The word ‘actuary’ can bring to mind a simple number cruncher, rather than the innovative thinker we’re looking for. We want people who can blend the technical with the creative, finding new solutions to ever-changing challenges, and then find the way to communicate these ideas to people from many different backgrounds.

Actuaries analyse past and present data, applying financial and statistical theories to solve real business problems. These problems typically involve forecasting future financial events, especially when the amount of a future payment, or the timing of that payment, is uncertain. Think pensions.

A lot of actuaries’ work is therefore one of risk management, i.e. assessing how likely an event may be and the costs associated with it. To make things harder still, the actuary needs to factor in how the business in question operates, likely changes to legislation and long-term demographic trends. That’s why actuaries are so highly regarded, and their work so intellectually stimulating.

AND AN ACTUARIAL CONSULTANT?
Finding answers is one thing, communicating them effectively to the parties involved quite another. Actuarial consultants need to be able to explain often complex technical issues and ideas to all kinds of people, whether they be finance directors, CEOs, shareholders or trustees.

ACTUARIES AND PENSIONS
The work of actuaries is vital to the health of pension schemes. Actuaries are heavily involved in designing and advising company pension schemes, especially where a value needs to be placed on a scheme’s accumulated pension promises. This could be for a formal valuation of a whole scheme, or of one person’s benefits.

As actuaries gain experience, they spend less of their time working on the strictly technical aspects, instead applying their expertise to more general areas, whether it’s managing a business, advising a client on remuneration policy, advising on a corporate takeover or other different types of projects. This demands as much creative thinking as technical prowess, and great interpersonal skills.

CHALLENGES AND REWARDS
Passing professional exams is the first hurdle to becoming an actuary, but beyond this there is the challenge of becoming an expert in one of many demanding fields.

Being an expert in such a complex area brings greats rewards. Actuaries’ pay and conditions are excellent and on a level with the medical and legal professions. And the rewards of being an actuary are far more than financial. It is a stimulating job that challenges you to think at all times and offers you the opportunity to make a positive impact on legislation, businesses, and individuals.