An Actuary is an essential component of an insurance company. An Actuary calculates the probability of future risk using mathematics and statistics to study past events. Unlike an Underwriter, the Actuary isn’t determining the potential cost of a customer’s policy based on their risk factors, but providing the Underwriter with the data to determine the potential cost to the insurer. Several Universities in Ireland offer Actuarial Degree courses; however, you do not necessarily have to complete an Actuarial Degree to become an Actuary. Most employers will look at a broad range of numerical based qualifications including Maths, Statistics, Engineering, Physics. A Trainee Actuary will also have to sit professional exams which can take between 3 – 6 years to complete, however most employers will provide support for this.
An Actuarial career is both distinguished and rewarding, with salaries reaching beyond €200,000 for an experienced Senior Actuary. A Trainee or Part Qualified Actuary can look for a salary between €30,000 - €50,000 with the potential to increase quickly as they gain more experience.