What is an actuary

At its core, an actuary is someone who uses maths to help people and organisations make informed financial decisions about the future. As pensions actuaries, we work out how much money needs to be saved today so members can be paid a pension when they retire – which could be 20, 30, or even 50 years from now!

We use data (like salaries, ages, and how long people tend to live), make assumptions about the future (such as what inflation and investment returns will be), and use models to estimate the total cost of providing those pensions. Once we’ve run the numbers, we explain our findings to clients so they can make informed decisions. It’s like solving a financial puzzle, balancing what’s fair, affordable, and sustainable for both the company and its employees.

Why consider a career as an actuary?

One of the biggest draws of the profession is its variety. Work as a consulting actuary isn’t limited to spreadsheets – it involves communicating with clients, working in teams, presenting insights to clients and contributing to real-world decisions that affect people’s lives (e.g. calculating the current value of individuals’ pensions). Although it’s a niche profession, actuarial work is highly sought after due to our technical expertise – offering strong job security, a clear path for progression, and a competitive salary from the outset. With each exam you pass at LCP, your pay and responsibilities grow, making it a career that continuously rewards development. You can find out more about the benefits of this profession by reading the ‘Why become an Actuary?‘ article.

Entry requirements to become an actuary

In the UK, actuaries typically start with at least an A-level in Maths and typically a numerate degree – such as Mathematics, Statistics, Economics, Physics, or Engineering. Many university courses offer exemptions from some of the actuarial exams run by the Institute and Faculty of Actuaries (IFoA). From there, most graduates join a firm through a graduate scheme, continuing to study while gaining hands-on experience. That said, it’s not just about your academic background – mindset matters. Logical thinking, curiosity, and resilience are key. And the path isn’t rigid – some people enter the profession from entirely different fields, even after careers in medicine or the arts. More details about these requirements kind be found in the ‘Entry requirements to become an Actuary‘ article.

Essential skills to become a successful actuary

Early in your career, it’s all about building technical strength – getting to grips with spreadsheets, models, and formulas. But as you progress, communication becomes just as important. A key part of the role is explaining complex ideas in a clear, simple way and guiding clients toward informed decisions. Many firms look for candidates who are not only technically capable, but also proactive, adaptable, and collaborative – because the best actuaries balance analytical depth with people skills. Find out more about what skills are required within this profession by reading the ‘Essential skills to become a successful Actuary‘ article.

A bit of advice

Give it a go! Don’t let the 13 exams scare you – they’re tough, but worth it. This is a career that will stretch you, challenge you, and surprise you in all the right ways. My biggest piece of advice? Persevere. Some exams will suit your strengths more than others, but with consistency and determination, you’ll get there. Try not to compare your progress to anyone else’s – everyone moves at their own pace, and as they say, “comparison is the thief of joy”.