jobfacts

Actuary

Actuaries, economists and statisticians — SOC 2020 2433

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.

Also calledActuarial analystEconomistData scientistData engineerMachine learning engineerArtificial intelligence (AI) data scientistand 41 more titles
Typical full-time pay£53,3002025 Provisional
People in the job86,000across the UK
Demand for workersNot high
New adverts a month1,800↑ 7.2%on last year · 105th of 412

Pay

ONS · ASHE 2025

Half of full-time actuaries earn between £41,900 and £74,400 a year.

What full-time actuaries earn, 2025
£53,300 typical£36,200lowest 10%£74,40075%n/ptop 10%
Middle half (£41,900–£74,400)n/p: top 10% not published by ONS
Show as table
Lowest 10% earn less than£36,200
Lowest 20% earn less than£41,400
25%£41,900
Median£53,300
75%£74,400
Top 20% earn more thanNot published
Top 10% earn more thanNot published
Typical pay by regionUK median £53,300
London!£68,600
North West!£47,200
Scotland!£44,300
Wales!£41,900
Yorkshire and The Humber!£34,900
North EastNot published by ONS–
East MidlandsNot published by ONS–
West MidlandsNot published by ONS–
East of EnglandNot published by ONS–
South EastNot published by ONS–
South WestNot published by ONS–
!Small sample: treat with caution
Show as table
UK median, £53,300
London£68,600 (small sample)
North West£47,200 (small sample)
Scotland£44,300 (small sample)
Wales£41,900 (small sample)
Yorkshire and The Humber£34,900 (small sample)
North EastNot published by ONS
East MidlandsNot published by ONS
West MidlandsNot published by ONS
East of EnglandNot published by ONS
South EastNot published by ONS
South WestNot published by ONS
Typical pay over 3 years
  • 2023 £49,900
  • 2024 £55,200
  • 2025 Provisional£53,300
↑ 7% since 2023Provisional figures are revised when ONS publishes the next year’s survey.

Jobs and demand

ONS · Textkernel adverts · DfE

About 1,800 jobs for actuaries are advertised each month. The Department for Education rates demand for workers as not high.

New job adverts a month, Jan 2017 to Aug 2026
New advertsMonth not published by ONS (1 in all)
Show as table
Aug 20262,317
Jul 20262,065
Jun 20261,990
May 20262,015
Apr 20261,587
Mar 2026Not published
Feb 20261,338
Jan 20261,654
Dec 2025950
Nov 20252,101
Oct 20252,013
Sept 20251,927
Aug 20251,637
Jul 20251,750
Jun 20252,368
May 20252,548
Apr 20251,597
Mar 20252,159
Feb 20251,974
Jan 20251,467
Dec 20241,057
Nov 20241,383
Oct 20241,417
Sept 20241,422
Aug 20241,234
Jul 20241,370
Jun 20241,457
May 20241,785
Apr 20241,757
Mar 20241,815
Feb 20241,763
Jan 20242,061
Dec 20231,854
Nov 20231,899
Oct 20231,845
Sept 20231,719
Aug 20231,760
Jul 20231,888
Jun 20232,858
May 20233,069
Apr 20232,473
Mar 20232,908
Feb 20233,131
Jan 20233,993
Dec 20223,005
Nov 20223,319
Oct 20223,390
Sept 20223,188
Aug 20223,134
Jul 20223,317
Jun 20223,381
May 20224,479
Apr 20223,549
Mar 20224,470
Feb 20224,585
Jan 20224,682
Dec 20213,071
Nov 20213,211
Oct 20213,162
Sept 20212,983
Aug 20212,910
Jul 20213,499
Jun 20212,949
May 20213,110
Apr 20212,693
Mar 20213,774
Feb 20212,598
Jan 20212,929
Dec 20202,175
Nov 20202,209
Oct 20202,282
Sept 20202,215
Aug 20201,738
Jul 20201,803
Jun 20201,978
May 20202,189
Apr 20202,784
Mar 20204,257
Feb 20204,050
Jan 20204,063
Dec 20192,962
Nov 20193,956
Oct 20193,740
Sept 20193,741
Aug 20193,608
Jul 20194,267
Jun 20194,296
May 20194,500
Apr 20193,032
Mar 20193,603
Feb 20193,425
Jan 20193,352
Dec 20182,235
Nov 20183,029
Oct 20182,914
Sept 20182,724
Aug 20182,366
Jul 20182,679
Jun 20182,920
May 20183,385
Apr 20183,037
Mar 20183,416
Feb 20182,921
Jan 20183,573
Dec 20172,283
Nov 20172,798
Oct 20172,961
Sept 20172,720
Aug 20172,730
Jul 20172,596
Jun 20173,166
May 20173,413
Apr 20173,204
Mar 20173,293
Feb 20172,921
Jan 20173,348
Is there a shortage of actuaries?
Not high

