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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.

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.

Source: Office for National Statistics.

Salary and earnings

Potential earnings

£81,401.07

Average earnings

£45,365.80

Source: Office for National Statistics' Annual Survey of Hours and Earnings (ASHE).

Skills & knowledge

The top 5 most important skills and knowledge requirements relevant to this career.

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.

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.

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.

Educational requirements: Honours, Bachelor's degree

Source: Office for National Statistics.

Level of study Percentage achieved
Level 2 1%
Level 3 6%
Level 4-5 (Higher Education) 2%
Level 6 (Bachelors) 51%
Level 7 (Masters or equivalent) 30%
Level 8 (Doctorate) 10%

Source: Labour Force Survey (LFS) data.

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.