Poor financial decisions can ruin your business. Similarly, a poor assessment of risks regarding vital business decisions can harm it as well. Instead of constantly battling with financial statements and balance sheets, you can get an actuary to help you.
An actuary can help you make better financial decisions through proper risk assessment and other factors. However, if you cannot hire one, you can learn how to become an actuary especially if you do business in the U.K.
According to Forbes, to have any chance at success, you need to know your small business financial numbers. When you run a business, there is no room for unorganized, inaccurate accounting.
The desire to take risks always toils with the financial numbers of any company. Hence, when the risk is not properly assessed and fails, it becomes a big problem.
While we talk about how to avoid risks, we will strongly focus on how to become an actuary in the U.K. The table of content below can easily help you navigate this content.
Why Study Actuarial Science in the U.K?
A good number of health problems usually stem from money problems. A poor assessment of an idea before a complete commitment. Of course, that is what actuarial science seeks to basically avoid.
In almost every financial firm, professionals with actuarial science degrees are in strong demand. Indeed, no one wants to make bad decisions again.
Due to the number of the few professions in this field, actuaries earn high salaries. Of course, when you compare it with other financial experts, you will find it true. Maybe we could say they have superpowers because they can predict futuristic events.
As an actuary, you can help a lot of individuals win the battle of their money and investment problems. No amount of money may be able to compete with the feeling of helping a family go from being broke to a level of financial stability.
So, with so many opportunities, you should surely want to know how to become an actuary especially when you live in the U.K.
What Does an Actuary Do?
Actuaries are financial advisors. To be precise, they ensure you understand the implication of every risk you want to take even before you take them.
Depending on the organization, actuaries perform a lot of responsibilities. According to Prospects, these responsibilities include and are not limited to;
Conclusively, an actuary can help you save a lot of money you would have lost to bad financial decisions.
What is the Salary and Job Outlook of an Actuary in the U.K?
Becoming an actuary in the U.K isn’t such an easy task. It demands a lot of patience and diligence to pull through. However, it’s always worth it in the end.
According to Prospects, the average salary of an actuary is £32,000. This doesn’t include any bonuses and is basically for entry-level actuary professionals. At a senior level, you can earn up to £60,000.
In the same vein, actuary positions remain open due to the number of institutions wherein they fit in. The demands of the job include a lot of travelling and brainstorming. Indeed, it’s now clear why they receive such huge financial benefits.
How Long Does it Take to Become an Actuary in the U.K?
There are certain processes you must pass through in order to become an actuary in the U.K. While the major one is getting a bachelor’s degree, there is a strong lineup of exams you must pass as well.
The actuarial science bachelor’s degree basically takes four years to complete in the U.K. More so, the actuarial qualification exams and certifications take about 3-4 years to complete as well.
Generally, when you consider basic education and certification, it takes about 7-8 years to become an actuary in the U.K
How Much Does it Cost to Become an Actuary in the U.K?
When you want to become an actuary in the U.K, it will cost you. You must complete your bachelor degree program and pass all the qualification exams.
To complete your bachelor degree program in actuarial science, you need a minimum of £45,000 especially when you’re not on an actuary scholarship.
Furthermore, you will need to write all the necessary exams which cost an average of £1,000 depending on the exam.
Generally, it costs an average of £70,000 if you want to become an actuary in the U.K.
What are the Requirements to Become an Actuary?
Before you can become an actuary in the U.K, you must fulfil the necessary requirements. This job description involves a large use of arithmetic in addition to forecasting.
Although each school has separate unique requirements, we will precisely focus on the general requirements. Some of which include;
Qualifications
You must possess a set of qualifications if you want to become an actuary in the U.K. While the most important is a bachelor degree, other qualifications such as language proficiency remain important.
Entrance Tests
An entrance test gives you the eligibility to join a league. There is a range of entrance tests required by many universities and even the professional body of actuaries in the U.K.
You must ensure you hit a high pass mark in all of them.
ID Documents
There are documents you must have in order to start an actuarial science degree. In the same way, there are other documents you need to practice professionally.
These documents which are usually statement letters, recommendation letters, citizenship and visa permits – for international students – are necessary.
