Actuary
Legal, finance and accounting
Level 7 -
Analysing data to predict the likelihood and potential financial risk of future events.
Reference: OCC0502
Status:
SOC 2020 sub unit groups:
- 2433/01 Actuaries and actuarial analysts
Technical Education Products
Employers involved in creating the standard:
Aon Hewitt, Barnett Waddingham, Grant Thornton, KPMG, Mercer, Munich Re, PwC, RSA with the Institute and Faculty of Actuaries
Summary
Actuaries work in a very niche industry with only approximately 450 qualifying each year. The actuarial profession however is still a diverse sector, working in the areas of insurance, pensions, healthcare, investment and the growing area of financial risk management. The role, responsibilities and exams that are required as an Actuary require individuals to stretch their abilities to a very high level. Actuaries use mathematical skills to measure the probability and risk of future events, and the financial impact on a business and/or individuals. Actuaries are highly regarded professionals who are both problem solvers and strategic thinkers and have a deep understanding of financial systems. Actuarial teams analyse data, build mathematical models to evaluate financial risks and communicate the output to non-specialists. The majority of actuaries work for insurance companies (life, health or general) or for financial or pensions consultancies. Insurance company actuaries typically work in areas such as pricing and product development, reserving, capital modelling and risk management. Work for insurance consultancy firms may be in similar areas but more varied on a day-to-day level. Amongst other things, pensions consultants advise private and public pension providers and trustees about the funding levels in their schemes and the contributions required to meet future pensions. They may also help their clients understand and manage the risks they face. However, an increasing number of actuaries are working in less traditional fields such as banking, investment management, corporate finance and anywhere where financial modelling is deemed useful. Actuaries are required to act in the public interest and must therefore maintain the highest standards of professional conduct and competency; upholding ethical behaviour and integrity at all times. An actuarial apprenticeship is a professional career route supported by the Institute and Faculty of Actuaries (IFoA). The apprenticeship will result in a breadth of knowledge, skills and behaviours, bringing wide and varied opportunities within this leading financial profession.
Employers involved in creating the standard:
Aon Hewitt, Barnett Waddingham, Grant Thornton, KPMG, Mercer, Munich Re, PwC, RSA with the Institute and Faculty of Actuaries
Typical job titles include:
Keywords:
Knowledge, skills and behaviours (KSBs)
Occupational Progression
This occupational progression map shows technical occupations that have transferable knowledge and skills.
In this map, the focused occupation is highlighted in yellow. The arrows indicate where transferable knowledge and skills exist between two occupations. This map shows some of the strongest progression links between the focused occupation and other occupations.
It is anticipated that individuals would be required to undertake further learning or training to progress to and from occupations. To find out more about an occupation featured in the progression map, including the learning options available, click the occupation.
Progression decisions have been reached by comparing the knowledge and skills statements between occupational standards, combined with individualised learner movement data.
Legal, finance and accounting