They May Advise Small Or Recently Established Life Companies, And, Generally, Their
They may advise small or recently established life companies, and, generally, their services are available wherever independent actuarial advice is required. Recruitment and Training: There are two professional bodies of actuaries in the UK: the Institute of Actuaries in London, and the Faculty of Actuaries in Edinburgh. To become an actuary it is necessary to qualify as a Fellow of one of these associations. School leavers may be eligible for entry to the exams, but in practice almost all entrants are graduates in related degree subjects, such as mathematics, statistics, and economics. Actuaries have practical experience during training, which normally takes seven years.
Insurance companies train suitable actuarial recruits in the life department, giving day - release and providing additional tuition. Prospects and Salaries: The theoretical training of actuaries and their experience of insurance business ideally fit them for making a valuable contribution to the corporate planning of their company, and indeed to the overall management of the company. This opens the way to top management and a significant proportion of senior Fellows become general managers or directors of their companies, both in the insurance field and generally in industry and ecommerce.
Actuarial salaries compare well with those of other professions: Starting salaries in London are around £25,500 - £36,500, and on qualification £39,000 - £41,500, but this will depend on age, ability, experience and location. From then on, salary levels are determined largely by the degree of responsibility carried. Case Study: Alan is 30 and works as a fully - qualified actuary for a large composite insurance company. He has 12 GCSEs and four A levels, and a degree in Probability and Statistics.
He describes his career progression: I started in the pensions quotations division, which deals with employers setting up pension and benefit schemes for their employees. It was a matter of applying premium rates to the details of the lives we were given and entering the figures on a calculator. After one - and - a - half years I was moved to the special investigations department where we mainly produced reports for the life department.
At any one time I might have been working on between 10 and 15 reports, which could each take anything from two weeks to six months to complete. The reports were on various topics, such as comparing mortality rates at our office with another office. Every office keeps track of deaths, but there can be variations, so an Institute of Mortality was set up to collect statistics from offices throughout the country, and we work with that material.