We are the UK's only chartered professional body dedicated to educating, developing and regulating actuaries around the world.
An actuary is someone who works within the business and financial sector. They use their great mathematics, statistical, probability, modelling, numerical and problem solving skills to model and predict the risk before business decisions are made.
If you love maths and want a career where you use your mathematical skill every day then becoming an actuarial professional might be for you.
You can either work towards becoming an actuary or a Certified Actuarial Analyst which is a technical, support professional.
The Institute and Faculty of Actuaries (IFoA) came into being on 1 August 2010. It is the UK's only chartered professional body dedicated to educating, developing and regulating actuaries based both in the UK and internationally
At a Special General Meeting held on 25 May 2010 voting members of the Faculty of Actuaries in Scotland and the Institute of Actuaries voted in favour of a merger of the two bodies
The Queen in Council granted an amendment to the Royal Charter of the Institute of Actuaries in terms that converted it to the Charter for the IFoA. The assets, liabilities and membership rights of the Faculty of Actuaries in Scotland were transferred on that same day to the IFoA and the Royal Charter of the Faculty of Actuaries in Scotland surrendered.
Under our Royal Charter we have a duty to put the public interest first
We represent and regulate over 28,000 members worldwide for the benefit of the outside world and oversee their education at all stages of qualification and development throughout their careers. By joining the IFoA, members are making a personal commitment to high standards of education, competence and integrity.
The Institute and Faculty of Actuaries (IFoA) is a unique organisation to work for
We are the UK’s only chartered professional body dedicated to educating, developing and regulating actuaries. Our members are based both in the UK and internationally. We represent and regulate members and oversee education at all qualifying stages as well as providing continuous professional development throughout their careers.
We recruit people from a wide range of disciplines
We offer careers in a wide range of disciplines. If your job application is successful, you will be working in one of our five Directorates:
- Chief Executive's Office
- Engagement and Learning
- General Counsel
- Public Affairs and Research.
We have a generous compensation package
We offer competitive salaries and benefits. Example benefits include a generous employer pension contribution, healthcare, enhanced holiday provision, professional development opportunities and much more.
We offer learning and career development opportunities
We take learning and development seriously and have a structured performance development process which captures key objectives and individual development needs, as well as career development ambitions.
Once you have obtained a placement within a firm, you will be able to start to work your way through the exams, eventually gaining the necessary work experience for you to qualify as a Fellow of the IFoA.
Typically employers give you one day off a week to study, although this is at the discretion of each individual employer. You will be given a study mentor who will be able to support you through the exams. Your salary will normally increase when you pass exams and take on more work and responsibility.
Internships & Placements
To find out more about the Internship Programmes, please visit the website for details.
Actuarial Apprenticeships offer you the opportunity as a student at school to get into the work place without taking a degree. There are many schemes available from actuarial employers, which you can find in our Directory of Actuarial Employers.
There are two schemes that are available for you to chose from – either embarking on an apprenticeship taking the Certified Actuarial Analyst (CAA) qualification or taking the Fellowship exams. It will be the decision of the company that you apply for to decide what route they decide to take. Both are incredibly beneficial and will take you on your journey to becoming an actuarial professional.
With an apprenticeship you can go from school into a career in finance or business, working for some of the world’s top employers, earning whilst you learn.
Watch our short animations below to find out more about what an apprenticeship means and what the CAA is and how it could benefit you.
So, if you love maths, analytics and data then this could be the career for you.
School Leaver Programmes
The CAA will equip you with useful business and finance skills by developing your technical, strategic and analytical knowledge.
A head for figures If you love maths, analysing data and statistics and if you are good at solving problems then this qualification will be right for you. There are no academic requirements to get started; you just need to be good at maths.
What’s involved The CAA qualification consists of six computer based exams, all of which you can study for online. An apprenticeship with an actuarial or financial firm is a good way to get started once you finish school or college and the CAA qualification forms part of an apprenticeship programme.
Once qualified or part qualified these are the jobs you could consider:
- Data Analyst
- Junior Financial Analyst
- Actuarial Assistant
- Predictive Analyst.
Salary & Benefits
The Institute and Faculty of Actuaries (IFoA) offers a competitive benefits and rewards package. See the website for more information.
Most employers are looking for graduates with at least a 2.1 degree and excellent A-levels or equivalent.
The minimum requirements for admission as a student of the Institute and Faculty of Actuaries (IFoA) are:
- Maths A-level (or equivalent) at grade B, together with a second A-level (or equivalent) in any subject at grade C, or
- Three Scottish National Qualifications Authority Higher passes, one of which must be in mathematics at grade A, or
- The Irish Leaving Certificate in at least five subjects; one of the passes must be in mathematics at grade A, or
- A Pass in the IFoA’s CT1 exam taken as a non-member, or
- Other qualifications which are considered to be equivalent to the above
For holders of a second class honours degree or above in a non-mathematical 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.