How to Become an Actuary in the UK
Actuaries use maths, statistics and financial modelling to put a price on future risk. You might set insurance premiums, value a company pension scheme, check whether an insurer holds enough capital, or model how long a group of people will live. The work is close to that of a risk analyst or underwriter, but with heavier modelling and a formal exam route.
Most people join an insurer, consultancy or pension firm as a trainee actuary after a numerate degree, then study for the Institute and Faculty of Actuaries (IFoA) exams while working. Qualifying usually takes five to eight years, and employers normally pay for study and give study leave. Our actuary salary guide shows how pay rises as you pass the exams and qualify.
Quick facts
- Starting salary
- £32,000 - £45,000
- Mid-career salary
- £60,000 - £90,000
- Senior salary
- £110,000 - £200,000+
- Work environment
- Office or hybrid
- Time to entry
- 5 - 8 years (IFoA exams)
- Degree required
- Usually required
- Category
- Business, Finance and Legal
Compare pay across careers in the UK salaries by career report. Also in: High-paying careers.
What a Actuary does
Use stats and finance to price risk for insurers, pension funds and big employers.
- Pensions - DB / DC pension scheme advisory work.
- General Insurance - Pricing and reserving in GI insurers.
- Life Insurance / Life Assurance - Life office reserving and capital work.
- Investment Risk - Investment consulting and risk advisory.
- Enterprise Risk - ERM and capital modelling at insurers.
How to become an actuary in the UK
The usual route is a good degree in maths, statistics, economics, physics, engineering or another numerate subject, followed by a trainee actuary job. You then work through the IFoA exams in stages: Core Principles, Core Practices, Specialist Principles and Specialist Advanced, plus work-based skills and professionalism training. This leads to Associate (AIFoA) and then Fellow (FIFoA) status. Some degrees give exemptions from early papers. School leavers with strong A level maths can start on the Level 4 Actuarial Technician apprenticeship, and graduates can train through the Level 7 Actuary apprenticeship, although Level 7 funding in England is now mainly limited to younger starters.
- Get strong A level maths or equivalent, then choose a numerate degree, ideally one that gives exemptions from some IFoA Core Principles papers.
- Do an actuarial insight day or summer internship with an insurer, pensions consultancy or the Government Actuary's Department to test the work and strengthen applications.
- Apply for trainee actuary graduate schemes in your final year, and practise numerical reasoning tests and assessment centre exercises beforehand.
- Register as an IFoA student member and start the Core Principles exams, such as CS1 and CM1, using the study leave your employer provides.
- Choose a practice area, such as pensions, life insurance, general insurance or investment, and build experience that matches your Specialist Principles papers.
- Learn Excel modelling plus a coding language such as R, Python or SQL, which most actuarial teams now use for data and modelling work.
- Complete the IFoA work-based skills and professionalism requirements, qualify as an Associate, then keep going to Fellowship for senior roles.
| Route | How long | Cost | Best for |
|---|---|---|---|
| Numerate degree, then trainee actuary scheme | 3 years + 5-8 years of exams | Tuition fee loan; exams usually employer-paid | Most actuaries |
| Level 4 Actuarial Technician apprenticeship | About 2-3 years | Paid by the employer | School leavers with strong maths |
| Level 7 Actuary apprenticeship | About 3-4 years | Employer-funded; government funding mainly for younger starters | Graduates wanting structured study |
| Switch from finance, data or risk work | Varies | Exam fees, often employer-paid | Analysts with numerate backgrounds |
How long it takes
You can start as a trainee actuary straight after your degree, or after A levels through an apprenticeship. Becoming a fully qualified Fellow usually takes five to eight years of exams alongside work.
Actuary salary in the UK
Trainee actuaries usually start on around £32,000 to £45,000, with pay rising as you pass exams. Once qualified and in mid-career, salaries of £60,000 to £90,000 are typical. Senior actuaries, heads of function and consulting partners can earn £110,000 to £200,000 or more. Pay depends on how many exams you have passed, your practice area, whether you work in London or a regional office, and whether you are in consulting, insurance or the public sector. Bonuses are common in insurance and consulting.
Key skills
- Maths
- Stats
- Modelling
- Exam stamina
- Communication
Will actuaries be replaced by AI?
High exposure. The modelling and calculation side of actuarial work is highly automatable, and finance and insurance is the most AI-exposed sector in the UK. Actuaries are not disappearing, because firms need someone qualified to sign off and stand behind assumptions, but the work tilts towards judgement and communication.
The DfE study found finance and insurance to be more exposed to AI than any other UK sector.
What AI already does in this job
- Running and maintaining pricing and reserving models
- Data preparation and validation
- Producing standard reports and regulatory returns
What stays with a person
- Setting and defending assumptions
- Professional sign-off under regulatory rules
- Explaining risk to boards and regulators
Develop the communication and commercial side early, and consider moving into areas where judgement is the product: risk management, AI model risk, or client-facing pensions work.
Careers that reuse your skills with less AI exposure
- Pension Advisor - client-facing work with the same technical base
- AI Risk Analyst - applies risk thinking to AI models themselves
- Wealth Manager - relationship-led financial advice
More on AI and work: check another job, jobs AI will replace, AI-proof jobs.
Our rating judges how much of the role's everyday work current AI tools can already do or draft; it measures exposure, not job losses. Occupation findings are from the Department for Education, The impact of AI on UK jobs and training (November 2023).
Actuary FAQs
How do I become an actuary in the UK?
Most people get a numerate degree, join a trainee actuary scheme at an insurer, consultancy or pension firm, and pass the IFoA exams while working. School leavers can start through the Level 4 Actuarial Technician apprenticeship instead. Reaching Fellowship usually takes five to eight years.
Do I need a maths degree to be an actuary?
Not specifically maths. Employers accept most numerate degrees, such as statistics, economics, physics, engineering or actuarial science, and some take other subjects with strong A level maths. Some degrees give exemptions from early IFoA papers, which shortens the time it takes to qualify.
How much does an actuary earn in the UK?
Trainees usually start on £32,000 to £45,000. Mid-career actuaries typically earn £60,000 to £90,000, and senior actuaries or partners can earn £110,000 to £200,000 or more. Exam progress, sector and location make the biggest difference.
How hard are the actuarial exams?
They are demanding. The IFoA syllabus has several stages, and resitting some papers is common, which is why most people take five to eight years to reach Fellowship. Employers usually give study leave and pay exam fees, but you still need steady evening and weekend study.
Is Actuary right for you?
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