The Department for Education rates demand as not high, elevated or critical, using five indicators. This is its 2025 assessment; in 2024 it was elevated.

  • Visas grantedAbove usual
  • Online job advertsAbove usual
  • Wage growthUsual
  • Pay against similar jobsAbove usual
  • Hours workedUsual
Vacancies hard to fill because of skills
6.1%against 27% for all jobs
Broader groupFigure for business, research and administrative professionals, which includes actuaries. DfE Employer Skills Survey 2024.
Where the most jobs are advertisedadverts a quarter
London2,350
Manchester186
Birmingham149
Leeds126
Bristol, City of108
Glasgow City89
City of Edinburgh78
Newcastle upon Tyne77
Liverpool73
Nottingham72
London is published as one area. Averages leave out quarters ONS withheld.
Where actuaries are most concentratedShare of local job adverts, compared with the UK.

Recruitment from abroad. 519 sponsored work visas were granted for this job from July 2025 to June 2026, most to people from France, India, China, ranking it 38th of 313. Home Office

Who does it

ONS · Annual Population Survey · April 2025 to March 2026
Age of actuaries
3.1%!
43%!
30%
19%!
4.3%!
n/p
!Small sample: treat with cautionn/p: too few in the survey to publish
Show as table
16–243.1% (small sample)
25–3443% (small sample)
35–4430%
45–5419% (small sample)
55–644.3% (small sample)
65+Not published
Highest qualification
Degree or equivalent91%
Higher education below degree–
Not published
A levels or equivalent!5.9%
GCSEs or equivalent–
Not published
Other qualifications!1.7%
!Small sample: treat with caution
Show as table
Degree or equivalent91%
Higher education below degreeNot published
A levels or equivalent5.9% (small sample)
GCSEs or equivalentNot published
Other qualifications1.7% (small sample)

Main employers: general public administration activities (20%), non-life insurance (6.5%), defence activities (5.6%), other activities auxiliary to insurance and pension funding (4.1%).

How to get in

Hold a degree
91%
as their highest qualification
Registration
Institute and Faculty of Actuaries
required for some roles: Institute and Faculty of Actuaries
Apprenticeships
8
from level 4, including degree apprenticeships
Apprenticeships take
2 to 3½ years
typically

Routes in

Actuary

You can get into this job through:

University

You could start by doing a degree before joining a graduate actuarial training scheme.

Most employers will look for a degree with a high level of mathematics. For example:

  • maths and statistics
  • actuarial science
  • economics
  • engineering
  • accounting
  • physics or chemistry

A course with a placement year or a summer internship will give you valuable experience and an advantage when you apply for work.

You could take a postgraduate degree in actuarial science that might allow you to qualify as an actuary in a shorter time.

Some actuarial companies may offer sponsorship for postgraduate courses.

Entry requirements

You'll usually need:

  • 2 or 3 A levels, or equivalent, including maths
  • a degree in a relevant subject for postgraduate study

Apprenticeship

You may be able to do an Actuarial Technician Level 4 Higher Apprenticeship or an Actuary Level 7 Degree Apprenticeship.

These take between 2 and 3 years to complete.

Entry requirements

You'll usually need:

  • 4 or 5 GCSEs at grades 9 to 4 (A* to C) and A levels, or equivalent, for a higher or degree apprenticeship

Other ways in

Volunteering

You may improve your chances of finding a trainee position if you have some work experience in an actuarial department. You can find details about internships and work placements through the Institute and Faculty of Actuaries.

