What Is an Actuary and How Can You Become One?

Fei is specialist Maths Tutor who covers GCSE Maths, A-Level Maths as well as A-level Further Maths, having completed a Ph.D in Actuarial Maths and qualified as an actuary.

He has taught hundreds of students from the UK's most competitive schools to help them achieve top grades and prepare them for the most difficult admissions tests.

How to Become an Actuary: A Practical Guide

By Fei Y | GCSE, A-Level and Degree Level Maths Tutor | Sherpa Tutor

When students ask me what an actuary does, I sometimes joke that it is a profession for people who enjoy answering questions that nobody can answer with certainty. How long might people live? How many insurance claims could arrive next year? How much money should be set aside today for promises that may not be paid for decades?

I am a qualified UK actuary with a PhD in Actuarial Mathematics, and I now spend much of my time teaching mathematics. Looking back, I can see that the same habits matter in both professions: breaking a difficult problem into manageable parts, checking assumptions carefully and explaining an answer so that another person can trust it.

If you are considering actuarial work, this is not simply a list of entry requirements. It is my honest view of what the career involves, who tends to enjoy it and what I would encourage a young mathematician to develop.

What an Actuary Really Does

The Institute and Faculty of Actuaries describes actuaries as problem-solvers and strategic thinkers who use mathematics to measure the probability and financial impact of future events. That is accurate, but the human side is just as important.

An actuarial model does not make a decision by itself. Someone must decide whether the data are reliable, whether the assumptions are reasonable and how much uncertainty the organisation can accept. The actuary then has to communicate that judgement to people who may not share the same technical background.

During my career, I have worked with long-term financial risks where small changes in assumptions can make a large difference over many years. The calculation matters, but the more difficult question is often this: what does this result mean, and what should we do about it?

Is Actuarial Work Right for You?

Many students assume that they must be exceptional at every branch of mathematics. Strong mathematical ability certainly helps, but actuarial work is not a daily competition to solve the hardest equation. It rewards patience, accuracy, curiosity and the willingness to revisit a problem when the first answer does not look sensible.

As a tutor, I notice that students with actuarial potential often ask “why?” rather than only “which formula should I use?” They enjoy probability and statistics, but they are also interested in how mathematics connects with business, economics and real decisions.

Communication is essential too. If you can obtain the correct answer but cannot explain it clearly, your influence will be limited. In both tutoring and actuarial work, I have found that a clear explanation is often the real test of whether you understand something.

What Should You Study?

At school, A-Level Maths is the key subject. Further Mathematics can be very useful where it is available, while Economics, Computer Science and A-Level Physics can all develop relevant ways of thinking. However, there is no single compulsory combination.

At university, actuarial science is one route, but mathematics, statistics, economics, physics, engineering and computer science can all lead into the profession. An accredited actuarial degree may provide exemptions from some professional examinations, although students should choose a course because its content and style suit them-not simply to collect exemptions.

University is not the only route. The IFoA’s guide to becoming an actuary includes actuarial apprenticeships as well as graduate pathways. This is worth exploring early, particularly for students who prefer to learn while working.

The Professional Examinations

In the UK, most trainee actuaries work towards the Institute and Faculty of Actuaries qualification while employed. The current curriculum covers actuarial mathematics, statistics, business, risk management, communication and specialist practice.

This period can be demanding. You may finish a full working day and still need to study in the evening or at weekends. From my own experience, consistent study is far more effective than relying on a heroic burst just before an examination. Learning actuarial mathematics is rather like building a wall: each topic needs to sit securely on the one beneath it.

The examinations also reveal something important about the profession. Technical knowledge is necessary, but qualified actuaries are expected to exercise judgement, communicate clearly and act responsibly. Calculations alone are not the whole journey.

Skills I Would Start Building Now

First, make your mathematical foundations secure. Algebra, functions, probability and statistics return repeatedly. Do not rush past a weakness simply because you can imitate a worked example.

Second, become comfortable with data. Excel remains widely used, while Python, R and SQL are increasingly valuable. A small project-analysing a public dataset, testing a probability model or building a simple financial projection-can teach more than passively watching several hours of tutorials.

Third, practise writing. Try explaining a mathematical result in one paragraph without equations. What did you calculate? What assumptions did you make? What could make your conclusion wrong? This is excellent preparation for both actuarial applications and professional work.

Finally, follow business and financial news. An actuary needs to understand the world around the model. Insurance, pensions, investment, healthcare, climate risk and technology all involve uncertainty, but in different ways.

Getting Your First Experience

Internships, insight days, placements and work-shadowing are valuable because they show you what the work feels like, not just what a job description says. The IFoA also recommends looking beyond specifically actuarial placements if they are unavailable; experience elsewhere in finance or business can still develop useful workplace skills.

Do not underestimate smaller experiences. A coding project, mathematics competition, part-time job, volunteering role or responsibility in a school society can provide evidence of initiative, teamwork and communication. The important step is to reflect on what you learned rather than merely listing the activity.

When applying, “I like maths” is a starting point, not a complete motivation. Explain why using mathematics to make decisions under uncertainty appeals to you. Research whether the employer works in pensions, life insurance, general insurance, investment, consulting or another area, because the day-to-day work can vary considerably.

Actuaries, Data Scientists and AI

Students increasingly ask whether AI will replace actuaries. I do not think the most useful question is whether software can perform a calculation; much actuarial work has always involved using tools to calculate more efficiently.

AI can assist with coding, data processing, scenario testing and drafting. That makes judgement more important, not less. Someone still needs to recognise poor data, challenge an unrealistic assumption, understand regulation and take professional responsibility for how a model is used.

Actuaries and data scientists may use similar techniques, but actuaries apply them specifically to financial risk and long-term obligations within a professional framework. The future actuary will need technical confidence alongside ethics, commercial awareness and the courage to question an apparently precise answer.

My Advice to a Future Actuary

Do not decide from the job title alone. Read about the profession, speak to people doing different kinds of actuarial work and try a small data or financial-modelling project. Notice whether you enjoy not only reaching an answer but also checking it and explaining what it means.

The route is challenging and qualification takes time. Yet for someone who enjoys mathematics, uncertainty and real-world problem-solving, it can be an intellectually rewarding career with many directions.

If I were advising one of my own students, I would keep the first step simple: strengthen your mathematics, remain curious about how organisations make decisions and learn to communicate your reasoning clearly. Those habits will help you whether you eventually become an actuary-or choose another career built around quantitative thinking.

If you have any questions on this topic, please feel free to contact through my Sherpa profile.