What does an actuary do? Roles, responsibilities and day-to-day work

Actuaries help organisations understand and manage risk and uncertainty using data, mathematical and statistical modelling, commercial judgement and specialist knowledge. 

The work can vary considerably depending on your actuarial specialism, the organisation you work for and your level of experience. A pensions actuary, for example, may have very different responsibilities from someone working in general insurance or life insurance, while more senior professionals may spend less time producing analysis and more time reviewing work, advising stakeholders and leading teams. 

In this guide, Sellick Partnership’s specialist Actuarial recruitment team looks at what actuaries do, the responsibilities involved and how the role can change across different specialisms and stages of your career. 

If you are looking for information about qualifications, professional exams and routes into the profession, read our guide on how to become an actuary in the UK. 

What is an actuary? 

An actuary uses mathematics, statistics, modelling and commercial judgement to help organisations understand risk and make informed decisions about uncertain future events. 

Depending on their specialism, actuaries may price insurance products, assess reserves or capital requirements, value financial liabilities, advise pension schemes, analyse investments or model how different scenarios could affect an organisation financially. 

The role involves much more than producing calculations. Actuaries need to understand the assumptions behind their work, interpret what the results mean and communicate their findings clearly to clients, colleagues and other stakeholders. 

IFoA members must also follow the Actuaries’ Code, which sets professional expectations around areas including integrity, competence and care, impartiality and communication. 

What are the core responsibilities of an actuary? 

The exact responsibilities of an actuary will depend on their specialism, employer and level of experience. However, most actuarial roles involve analysing data, assessing risk and helping organisations understand the potential financial impact of future events. 

Typical responsibilities can include: 

• Analysing data and trends: Reviewing financial, demographic, claims or economic data to identify patterns and understand how experience is developing. 
• Building and reviewing models: Using actuarial and statistical models to assess possible outcomes and understand the impact of different assumptions. 
• Pricing and assessing risk: Helping organisations understand the potential cost of risk and, in insurance, supporting the pricing of products or portfolios. 
• Valuing liabilities and setting reserves: Estimating how much an organisation may need to meet future financial obligations. 
• Assessing capital and financial resilience: Helping insurers and other organisations understand the level of capital they may need to hold against future risks. 
• Testing assumptions and scenarios: Looking at how changes in factors such as claims, mortality, inflation, investment performance or economic conditions could affect future outcomes. 
• Supporting reporting, governance and regulatory requirements: Producing analysis and advice that can feed into financial reporting, governance processes and regulatory work. 
• Advising stakeholders: Explaining findings, assumptions and uncertainty clearly to clients, colleagues, trustees, senior leaders or other decision-makers. 

Not every actuary will carry out all of these responsibilities. A pensions actuary, for example, may focus on scheme funding and long-term liabilities, while a general insurance actuary may work mainly in pricing, reserving or capital modelling. 

The tools used also vary by role and specialism. Excel remains common across the profession, while some actuaries also use R, Python, SQL and specialist actuarial software. In general insurance, this can include tools such as Radar, Emblem or ResQ. 

How do actuarial responsibilities differ by specialism? 

Although actuaries use many of the same core skills, the work can look very different depending on the area they specialise in. 

Pensions 

Pensions actuaries advise trustees, employers and other stakeholders on the financial management of pension schemes. Their work can include scheme valuations, funding analysis, investment and risk strategy, accounting, member benefits and risk transfer. 

They may also work closely with pension scheme trustees, lawyers, administrators, investment advisers and insurers to support long-term decisions about the scheme. 

General insurance 

General insurance actuaries commonly work across pricing, reserving and capital. 

A pricing actuary may analyse claims and customer data to help determine appropriate premiums, while a reserving actuary estimates the amount an insurer may need to pay future claims. Capital actuaries focus on financial resilience and model how different scenarios could affect the insurer. 

The balance of technical modelling, commercial input and stakeholder communication can vary considerably between these areas. 

Life insurance 

Life actuaries can work across pricing, valuation, capital, product development, financial reporting and risk management. 

Their responsibilities may include assessing the financial impact of long-term insurance commitments, setting or reviewing assumptions and helping the organisation understand how changes in areas such as mortality, investment performance or customer behaviour could affect future results. 

Risk management and wider actuarial roles 

Some actuaries focus more broadly on identifying, modelling and managing risk across an organisation. This can involve financial, operational, strategic or emerging risks and may include working closely with colleagues across finance, investment and senior leadership. 

Actuarial skills are also increasingly used in areas such as health and care, sustainability, climate risk, data and technology. 

Working in consultancy 

Actuaries can work in-house or for a consultancy. Consultants may specialise in pensions, insurance, investment, risk or another area, but their day-to-day role can involve working across several clients and projects. 

