How to become an actuary in the UK: qualifications, exams and career routes

An actuarial career combines mathematics, statistics, commercial understanding and communication to help organisations assess risk, understand uncertainty and make informed decisions. 

Actuaries work across areas including insurance, pensions, investment, consulting, banking and the public sector. There are several routes into the profession, including graduate roles, trainee positions and apprenticeships, and you will normally complete professional qualifications alongside relevant work. 

Before starting your career, it is useful to understand the role, the skills employers value and the requirements for achieving an actuarial qualification. 

In this guide, Sellick Partnership’s actuarial recruitment team explains how to become an actuary in the UK, from education and professional qualifications to gaining actuarial experience and developing your career. 

Already working in actuarial and considering your next move? Explore our current actuarial opportunities. 

In this guide, we cover: 

• What actuaries do 
• Actuarial sectors and specialisms 
• Skills you need 
• Education and qualifications 
• Professional exams 
• Routes into the profession 
• How long qualification takes 
• Developing while part-qualified 
• Continuing your actuarial career 
• Frequently asked questions

What does an actuary do? 

An actuary uses mathematics, statistics, financial modelling and commercial judgement to assess risk and uncertainty and help organisations make informed decisions. 

Actuaries work across areas including insurance, pensions, investment, consulting, banking and the public sector. Their responsibilities vary depending on their specialism, employer and level of experience. 

Their work may involve pricing insurance products, valuing financial liabilities, assessing capital requirements, modelling future outcomes, advising pension schemes or helping organisations understand the potential financial impact of different risks. 

Typical actuarial responsibilities can include: 

• Analysing financial, demographic and economic data 
• Building and reviewing models to assess possible future outcomes
• Pricing products or assessing the financial impact of risk 
• Valuing liabilities and supporting financial reporting 
• Advising on pension schemes, investments or risk management 
• Supporting strategic and commercial decision-making 
• Contributing to regulatory, governance and reporting requirements 
• Explaining technical findings to clients, colleagues and senior stakeholders 

As actuaries progress, their work may involve less hands-on calculation and more responsibility for reviewing analysis, managing teams, advising decision-makers and communicating the implications of actuarial work. 

To learn more about the role, read our guide to the typical responsibilities of an actuary. 

Which actuarial sectors and specialisms can you work in? 

Actuarial careers are available across several sectors and specialisms. Although the core skills are similar, the work, stakeholders and types of risk involved can vary considerably. 

Common actuarial areas include: 

• Pensions: Advising pension schemes, trustees and employers on funding, benefits, risk and long-term financial planning. 
• Life insurance: Working on areas such as pricing, valuation, capital, product development and financial reporting for life and protection products. 
• General insurance: Supporting the pricing and reserving of products such as motor, home, commercial and specialty insurance, as well as assessing capital requirements. 
• Investment: Analysing assets, liabilities and investment strategies for insurers, pension schemes and other financial organisations. 
• Risk management: Helping organisations identify, model and manage financial, operational and emerging risks. 
• Wider fields: Applying actuarial, analytical and risk skills in areas such as health and care, banking, sustainability, climate risk, data science, technology and the public sector. 

Actuaries may work in-house or within a consultancy. Consulting roles can provide exposure to different clients and projects across areas such as pensions, insurance, investment, risk and transformation. 

You may begin to specialise through your first actuarial role, the projects you work on and the professional exams you choose. Some professionals remain within one field throughout their career, while others move between related areas as their experience develops. 

What skills do you need to become an actuary? 

Actuarial work combines technical analysis with commercial decision-making, so employers look for more than strong mathematical ability. The skills you need will also develop as you gain experience and progress through your professional exams. 