Apply directly

You may be able to switch to actuarial work from a related profession, like risk management, accounting, financial services or business analysis. You would then follow an employer training programme to become a qualified actuary.

Registration and professional bodies

Professional and industry bodies

You can join the Institute and Faculty of Actuaries to begin training and to take professional exams as you progress.

Further information

You'll find more about careers in the actuarial profession from the Institute and Faculty of Actuaries.

Routes in are from the National Careers Service job profile for actuary. Contains public sector information from the National Careers Service licensed under the Open Government Licence v3.0.

Economist

You can get into this job through:

University

You'll need a degree in economics or a related subject, like:

  • statistics
  • mathematics
  • business studies
  • finance and accounting

Some employers may prefer you to have a postgraduate master's degree in economics.

Your university course should include both macro and microeconomics.

Entry requirements

You'll usually need:

  • 2 or 3 A levels, or equivalent, including maths or economics
  • a degree in a relevant subject for postgraduate study

Apprenticeship

You could start a Professional Economist Level 6 Degree Apprenticeship, or a Senior Professional Economist Level 7 Degree Apprenticeship to get into this career.

Employers set their own entry requirements for an apprenticeship, which are likely to include maths at GCSE and A level. They may ask for a first degree in economics, or a similar subject, to start the Level 7 apprenticeship.

Entry requirements

You'll usually need:

  • 4 or 5 GCSEs at grades 9 to 4 (A* to C) and A levels, or equivalent, for a degree apprenticeship

Other ways in

Work your way up

You could start as an economic research officer or analyst in the private sector and work your way up.

Other routes

You could apply for a place on the Government Economic Service Fast Stream programme, starting out as an assistant economist.

You'll need a degree in economics or a combined degree, with at least 50% economics. A postgraduate award in economics may be acceptable.

Registration and professional bodies

Professional and industry bodies

You can find professional development training and networking opportunities with the Royal Economic Society and The Society of Professional Economists.

Further information

You'll find advice about working as an economist at Discover Economics.

Routes in are from the National Careers Service job profile for economist. Contains public sector information from the National Careers Service licensed under the Open Government Licence v3.0.

Data scientist

You can get into this job through:

University

You can begin your career in data science by studying for a relevant degree or postgraduate qualification, such as:

  • maths
  • statistics
  • data science
  • computer science
  • operational research

Subjects that include a lot of statistics, like physics, engineering or psychology may also be useful.

Graduates of other subjects can do a postgraduate master's conversion course to get into AI and data science.

Funding is also available to encourage people from under-represented groups to come into the profession.

Doing an internship or industry work placement as part of your course can give you an advantage when looking for jobs.

Entry requirements

You'll usually need:

  • 2 to 3 A levels, or equivalent, for a degree

Apprenticeship

You may be able to get into this job through an apprenticeship, for example:

  • Data Engineer Level 5 Higher Apprenticeship
  • Data Scientist Level 6 Degree Apprenticeship
  • Digital and Technology Solutions Specialist Level 7 Degree Apprenticeship
  • Artificial Intelligence (AI) Data Specialist Level 7 Professional Apprenticeship

These can take between 2 and 3 years to complete.

Entry requirements

You'll usually need:

  • 4 or 5 GCSEs at grades 9 to 4 (A* to C) and A levels, or equivalent, for a higher or degree apprenticeship

Other ways in

Apply directly

You could apply directly to companies and organisations if you have the right skills and experience from working with data. You may be able to find roles with:

  • the NHS
  • financial and professional services firms
  • IT companies
  • retail and sales organisations
  • government departments
Other routes

You could register for a place on the Civil Service Fast Stream scheme to work in data. You'll need a degree, postgraduate award or have completed a degree apprenticeship to apply.

Registration and professional bodies

Career tips

Look out for intensive training courses in computing and data science.

