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The role of an Actuary is to use complex statistical and mathematical models to provide companies and government departments data which will assist them in planning for their financial futures. For example, an Actuary will use life expectancy data to give advice to pension schemes as to how policies should be designed and what level of contributions a policy holder must pay in order to achieve a desired level of income in the future.
Actuaries are mostly associated with insurance and pension companies but they are being increasingly employed by other institutions such as investment banks and health providers for a wide variety of methods of financial planning.
Most employers will require education to a degree level, preferably in mathematics. Professional qualifications are offered by the Faculty and Institute of Actuaries and are in two stages - Associate and Fellowship. Associate level is gained after passing core exams and completing one year's work experience within a recognised firm. Fellowship level is achieved after 3 years' experience and passing specialist exams.
Recent salaries for roles advertised at time of writing (Nov 2009) include:
Are you an Actuary? Would you like to contribute to our "Day in the Life of..." series? Email us at email@example.com for more details.
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