Alongside technical work, consulting roles often place greater emphasis on client communication, project delivery and explaining recommendations to different stakeholders. 

What skills do actuaries need? 

Actuarial work requires more than strong mathematical ability. Actuaries need to combine technical knowledge with commercial understanding, sound judgement and the ability to communicate complex information clearly. 

Depending on the role, employers may look for experience in areas such as modelling, data analysis, Excel, R, Python, SQL or specialist actuarial software. Just as importantly, actuaries need to be able to challenge assumptions, interpret results and explain what their analysis means for clients, colleagues and wider business decisions. 

These skills become increasingly important as you take on more responsibility. More experienced actuaries may spend less time producing analysis themselves and more time reviewing work, advising stakeholders, leading projects or managing teams. 

For a more detailed look at the technical, commercial and communication skills employers value, read our guide on how to become an actuary in the UK. 

What does a typical day look like for Actuaries? 

There is no single typical day for an actuary. The balance between analysis, modelling, meetings, reporting and stakeholder communication will depend on your specialism, employer, current projects and level of experience. 

A typical day could include: 

• Reviewing data or model outputs and investigating anything that looks unexpected 
• Testing assumptions and considering how different scenarios could affect the results 
• Building, updating or reviewing actuarial models 
• Preparing reports, presentations or recommendations 
• Meeting colleagues, clients, trustees or other stakeholders to discuss findings 
• Working with teams across areas such as finance, underwriting, investment, risk or data 
• Reviewing work completed by other members of the team 
• Responding to reporting, project or regulatory deadlines 

For an Actuarial Analyst or part-qualified professional, more of the day may involve producing analysis, developing models, preparing supporting information and building technical knowledge. As experience grows, individuals will usually take greater ownership of their work and have more direct involvement with clients or other stakeholders. 

For an Actuarial Manager or more experienced actuary, the balance may shift towards reviewing analysis, challenging assumptions, managing projects and supporting the development of other team members. They may also spend more time explaining results and recommendations to senior stakeholders. 

At senior level, actuaries may have wider responsibility for the quality and direction of actuarial work. Their day could involve leading teams, advising boards or trustees, managing key client relationships, contributing to commercial or strategic decisions and making sure actuarial insight is understood by the people using it. 

Some actuaries remain highly technical throughout their careers, while others move towards leadership, client management or broader commercial responsibilities. The mix will depend on the individual role and the direction you choose to take your career. 

How can an actuarial career develop? 

Actuarial careers do not follow one fixed path. As you gain experience and progress through your professional qualifications, you may choose to deepen your technical expertise, move into people or project leadership, take on more client responsibility or broaden into wider commercial and strategic roles. 

Some actuaries continue as technical specialists, while others progress into positions such as Actuarial Manager, Head of Actuarial, Chief Actuary or Partner. Actuarial experience can also support moves into related areas such as risk, finance, investment, transformation, data or technology. 

For more detail on qualification routes, part-qualified development and longer-term career options, read our guide on how to become an actuary in the UK. 

If you are particularly interested in pensions, our guide to the variety of roles available within the pensions actuarial market looks at different opportunities across consulting and in-house teams. 

What salary can you expect as an actuary?  

Actuarial salaries in the UK can vary considerably depending on your experience, qualification status, specialism, location and the level of responsibility attached to the role. 

As a general guide: 

• Actuarial Analysts: typically earn between £28,000 and £45,000 
• Qualified actuaries: can earn between £50,000 and £100,000 
• Senior actuaries and heads of function: can earn £110,000+, often alongside bonus and wider benefits 

These figures should be treated as broad market guidance rather than fixed salary bands. Pay can vary significantly between pensions, life insurance and general insurance, as well as between different types of employer and locations. 

Other factors can also influence the overall package, including: 

• Professional exam progress and qualification status 
• Technical or specialist experience 
• Client and stakeholder responsibilities 
• People-management or leadership responsibilities 
• Regulatory or governance accountability 
• Bonus, pension contributions and wider benefits 

Our specialist Actuarial recruitment team regularly speaks with candidates and employers across the UK market, giving us insight into how salaries and packages vary between different actuarial roles. 

If you are considering a more senior move, read our guide to negotiating a senior actuarial job offer for advice on assessing salary, benefits and role scope together. 

Ready for your next actuarial move? 

If you are already working in actuarial and considering your next move, Sellick Partnership’s specialist Actuarial recruitment team can help you understand the market, compare opportunities and consider what could be right for the next stage of your career. We recruit part-qualified, qualified and experienced professionals across pensions, life, general insurance and wider financial services. 

Explore our latest actuarial jobs or speak to one of our specialist Actuarial Consultants for a confidential conversation about your next move. 

You can also visit our actuarial recruitment hub to find out more about the markets we recruit across and how we support actuarial professionals.