5 reasons to bring your actuarial career to the UK
Shifting gears in your career isn't just about making a decision; it's a chance to chart a new course, unlock new challenges and make a real impact. If you’ve got your sights set on the UK, you might be asking yourself, ‘Is there a demand for actuaries in the UK?’
Imagine yourself stepping into a vibrant financial services landscape, where each day brings new opportunities for growth. That's precisely what you'll find in the UK. Here, the demand for actuarial expertise is thriving, driven by factors like the growing cyber insurance market, the disruptive rise of InsurTech and an ageing demographic. Remarkably, the UK's life insurance market alone boasts a staggering value of £40.3 billion—underscoring its robustness and potential.
What do we need to meet this growing demand? More actuaries - the natural problem solvers who always look for ways to see life differently. With your inquisitive nature and problem-solving skills, you play a pivotal role in advancing the field and addressing complex challenges head-on.
Read on to discover more reasons to bring your actuarial career to the UK.
1. A global hub
The UK stands tall on the global stage as a leading centre for actuarial work, home to esteemed firms and institutions renowned worldwide.
Here, you'll find a gateway to a world of diverse opportunities, exposure to next-generation projects, and networking prospects with industry leaders. This positions the UK as a prime destination to develop, grow, and be empowered.
2. Strong demand for professionals
The UK has a high demand for actuaries across various sectors, including pensions, life insurance, general insurance, finance, risk management, government, and consulting. Among these, the insurance industry stands out, relying extensively on actuarial expertise for critical functions like pricing, risk assessment, and financial planning.
In fact, you might have heard that there is a shortage of actuaries in the UK. Factors like the UK's ageing population, regulatory shifts, and a heightened focus on risk management fuel the sustained demand for actuaries.
Amidst this backdrop, opportunities for actuaries in the UK promise not just stability but enduring career paths and many companies like Legal & General are actively seeking to bridge this gap by tapping into talent pools overseas.
3. Specialise in various areas
Actuarial professionals have an array of avenues for specialisation, ranging from traditional roles in insurance and pensions to more novel fields like risk management and data science.
The Institute and Faculty of Actuaries describes the data science revolution as an opportunity to ‘streamline working processes and to deliver additional value’. This underscores the significance of data, especially in the UK market, where technology is the engine driving the actuarial field forward.
In the ever-evolving landscape of our industry, actuarial professionals remain at the forefront of innovation, driving value creation and shaping the future of the industry. So regardless of your chosen specialisation, you can be certain that you’ll have a real impact on the decisions made by companies and organisations.
4. Competitive compensation packages
Actuaries in the UK are rewarded with competitive compensation packages that mirror their expertise, qualifications, and experience.
Beyond base salaries, employers often provide incentives such as performance-based bonuses and extensive benefits packages encompassing pension contributions, healthcare provisions and wellness initiatives.
5. Training and support
Actuaries in the UK seamlessly blend a multitude of roles—from consultants to mathematicians, data analysts to risk assessors. While it can be a challenging career, selecting the right company can make all the difference. Seek out organisations that prioritise your growth, offering robust support and comprehensive training.
Here’s the good news - there are plenty of organisations in the UK primed to deliver exactly that. As you navigate through opportunities, keep an eye out for those standout companies that truly champion development.
Join our world-class team and make the numbers mean more
Curious about what an actuarial career at Legal & General entails?
With a wide array of roles available, your day-to-day experiences will vary greatly from those of your colleagues. The beauty of this diversity is that you have the opportunity to discover a role that truly brings out your strengths. Whichever path you choose, rest assured that you'll play a vital role in making a meaningful difference.
Embracing diversity as a cornerstone of progress, we actively seek individuals from all corners of the globe to join us. So whoever you are, wherever you are, whatever your story, we welcome you to explore our actuarial careers.
We offer hybrid working opportunities, meaning that you can strike the perfect balance between your professional and personal life, allowing you to be your best.
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