Important skills include: 

• Mathematical and analytical skills: You will use probability, statistics and mathematical modelling to assess uncertainty, interpret data and evaluate possible outcomes. 
• Problem-solving: Actuarial professionals need to identify the right questions, test assumptions and turn analysis into practical recommendations. 
• Communication: You must be able to explain complex findings clearly to clients, colleagues and senior stakeholders who may not have an actuarial or technical background. 
• Commercial awareness: Understanding an organisation’s products, customers, financial position and regulatory environment will help you connect your analysis to wider business decisions. 
• Technical and modelling skills: Strong spreadsheet and modelling capabilities remain important. Depending on the role, employers may also value experience with tools such as R, Python, SQL or specialist actuarial software. 
• Professional judgement and attention to detail: Actuarial work can influence significant financial and strategic decisions, so you need to review evidence carefully, recognise limitations and communicate uncertainty appropriately. 
• Time management: Part-qualified professionals often balance project deadlines with professional exams and study commitments, making organisation and prioritisation essential. 
• Teamwork and collaboration: Actuaries work with colleagues across functions such as finance, underwriting, investment, risk, legal, data and technology. 

You will not need to demonstrate every skill at the same level when starting your career. As you progress, employers will increasingly expect you to combine technical knowledge with sound judgement, commercial understanding and the ability to communicate and influence others. 

What qualifications do you need to become an actuary? 

There is no single educational route into the actuarial profession, although strong mathematical and analytical ability is important. 

Undergraduate degree

Many actuarial professionals have degrees in subjects such as mathematics, statistics, actuarial science, economics, engineering or physics. Employers set their own academic entry requirements, so you should check the criteria for each role carefully. 

An actuarial or mathematics-based degree accredited by the Institute and Faculty of Actuaries may make you eligible for exemptions from selected professional exams. The exemptions available will depend on the course, modules and grades you achieve. 

A university degree is common, but it is not the only route into actuarial work. Apprenticeships can allow people to combine paid employment with formal study and professional development. 

Postgraduate degree

You do not need a postgraduate degree to become an actuary. Some people choose an accredited Master’s degree or another relevant postgraduate course to develop specialist knowledge or become eligible for additional exam exemptions. 

Before choosing this route, consider the cost, course content, exemptions available and whether employers in your preferred area of actuarial work expect or value the qualification. 

Moving into actuarial work from another career

People also move into actuarial roles from backgrounds such as engineering, physics, data, finance and other analytical professions. Career changers will usually need to demonstrate strong numerical ability, relevant transferable skills and a clear understanding of the professional qualification process. 

The appropriate entry point will depend on your previous experience, exam progress and the requirements of the employer. 

What professional exams and qualifications do you need? 

Most people working towards a UK actuarial qualification join the Institute and Faculty of Actuaries as student members. You can currently sit either the CS1 or CM1 exam as a non-member, but you will need student membership to sit the other IFoA exams and apply for exemptions. 

Your route will depend partly on whether your previous degree or professional study makes you eligible for exemptions from selected subjects. The IFoA assesses exemption applications against its own requirements, so you should check your eligibility directly rather than assume that a particular course will automatically provide them. 

The IFoA offers two main qualification levels: 

• Associateship: This qualifies you at a generalist level. You must complete the required Core Principles and Core Practices subjects, either through exams or approved exemptions, alongside Personal and Professional Development and professional skills requirements. 
• Fellowship: This is the IFoA’s highest qualification level and involves further specialist study. In addition to the Associate requirements, you must complete two Specialist Principles subjects, one Specialist Advanced subject and the relevant professional development requirements. 

Qualified Associates and Fellows can choose to use the IFoA’s Chartered Actuary designation. Fellowship is the IFoA’s highest qualification level and may be preferred or required for some senior or specialist roles. Certain senior regulated actuarial roles also require the appropriate IFoA practising certificate. 

Most actuarial professionals complete these requirements while working. Employers may provide exam funding, study leave and other support, although the arrangements and expectations vary considerably between organisations. 

How do people enter the actuarial profession? 

Most people begin gaining actuarial experience before completing their professional qualifications. The route you take will depend on your education, previous experience and the opportunities available through individual employers. 