It could also be useful to build up your knowledge of coding, analysis and data manipulation software, like:

  • R
  • SQL
  • Python
  • Power BI
  • Excel
Professional and industry bodies

You could join the Institute of Analytics (IoA) or The Royal Statistical Society for training and development opportunities, and to make contacts in the industry.

Further information

You can find out more about a career as a data scientist from The Royal Statistical Society and The Chartered Institute for IT.

Routes in are from the National Careers Service job profile for data scientist. Contains public sector information from the National Careers Service licensed under the Open Government Licence v3.0.

Apprenticeships

8 for this job
Level 7About 3 years

Actuary

You gain
Institute and Faculty of Actuaries Associate Qualification
Registration
Institute and Faculty of Actuaries
Employers may ask for
Typically an apprentice will be expected to have already achieved: a degree in a numerate subject such as Mathematics, Statistics, Economics, Engineering…
Details on Skills England
Level 7About 2½ yearsDegree

Medical statistician

You gain
Medical Statistics
Employers may ask for
Typical entry requirements are a 2.2 degree in a numerically based subject.
Details on Skills England
Level 7About 2 yearsDegree

Senior professional economist

You gain
Senior Professional Economist Masters Degree
Leads to
Society of Professional Economists
Details on Skills England

© Skills England 2025. This information is licensed under the Open Government Licence https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/

The work

ONS · ESCO · O*NET

Typical 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

Skills

  • apply statistical analysis techniques
  • apply scientific methods
  • execute analytical mathematical calculations
  • perform scientific research
  • develop scientific theories
  • write scientific papers
  • advise on financial matters
  • apply gaming psychology
  • conduct quantitative research
  • follow ethical code of conduct of gambling
  • solve problems in gambling through digital means
  • think analytically
  • adapt developed game to the market
  • assist scientific research

Knowledge

  • mathematics
  • statistics
  • scientific research methodology
  • statistical analysis system software
  • demography
  • games rules
  • legal standards in gambling
  • scientific modelling

Suits people who like

  • Working with ideas and solving problems
  • Organising and following procedures

Outlook

DfE · Skills Imperative 2035
Broader groupThese projections are for business, media and public service professionals, a group of 32 jobs that includes actuaries.
Change in jobs, 2020 to 2035↑ 26%about 670,000 more jobs
Workers needed by 20352.1 millionincluding people replacing those who retire or leave

Sources

Pay
ONS, Annual Survey of Hours and Earnings, 2025 provisional
People in the job, who does it
ONS, Annual Population Survey, April 2025 to March 2026
Job adverts
ONS, online job adverts (Textkernel), to Aug 2026
Demand, skill shortages
Department for Education and Skills England, Occupations in demand and the Employer Skills Survey
Outlook
The Skills Imperative 2035 (2024), NFER/Nuffield/DfE/IER/CE
Routes in
National Careers Service job profiles
Apprenticeships, qualifications
Skills England occupational maps
Skills, interests
ESCO classification of the European Commission; O*NET data, U.S. Department of Labor (CC BY 4.0, modified)
Visas
Home Office, immigration system statistics

Figures as of 10 October 2026.

Contains public sector information licensed under the Open Government Licence v3.0. Source: Office for National Statistics licensed under the Open Government Licence v3.0. Occupations in demand and the Employer Skills Survey: Department for Education and Skills England. Immigration system statistics: Home Office. Contains public sector information from the National Careers Service licensed under the Open Government Licence v3.0.

© Skills England 2025. This information is licensed under the Open Government Licence https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/

Source: The Skills Imperative 2035 (2024), NFER/Nuffield/DfE/IER/CE.

This service uses the ESCO classification of the European Commission.

This service includes information from the O*NET 31.0 Database by the U.S. Department of Labor, Employment and Training Administration (USDOL/ETA). Used under the CC BY 4.0 license. O*NET® is a trademark of USDOL/ETA. This service has modified all or some of this information. USDOL/ETA has not approved, endorsed, or tested these modifications. CC BY 4.0 licence.

jobfacts is independent. It is not part of, affiliated with or endorsed by the Office for National Statistics, the Department for Education, Skills England, the National Careers Service, the Home Office, the European Commission or the U.S. Department of Labor.