematics Alumnus Joshua Fox - MSc Actuarial Science

If you are interested in developing a career as an actuary, this programme of study will provide the ideal entry platform into a broad range of employment sectors, such as Insurance, Financial and Risk Management.

Why a career as an actuary?

Actuarial careers generally appear very high in lists of best rated jobs due to excellent job satisfaction, status, career prospects etc. (for an example, see here ). Some of the reasons for this are as follows ( source ).

  • An actuarial career is financially rewarding. The average graduate salary in the recruitment market is about £33,000, with senior leading roles paying in excess of £100k (in excess of £200k for senior partners for instance).
  • Actuaries enjoy a good work/life balance. Compared to other financial professions such as banking, an actuarial role enables you to balance a rewarding career with your other interests in life.
  • An actuarial career can take you anywhere in the world. An actuarial qualification is internationally recognised and even standardised between many countries, allowing for great opportunities to travel and explore.

Where do actuaries work and what do they do on a daily basis?

About a third of the UK actuaries work for insurance companies (life, health and general insurance, and pensions). They typically work in areas such as product development, developing pricing strategies, asset and liability management, reserving, capital modelling and (financial) risk management. Another about a third work for financial consultancy firms, and in that role an actuary typically provides services in the above areas to their clients. The final third of UK actuaries work in a large variety of other sectors, including investment management, corporate finance and banking. Generally you find actuaries in any sector where (financial) risk management plays a role!