What is an Actuary?

Interested in a career in Actuarial work, but not sure what that involves or how to achieve it? Look no further than the following advice on Actuary jobs in Guernsey.

What is an Actuary?

An actuary is a professional who deals with the measurement and management of risk and uncertainty. This field is called Actuarial Science.
Actuaries use statistical techniques and mathematical skills to assess the probability of an event and its financial consequences. Insurance companies are legally obliged to employ at least one actuary to advise on financial management.

How do I become an Actuary?

1. Complete a degree – the most direct route is to pass a 3-year Actuarial Science degree; and

2. Complete additional courses as required; and

3. Apply to a professional body such as The Institute and Faculty of Actuaries and pass certification exams.

    

What is the governing body for Actuaries?

The Institute and Faculty of Actuaries (IFoA) is the UK's only chartered professional body dedicated to educating, developing and regulating actuaries based in the UK and internationally.
www.actuaries.org.uk

Which degree should I choose to become an Actuary?

If you wish to work in the Actuarial field, you will need a strong understanding of maths and business, and your degree should ideally be directly in Actuarial Science, or if that’s not possible it’s best to select a degree in Mathematics, Statistics, Finance, Economics or Business.

Which jobs can you secure with an Actuarial Science degree?

If you complete an Actuarial Science degree, you could secure a role as an Actuary, Risk Analyst, Risk Consultant or Insurance Underwriter, or a position in Finance or Management.

How long does it take to become an Actuary?

After 3 years of degree studies, it can take 4-6 years to complete an associate Actuarial certification.

What are the Actuarial qualifications called?

The Certified Actuarial Analyst (CAA) is designed to provide a solid foundation in actuarial techniques, then you would proceed to becoming an Associate and then a Fellow of IFoA. Other relevant qualifications include the Chartered Enterprise Risk Actuary (CERA) which is for actuaries who wish to work in risk management.

Which companies hire Actuaries?

In Guernsey, the main employer of Actuaries is BWCI Group, however, others include Utmost (formerly Generali), the “big 4” accountancy firms such as Deloitte, EY, KPMG and PWC, and some insurance firms and banks.

What are the Promotion Prospects for an Actuary?

Once an Actuary is qualified, the sky is the limit for promotion; to Senior Manager, Director and Partner. It is generally a career which few candidates choose due to the mathematical skills requirement, so there are usually excellent promotion opportunities.

Visit our compliance, risk and internal audit jobs page to see if we have any open positions that are right for you!