Graduate schemes 

Many larger insurers and consultancies offer structured graduate programmes. These usually combine practical experience with exam funding, study leave and opportunities to work across different teams, clients or projects. 

Programme structures, entry requirements and application dates vary considerably, so you should research each employer carefully. 

Trainee and actuarial analyst roles

Employers of different sizes recruit trainee actuaries and actuarial analysts, sometimes throughout the year rather than through a fixed annual programme. 

These roles can vary in their technical content, study support and progression expectations. Check which professional exams the employer will fund, how much study leave they provide and what experience you will gain. 

Job titles are not always consistent across the market. An Actuarial Analyst role may be suitable for someone entering the profession, while other analyst positions require previous actuarial experience or progress through professional exams. 

Apprenticeships

In England, actuarial apprenticeships include the Level 4 Actuarial Technician and Level 7 Actuary standards. Entry requirements, availability and funding arrangements can change, so check the current Skills England guidance and the individual employer’s programme before applying. 

Internships and work placements

An internship, insight programme or work placement can help you understand the profession and gain relevant workplace experience. It may strengthen an application, but it is not the only way to demonstrate that you are suitable for actuarial work. 

Choosing the right employer and role

Look beyond the organisation’s size when comparing opportunities. Larger employers may offer structured rotations, while smaller teams can sometimes provide broader responsibility and exposure sooner. 

Compare the study support, technical work, team structure, client or stakeholder contact, progression opportunities and working arrangements available. 

Once you have gained relevant experience and begun your professional exams, you may be ready to explore part-qualified actuarial opportunities. This is typically the point at which Sellick Partnership’s specialist Actuarial team can support your next move. 

How long does it take to qualify as an actuary? 

There is no standard amount of time required to achieve an actuarial qualification. Most people complete their professional exams while working, and the length of the process will depend on factors including: 

• Any exam exemptions gained through previous study 
• The number of exams taken during each sitting 
• Exam results and any resits required 
• Workload and personal circumstances 
• The study leave, funding and wider support provided by the employer 
• The time needed to complete the practical and professional development requirements 

For IFoA students who joined on or after 2 January 2019, Associateship requires at least 24 months of Personal and Professional Development. A further 12 months of PPD must be recorded after Associate status is confirmed before applying for Fellowship. 

Professional exams are demanding, and progress will vary from person to person. Taking longer to complete them does not prevent you from developing a successful actuarial career. 

Many professionals build valuable technical, commercial and leadership experience while part-qualified. Associateship may also provide a suitable qualification for many roles, and Fellowship is not required for every actuarial career path. 

What should you focus on while part-qualified? 

The period between entering actuarial work and becoming qualified is an important stage of your career. Alongside progressing through your professional exams, you will develop the practical experience, judgement and commercial understanding that employers increasingly expect. 

While part-qualified, focus on: 

• Gaining relevant technical experience: Look for opportunities to apply your exam knowledge, work on more complex projects and understand the assumptions and limitations behind your analysis. 
• Taking greater ownership: As your experience grows, aim to manage pieces of work independently, review outputs and contribute to recommendations rather than only completing allocated calculations. 
• Understanding the wider business: Learn how your work affects customers, clients, financial performance, risk and strategic decisions. This will help you connect technical analysis with the organisation’s wider priorities. 
• Developing your communication skills: Practise explaining assumptions, findings and uncertainty to colleagues, clients and senior stakeholders who may not have an actuarial background. 
• Keeping an accurate record of your development: Record your exam progress, Personal and Professional Development activities and the responsibilities you have undertaken. 
• Reviewing your study support: Understand the exam funding, study leave, resit policies and progression expectations attached to your role. 
• Choosing your next role carefully: Consider the technical exposure, responsibilities, management support and progression available, rather than judging an opportunity only by its salary or job title. 

Your experience and level of responsibility can differ considerably from those of another professional at a similar stage of the exams. When applying for a new role, be ready to explain the work you have completed, the decisions you have contributed to and the skills you want to develop next. 

