Actuaries, Economists and Statisticians

Actuaries, economists and statisticians 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.

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Main Tasks

  • Addresses seminars, conferences and the media to present results of research activity or to express professional views.
  • Provides economic or statistical advice to governments, commercial enterprises, organisations and other clients in light of research findings.
  • Designs and manages surveys and uses statistical techniques in order to analyse and interpret the quantitative data collected.
  • 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.
  • Uses a variety of techniques and theoretical principles to establish probability and risk in respect of e.g. life insurance or pensions.
  • Assesses the objectives and requirements of the organisation seeking advice.

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Salary & Earnings

Potential Earnings

£70,211.19

Average Earnings

£40,101.17

Skills

Mathematics
Using mathematics to solve problems.
Active Learning
Understanding the implications of new information for both current and future problem-solving and decision-making.
Writing
Communicating effectively in writing as appropriate for the needs of the audience.
Critical Thinking
Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.
Reading Comprehension
Understanding written sentences and paragraphs in work related documents.
Active Listening
Giving full attention to what other people are saying, taking time to understand the points being made, asking questions as appropriate, and not interrupting at inappropriate times.
Monitoring
Monitoring/Assessing performance of yourself, other individuals, or organizations to make improvements or take corrective action.
Learning Strategies
Selecting and using training/instructional methods and procedures appropriate for the situation when learning or teaching new things.
Speaking
Talking to others to convey information effectively.
Science
Using scientific rules and methods to solve problems.

Knowledge

Mathematics
Knowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications.
Computers and Electronics
Knowledge of circuit boards, processors, chips, electronic equipment, and computer hardware and software, including applications and programming.
English Language
Knowledge of the structure and content of the English language including the meaning and spelling of words, rules of composition, and grammar.
Economics and Accounting
Knowledge of economic and accounting principles and practices, the financial markets, banking and the analysis and reporting of financial data.
Administration and Management
Knowledge of business and management principles involved in strategic planning, resource allocation, human resources modelling, leadership technique, production methods, and coordination of people and resources.
Customer and Personal Service
Knowledge of principles and processes for providing customer and personal services. This includes customer needs assessment, meeting quality standards for services, and evaluation of customer satisfaction.
Sales and Marketing
Knowledge of principles and methods for showing, promoting, and selling products or services. This includes marketing strategy and tactics, product demonstration, sales techniques, and sales control systems.
Education and Training
Knowledge of principles and methods for curriculum and training design, teaching and instruction for individuals and groups, and the measurement of training effects.
Law and Government
Knowledge of laws, legal codes, court procedures, precedents, government regulations, executive orders, agency rules, and the democratic political process.
Personnel and Human Resources
Knowledge of principles and procedures for personnel recruitment, selection, training, compensation and benefits, labour relations and negotiation, and personnel information systems.
Geography
Knowledge of principles and methods for describing the features of land, sea, and air masses, including their physical characteristics, locations, interrelationships, and distribution of plant, animal, and human life.
Communications and Media
Knowledge of media production, communication, and dissemination techniques and methods. This includes alternative ways to inform and entertain via written, oral, and visual media.
Clerical
Knowledge of administrative and clerical procedures and systems such as word processing, managing files and records, stenography and transcription, designing forms, and other office procedures and terminology.
Sociology and Anthropology
Knowledge of group behaviour and dynamics, societal trends and influences, human migrations, ethnicity, cultures and their history and origins.
Biology
Knowledge of plant and animal organisms, their tissues, cells, functions, interdependencies, and interactions with each other and the environment.
Telecommunications
Knowledge of transmission, broadcasting, switching, control, and operation of telecommunications systems.
Engineering and Technology
Knowledge of the practical application of engineering science and technology. This includes applying principles, techniques, procedures, and equipment to the design and production of various goods and services.
History and Archaeology
Knowledge of historical events and their causes, indicators, and effects on civilizations and cultures.
Psychology
Knowledge of human behaviour and performance; individual differences in ability, personality, and interests; learning and motivation; psychological research methods; and the assessment and treatment of behavioural and affective disorders.
Medicine and Dentistry
Knowledge of the information and techniques needed to diagnose and treat human injuries, diseases, and deformities. This includes symptoms, treatment alternatives, drug properties and interactions, and preventive health-care measures.
Transportation
Knowledge of principles and methods for moving people or goods by air, rail, sea, or road, including the relative costs and benefits.
Public Safety and Security
Knowledge of relevant equipment, policies, procedures, and strategies to promote effective local, state, or national security operations for the protection of people, data, property, and institutions.
Philosophy and Theology
Knowledge of different philosophical systems and religions. This includes their basic principles, values, ethics, ways of thinking, customs, practices, and their impact on human culture.
Design
Knowledge of design techniques, tools, and principles involved in production of precision technical plans, blueprints, drawings, and models.
Production and Processing
Knowledge of raw materials, production processes, quality control, costs, and other techniques for maximizing the effective manufacture and distribution of goods.
Chemistry
Knowledge of the chemical composition, structure, and properties of substances and of the chemical processes and transformations that they undergo. This includes uses of chemicals and their interactions, danger signs, production techniques, and disposal methods.
Therapy and Counselling
Knowledge of principles, methods, and procedures for diagnosis, treatment, and rehabilitation of physical and mental dysfunctions, and for career counselling and guidance.
Building and Construction
Knowledge of materials, methods, and the tools involved in the construction or repair of houses, buildings, or other structures such as highways and roads.
Foreign Language
Knowledge of the structure and content of a foreign (non-English) language including the meaning and spelling of words, rules of composition and grammar, and pronunciation.
Physics
Knowledge and prediction of physical principles, laws, their interrelationships, and applications to understanding fluid, material, and atmospheric dynamics, and mechanical, electrical, atomic and sub- atomic structures and processes.
Mechanical
Knowledge of machines and tools, including their designs, uses, repair, and maintenance.
Fine Arts
Knowledge of the theory and techniques required to compose, produce, and perform works of music, dance, visual arts, drama, and sculpture.
Food Production
Knowledge of techniques and equipment for planting, growing, and harvesting food products (both plant and animal) for consumption, including storage/handling techniques.

What course level do I need to study?

The level of study required will vary with each job, sector and company. The table below shows the level of study achieved by those currently working in this career choice.

Level Of Study
Percentage Achieved
Level 2
0.72%
Level 3
5.66%
Level 4-5 (Higher Education)
2.07%
Level 6 (Bachelors)
51.23%
Level 7 (Masters or equivalent)
30.45%
Level 8 (Doctorate)
9.87%
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Economic data by Lightcast Logo

Economic data for careers is provided by Lightcast and also available through our Career Coach app. Job postings, employment and earnings information is represented at the regional level for the East Midlands.