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Actuary

An actuary is someone that analyses data and works with statistics, using mathematical skill to predict the probability of an event happening and its financial consequences.

The decisions of actuaries can affect thousands of people so it is a well-paid job, with a lot of responsibility. Wherever there is risk, there are opportunities for actuaries.

If you are interested in a career as an actuary, visit Qualifax (www.qualifax.ie) to search for relevant courses at all levels and entry points.

Some alternative job titles for this role

  • Actuarial Analyst
  • Actuarial Assistant 

What the job involves 

  • Actuaries are responsible for managing risk; using analysis based on mathematics, they help organisations to plan and prepare by predicting the effects of risk and change
  • In insurance-related areas, actuaries work to assess what levels or rates of insurance companies should set for individuals and businesses, based on the scale of risk involved
  • Legislative and advisory work, such as reporting detailed financial forecasts, ensures the organisation stays within legislative rules

How your career can develop

A qualification as an actuary can take three to six years. Continuing professional development (known as CDP) is actively encouraged after qualification, to make sure the person stays up to date with the latest trends or developments in the area. This type of further training, along with experience, will lead to gradual progression to senior actuary.

Why it matters?

Actuaries recently cautioned the Irish Government of the massive cost to insurance companies if the Government implemented the Universal Health Insurance scheme. Actuaries are frequently involved in advisory roles for political parties, lobbying groups and trade unions. Their advice is key to shaping decisions that impact on the country and the economy. 

Skills 

  • ​Excellent mathematical capabilities
  • Very good IT and analytical abilities
  • Critical thinking/problem-solving abilities
  • Using logic and reasoning to identify the strengths and weaknesses of  solutions
  • Excellent communication skills
  • Ability to conduct self-assessment
  • A deep understanding of economics and of the legislation relating to financial services
  • Attention to detail 

Typical employers

  • ​Insurance companies and consultancies
  • Life assurance companies
  • Pension funds
  • Health care providers
  • Actuarial consultancies
  • Investment banks
  • Accountancy firms
  • Management consultancies

Typical salary 

  • Trainee salary           €40,000
  • Graduate/Starting      €64,000
  • Senior/Potential        €250,000

Typical qualifications

Qualifying as an actuary is academically very demanding with a wide range of certifications and courses necessary. Many employers pay for these courses while an actuary is training. Degrees involvoing numbers are what employers are looking for, so those with degrees in mathematics, statistics, actuarial science, economics, business degrees, engineering and physics are on the right track. 

Alternative routes to a bachelor’s degree in this area may apply to students that have a PLC qualification in a related course. For further details on eligibility requirements for third level entry following a PLC qualification, students should visit the CAO course search at Careersportal.ie.

Further information 

Society of Actuaries in Ireland web.actuaries.ie