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Actuaries, economists and statisticians

£22,880 Average salary at age 20
£50,440 Average Salary
36 Average hours per week

Description

Jobholders in this unit group apply theoretical principles and practical techniques to assess risk and formulate probabilistic outcomes in order to inform economic and business policy, and to analyse and interpret data used to assist in the formulation of financial, business and economic policies in order to maximise growth or improve business performance.

Main Tasks

  • Assesses the objectives and requirements of the organisation seeking advice;
  • Uses a variety of techniques and theoretical principles to establish probability and risk in respect of e.g. life insurance or pensions;
  • Uses appropriate techniques and theoretical principles to determine an appropriate method of data collection and research methodology, analyse and interpret information gained and formulate recommendations on issues such as future trends, improved efficiency;
  • Designs and manages surveys and uses statistical techniques in order to analyse and interpret the quantitative data collected;
  • Provides economic or statistical advice to governments, commercial enterprises, organisations and other clients in light of research findings;
  • Addresses seminars, conferences and the media to present results of research activity or to express professional views.

Qualifications

Entry is most common with a relevant degree or equivalent qualification. Professional qualifications are available and mandatory for actuarial occupations.

What Actuaries, economists and statisticians studied in higher education

A text alternative for this canvas pie chart is provided in the data table below
What Actuaries, economists and statisticians studied in higher education
Occupation Percentage Value
(L4) Social policy1
(G3) Statistics10
(L7) Human & social geography1
(G1) Mathematics27
(C1) Biology1
(H3) Mechanical engineering1
(C8) Psychology2
(G2) Operational research1
(F6) Geology1
(F8) Physical geographical sciences1
(A3) Clinical medicine3
(L2) Politics2
(H1) General engineering1
(V5) Philosophy1
(F3) Physics2
(L1) Economics26
(N2) Management studies1
(V1) History by period1
(N3) Finance9
(I1) Computer science1

UK Prospects

56400 Workforce Size
5.74% Predicted growth 2021 - 2027
9962 Predicted Replacement 2021 - 2027

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