You have decided that an actuarial career is for you, so your next step is to understand what employers will be looking for in entry-level actuarial candidates. Combining my experience in recruiting and as a careers relationship manager supporting students through actuarial recruitment processes with various employers, I have reflected on what employers in the sector commonly look for and have outlined these in this article. This can be broken down into three key areas: education, employability skills, and motivation.

Education

Due to the nature of the work and the continued study you will need to undertake to become a qualified actuary, employers look for a strong academic record.

For most companies, you do not need to have studied actuarial science directly, but most will want to see that you have a good quantitative background and a keen interest in financial concepts. If you are looking at courses, do consider if and how many exemptions you can gain from the professional subjects, as some universities have partnerships with professional bodies; in the UK, this is the Institute and Faculty of Actuaries.

Although it is not essential to have already studied actuarial subjects or gained exemptions before you join a company, it is important that you have done some research into the professional qualifications and have an understanding of what is required, how they work, and how long they may take. Although for some roles you do not have to become a fully qualified actuary, this can limit your later career options within the industry. For most roles, you will be expected to at least complete the Core Principles subjects. More information can be found in the ‘Actuarial Syllabus and Exams‘ article.

Employability skills

While employers will consider your academic record, strong academic performance on its own is not enough to secure a position in the industry. Make sure you look at a few job descriptions and understand the soft skills, i.e., those skills employers see as making you employable.

The skills we see coming up regularly on actuarial job descriptions are:

• Analytical mindset and problem solving. Actuaries are problem solvers by nature, using their analytical abilities and mathematical models to solve complex problems. As technology evolves, much of the traditional number-crunching can be done using various computer software, so actuarial roles are changing. Being able to critically analyse the outputs and apply industry knowledge to interpret the data in a meaningful way is where an actuary adds real value.
• Communication. Demonstrating good communication skills is imperative in general, but in recent years, actuarial employers have increasingly sought candidates who can adapt their communication style to suit different audiences and explain complex information to non-technical stakeholders. This becomes even more important if you are looking at working for consultancies.
• Attention to detail. Actuaries analyse data, make predictions, and calculate probabilities to assess financial risks. Meticulous attention to detail helps ensure that these calculations are accurate and reliable, and that the work is compliant with regulatory standards.
• Teamwork/collaboration. As well as working with people within their own teams, actuaries often have to collaborate with other teams or stakeholders, so it is important that they can use good interpersonal skills to develop relationships and work efficiently with others.
• Time management. For almost every organisation, good time management is a key skill. Actuarial employers want the reassurance that, if they are going to invest in your studies towards the qualification, you will be able to cope with working and studying simultaneously.
• Perseverance. Becoming an actuary is not easy; it takes determination and effort, including putting many hours into studying for exams alongside working. Being able to remain focused and committed to handle this pressure is important, as is being able to demonstrate resilience.
• Commercial awareness/business acumen. An understanding of how the business environment you work in operates, along with key topics (including both opportunities and challenges) will help you demonstrate genuine interest in the field and is essential for interpreting data meaningfully.
• Interest in learning. Being an actuary means your learning is never-ending, especially as new technologies mean roles are continuously evolving. Employers want to see that you have an interest in learning, which will help you succeed in studying to become a qualified actuary. Even after that, there is continued professional development to complete regularly.
• Programming, such as in R or Python. Another skill that is increasingly appearing in actuarial job descriptions is an understanding of programming. Although this is not essential for most actuarial roles at the moment, it can help you stand out. More and more often, actuaries are working alongside data scientists. In working with actuarial students at Bayes Business School, for instance, we have seen an increase in the number of employers particularly interested in those students who have taken some of our Business Analytics modules, such as machine learning, advanced predictive analytics, and natural language processing.

Further information about skills can be found in the ‘Essential skills to become a successful Actuary‘ article.

Motivation

Actuarial employers, like most employers, will ask questions to assess your motivation for the industry and role. They want to know that if they are going to invest in developing and supporting you through to qualification (many offer study packages), it is something you have a genuine interest in. Consider carefully what really attracts you to the role and sector. Make sure you have researched what the role will involve on a day-to-day basis, and understand how this differs across different types of actuarial work. Employers want to see that you have put thought into why this is the career route you want to pursue. One thing I would definitely recommend is to reach out and network with people in the industry, as they are the best source of information to build your knowledge and gain first-hand insights.

When you start applying take some time to reflect on how you can demonstrate the areas discussed in this article, start working on any areas you feel are development areas, talk to your careers services early to gain support.

As Paul Sweeting, the President of the IFOA recently said to me “Qualifying as an actuary can be a challenge; but the actuarial qualification can open up a world of opportunities, in finance and beyond.“