References
You need references. References actually give you the one missing credibility that can grant you employment. Similarly, you can miss out on an admission when you don’t have it.
You can get references from your religious leaders, family members and former teachers.
License
The license you get to practice as an actuary in the U.K comes from the Institute and Faculty of Actuaries (IFoA). You get this license after you’ve completed a set of exams.
Interviews
Interviews will always be part of your process. You need an interview for a job opening, admission into the school and so much more.
Every interview has its unique questions but you need to approach all of them with confidence, poise and clarity.
How to Become an Actuary in the U.K
At this point, we are familiar with the job descriptions and requirements of the actuary profession. So, now is the time to draw the line which shows how to go from dreaming and talking about the profession to actually becoming it.
If you want to become an actuary in the U.K, you have to;
Get a Bachelor’s Degree from a U.K University
This is usually the first way you indicate your interest in pursuing a career in actuary.
A bachelor’s degree in actuary will expose you to the foundational knowledge you need. To be precise, you learn about arithmetics, algebra, social science and data analysis.
You can pursue an actuarial science bachelor degree in any quality U.K institution.
Build Technical and I.T Skills
Technological development has advanced the human cause greatly. In the same vein, actuaries have access to developed I.T systems that help them perform optimally.
Good knowledge of these systems as an actuary is very important, especially in a technological world. So, you must make consistent effort to learn important programs such as Excel, PowerPoint, Word and a little of MySQL.
Get an Internship
In every profession, experience trumps theoretical knowledge. So, you need a lot of working experience to push for high positions as an actuary.
Immediately, you complete your college program, you should seek for an internship position in any compatible firm. Your internship will connect you to your senior colleagues from whom you can learn and grow.
Demonstrate High Work Ethic
The actuary profession demands you have a high work ethic. You must be able to work for long hours while meeting up with the stated deadlines.
In order to build a high work ethic, you would have to set and beat your everyday goals. A high work ethic guarantees you will excel in this profession.
Pass A Minimum of Two Exams Before Graduation
Your actuary profession actually begins when you have completed college and finished at least two exams.
When you complete exams like the Actuarial Statistics (CS) and Actuarial Mathematics (CM), you can qualify to become an associate or a fellow. Going forward, you will need to complete the remaining exams so as to do very well.
Join the Institute and Faculty of Actuaries (IFoA)
The Institute and Faculty of Actuaries (IFoA) is the only body that accredits, regulates and endorses every actuary in the U.K.
In order to become a full member of this institute, you must pass a number of exams. These exams sequentially follow each other so you can gauge your progress as a professional actuary.
Get a Job
As much as an internship helps you, getting a job would do much better. At least you get paid to use your internship experience and solve real risk assessment issues.
Due to the wide scope of actuarial science, you can work with insurance companies, financial institutions and other industries as an actuary.
What are the Best Places to Study Actuarial Science in the U.K?
As a top field which demands core knowledge of financial processes, you need to build the right foundation for a fantastic actuary career.
One key step would be to get your actuarial science bachelor’s degree from a standard U.K institution. Although a lot of institutions offer actuarial science programs, a few of them have results to show for it.
According to Study in U.K, some of the best universities that offer actuarial science programs include;
FAQ on How to Become an Actuary in the U.K
No. It is simply difficult to get an internship positin without a degree.
The average salary of an actuary is £32,000. This doesn’t include any bonuses and is basically for entry-level actuary professionals. At a senior level, you can earn up to £60,000.
Actuarial science is usually harder when you begin to reach the advanced levels. However, it won’t be completely fair to say it is harder than accounting. They actually share a similar level of difficulty.
When you consider basic education and certification, it takes about 7-8 years to become an actuary in the U.K
Conclusion
There are only a few jobs that reward you emotionally, financially and mentally. Becoming an actuary will surely do that in so many ways.
Of course, you can’t say you don’t know to become an actuary in the U.K anymore unless you skipped this whole content to this point. We simply spelt it out to make your reading simple, fun and interesting.
I hope you don’t only read but take the required action to start a fantastic career as an actuary.
References
Author’s Recommendations
Does this article meet your immediate needs? If yes, leave us with a 5-star rating in the Review Box below. If no, leave us an opinion in the comment box to express your concern or ask a question and we will get back to you as soon as possible.