What is the Institute and Faculty of Actuaries?
The Institute and Faculty of Actuaries (IFoA) is the UK's only chartered professional body dedicated to educating, developing and regulating actuaries based both in the UK and internationally.
What do actuaries do?
An actuarial career is ranked as one of the best in the world as it offers intellectual challenge, broad opportunities and great potential earnings.
As an actuary you will develop expertise in all aspects of risk, combining your knowledge of statistics, financial theory, economics and business to model the world and quantify potential risks. You may choose to work as a consultant where your communication skills and breadth of knowledge are highly valued, or as a technical expert applying your advanced mathematical capabilities.
It is a career that offers high levels of responsibility; in fact actuaries are behind many of the high level strategic decisions made by financial services companies and governments.
Find out more about an actuarial career.
There are actuarial opportunities across the UK and once qualified it is a career that can also take you abroad.
Find a list of actuarial employers offering jobs, work experience and internships here.
What will employers look for?
Most employers are looking for graduates with at least a 2.1 degree and excellent A-levels or equivalent.
- Maths A-level (or equivalent) at grade B or higher
- A degree at 2:1 or higher, in any numerate discipline (other disciplines may be considered)
- Many employers also look for candidates who have a basic knowledge about the IFoA and the qualification route applicable to them
- Employers will not expect students to have passed any of the IFoA exams on entry to the company. However, you can take the Certificate in Financial Mathematics (CT1) exam to gain an insight into the exams and to show an employer that you can take and pass the exams independently.
What will the IFoA look for?
The minimum requirements for admission as a student of the IFoA are
- Maths A-level (or equivalent) at grade B
- A second A-level (or equivalent) in any subject at grade C
- English GCSE (or equivalent) at grade C
- Two other GCSEs (or equivalent) in any subject at grade C
For holders of a second class honours degree or above in any subject, the maths A-level requirement is reduced to a grade C.
For holders of a third class honours or above in a mathematical or actuarial science degree, the maths A-level requirement is dropped.
What skills do I need?
Understanding how businesses operate, and how legislation may affect them, is vital. But what really set actuaries apart are their natural mathematical, economic and statistical awareness, and their ability to apply this to real situations in the financial world.
International Actuarial Careers Network (IACN)
The IACN is an global network of students who belong to an online community hosted on the IFoA’s website.
Students are able to join together to discuss industry topics, network with students and employers and find out firsthand what employers and the industry want from them.
It is an opportunity to join like minded people to raise your profile within the profession and amongst employers to help you gain relevant industry knowledge and help you in your job search.
What are the benefits to you?
- Align yourself with the UK actuarial profession - IFoA
- Gain access to employers
- Find out industry knowledge
- Network with like minded students
- Get your questions answered by industry specialists
- Attend career events
- Newsletter and access to magazines.
To find out more visit the IACN web pageApply: Institute and Faculty of Actuaries scheme