Sellick Partnership’s specialist Actuarial team works with part-qualified professionals who have gained relevant actuarial experience and started progressing through their professional exams. 

How can you continue developing your actuarial career? 

Qualifying is an important milestone, but your career will continue to develop through practical experience, ongoing learning and exposure to new responsibilities. 

As you progress, consider how you can:

• Keep your knowledge current: Follow relevant changes in regulation, markets, modelling, data and technology, as well as developments within your actuarial specialism. 
• Strengthen your commercial understanding: Consider how actuarial work affects customers, clients, financial performance and wider organisational decisions. 
• Broaden your influence: Look for opportunities to review work, mentor colleagues, challenge assumptions and present recommendations to senior stakeholders. 
• Develop your leadership skills: You may begin by supporting junior colleagues before moving into formal management, technical leadership or wider responsibility for a team or function. 
• Build your professional network: Learn from colleagues, mentors and professionals working across different actuarial fields. Professional events and actuarial communities can also help you exchange knowledge and understand other career paths. 
• Review the direction of your career: Consider whether you want to deepen your technical specialism, move into consulting, take on leadership responsibilities or gain broader strategic and commercial exposure. 
• Assess opportunities in context: Salary and title matter, but so do the remit, culture, resources, working arrangements and scope for the position to develop. 

Actuarial careers can develop across pensions, life insurance, general insurance, investment, risk management and wider fields. Some professionals build deep expertise in one area, while others broaden their experience or move into related specialisms as their careers progress. 

To explore one possible career path in more detail, read our guide to the variety of roles available in the pensions actuarial market. 

Take the next step in your actuarial career

Building an actuarial career involves more than completing professional exams. The experience you gain, the responsibilities you take on and the organisations you work for will all influence how your career develops. 

Sellick Partnership’s specialist Actuarial team recruits part-qualified, qualified and experienced professionals across the UK actuarial market. We can help you compare opportunities, understand how employers may value your experience and assess which role could best support your next career step. 

If you have gained relevant actuarial experience and are considering a move, explore our latest actuarial jobs or visit our actuarial recruitment hub to learn more about how we can support you. 

Frequently asked questions about becoming an actuary 

Do you need a maths degree to become an actuary? 

No. A degree in mathematics, statistics, actuarial science, economics, engineering or another numerate subject is common, but employers set their own entry requirements. Apprenticeships also provide a route into the profession without following the traditional university pathway. 

Can you become an actuary without going to university? 

Yes. In England, actuarial apprenticeships allow people to combine paid employment with formal study and professional development. Availability, entry criteria and funding arrangements vary between employers and apprenticeship levels. 

Can you work in actuarial before becoming qualified? 

Yes. Most actuarial professionals begin working before they complete their professional qualifications. They may work as actuarial analysts, trainees or part-qualified actuaries while sitting exams and completing their practical development requirements. 

What is a part-qualified actuary? 

“Part-qualified” is a term commonly used within the actuarial recruitment market rather than a formal IFoA membership category. It generally describes someone who has gained actuarial experience and started progressing through professional exams, or holds relevant exemptions, but has not yet completed Associateship or Fellowship. Exam progress, experience and responsibility can vary considerably between part-qualified professionals. 

How long does it take to qualify as an actuary?

There is no fixed timescale. Progress depends on factors such as exam exemptions, results, work commitments, study support and personal circumstances. Many people develop substantial actuarial experience while part-qualified before reaching Associate or Fellow status. 

Do you need to become a Fellow to work as an actuary? 

No. Fellowship is not required for every actuarial role. Associateship provides a recognised actuarial qualification at generalist level, while Fellowship involves further specialist study and may be expected for some senior, specialist or regulated positions. 

Can you move between actuarial specialisms? 

It is possible, particularly between related areas, but the ease of moving will depend on your experience, technical knowledge and exam choices. You may need to build additional technical knowledge or target a different level of role while gaining experience in the new specialism.