Barnett Waddingham came to Warwick for a presentation on actuarial services last Thursday. Below we give a summary of the main things that were covered in the event.

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What does actuarial work involve?

It is a profession based on measuring and managing risk, using mathematical skills to help measure the probability and impact of uncertain future events.

Required skills:

• Maths/problem solving skills
• Communication skills
• Enthusiasm for continued learning
• Interest in relevant sector

Different areas of work:

• Insurance
• Pensions
• Finance and investment
• Risk management

Example: Investment

• A pension scheme has money now and benefits to pay out over next fifty years
• Want to know where to invest this money to maximise chance of having enough left at every point
• Need assumptions about future investment returns and risks
• Can look at historical and current data, models, and other information sources to design a suitable investment strategy

Example: Risk Management

• The oil and gas industry has heavy requirements for capital and operating expenditure
• Also face problems associated with natural uncertainty, unpredictable commodity prices and financial/operational risks

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Routes into an actuarial career

Traditional fellowship route:

1. A at Maths A-Level and C at GCSE English
2. 2:1 or above (any numerical degree)
3. Graduate actuarial position
4. 15 professional exams and 3-6 years work experience
5. Then, qualified Actuary

Actuarial analyst route:

1. Strong maths skills
2. Actuarial analyst trainee position
3. 6 professional exams
4. 1+ years work experience
5. Then, certified actuarial analyst