From job security to financial reward, there are many reasons why becoming an actuary is an ideal career path.

1. A wide range of opportunities

Historically, actuaries were often found mainly in life assurance and non-life insurance industries, but these days actuaries work in a variety of non-traditional roles. These range from actuarial consultants, life offices and the professional financial service firms. Over half of the members of the Institute and Faculty of Actuaries (IFoA) work in non-traditional roles and these opportunities continue to grow.

The UK actuarial qualification is highly valued throughout the world. 45% of the UK qualified members are based outside of the UK; with many international opportunities in locations such as Australia, New Zealand, India and South Africa to name but a few.

2. Intellectual challenge

As an actuary, you will often be faced with intellectually challenging problems. To be successful in this field, you will need to demonstrate excellent analytical thinking and the ability to solve complicated financial problems. Solid commercial and economic understanding, as well as being able to interpret and communicate complex information in a clear way are also essential.

3. Job security

An actuarial career is a stable one. A sustainable society will always need pensions and insurance, which means that actuaries will always be in demand. Technology changed the landscape of many professions and the actuarial profession was not exempt from this. However, by embracing the changes and the opportunities that these technological advancements bring, you will succeed.

Compared to other professions, the actuarial profession is relatively small. With over 30,000 practitioners, you will be part of a high-profile, prestigious and well respected profession. It is not easy to qualify as an actuary, and the exams are rigorous. Therefore, you will have to be willing to put the work in, not only do you have to pass your exams but you also have to excel at your day job. You will have to have focus, determination and the ability to cope well under pressure. What you will gain, however, is a world-recognised qualification with a high level of job security.

4. A Good Work-Life Balance

The actuarial profession is both challenging and hugely rewarding. Not only will you have a career that is intellectually challenging but as many actuaries report, one that allows you to balance your work and home life. Although this will differ across sectors and companies, this is one benefit that actuaries often enjoy throughout their career.

5. Excellent study support and training

On average, you will spend between 15 and 20 hours a week studying for your qualification. This requires a huge amount of commitment and dedication. However, the help and support given by employers is generous as many offer paid study leave, cover the cost of external tuition and exam costs as well as offering mentorship schemes.

6. Financial Reward

While actuaries certainly work hard, they enjoy high financial reward. The average basic salary for a graduate last year was £35,000 and this can rise to above £250,000 for partner positions.

As you can see, joining the actuarial profession means you are joining a hugely prestigious industry that means you are constantly challenged and gives you the opportunity to make a positive impact.

Find out what is needed to become an actuary by reading the ‘Entry requirements to become an Actuary’ article here.