Most commonly reported Work Activities

• Analysing Data or Information Identifying the underlying principles, reasons, or facts of information by breaking down information or data into separate parts.
• Processing Information Compiling, coding, categorising, calculating, tabulating, auditing, or verifying information or data.
• Making Decisions and Solving Problems Analysing information and evaluating results to choose the best solution and solve problems.
• Interacting With Computers Using computers and computer systems (including hardware and software) to program, write software, set up functions, enter data, or process information.
• Getting Information Observing, receiving, and otherwise obtaining information from all relevant sources.
• Evaluating Information to Determine Compliance with Standards Using relevant information and individual judgment to determine whether events or processes comply with laws, regulations, or standards.
• Updating and Using Relevant Knowledge Keeping up-to-date technically and applying new knowledge to your job.
• Communicating with Supervisors, Peers, or Subordinates Providing information to supervisors, co-workers, and subordinates by telephone, in written form, e-mail, or in person.
• Interpreting the Meaning of Information for Others Translating or explaining what information means and how it can be used.
• Estimating the Quantifiable Characteristics of Products, Events, or Information Estimating sises, distances, and quantities; or determining time, costs, resources, or materials needed to perform a work activity.

The Work

Jobs like this involve providing appropriate actuarial information, advice and services, particularly with respect to technical pricing, to support and enable effective capital and risk management. You will spend your time developing capital and actuarial/statistical models, conducting detailed actuarial analyses and contributing to business development, management and change activities. You will work with and lead other actuarial/statistical colleagues and information suppliers/customers delivering ‘fit for purpose’ actuarial information, advice and services. Typically you will be one of a small central team of Pricing specialists or may be the Pricing specialist in a multi-disciplinary team in Actuarial or Finance. You will have strong analytical, communication and relationship management skills.

Responsibilities may include:

• Specifying, building and operating technical pricing models to meet business needs and requirements, ensuring methods and assumptions used are appropriate and consistent with relevant Group/Regional guidelines and reflect material regulatory requirements.
• Contributing to the development and implementation of new and/or enhanced products and customer propositions and the management of underwriting portfolios through the provision of appropriate commercial actuarial advice and services.
• Developing actuarial/statistical models as required to support and inform business activities and decisions.
• Conducting detailed actuarial analyses as required, including working with complex or partial data, to produce timely, accurate, insightful and commercially appropriate outputs.
• Building and maintaining effective working relationships with information suppliers and users/customers in order to ensure information is ‘fit for purpose’.
• Contributing to corporate transactions and business change activities providing accurate and reliable models and forecasts to support decision making and action planning.
• Reviewing and approving actuarial/statistical work done by others, ensuring it is accurate, complete, uses appropriate methods and assumptions and is generally ‘fit for purpose’.
• Leading and contributing towards the development of less experienced colleagues to raise standards and expertise across the team.

Most commonly reported Work Tasks

• Ascertain premium rates required and cash reserves and liabilities necessary to ensure payment of future benefits.
• Design, review, and help administer insurance, annuity and pension plans, determining financial soundness and calculating premiums.
• Determine, or help determine, company policy, and explain complex technical matters to company executives, government officials, shareholders, policyholders, or the public.
• Provide advice to clients on a contract basis, working as a consultant.
• Analyse statistical information to estimate mortality, accident, sickness, disability, and retirement rates.
• Construct probability tables for events such as fires, natural disasters, and unemployment, based on analysis of statistical data and other pertinent information.
• Negotiate terms and conditions of reinsurance with other companies.
• Collaborate with programmers, underwriters, accounts, claims experts, and senior management to help companies develop plans for new lines of business or improvements to existing business.
• Determine equitable basis for distributing surplus earnings under participating insurance and annuity contracts in mutual companies.
• Testify before public agencies on proposed legislation affecting businesses.

This occupation is typically suited for people with the following Career Interests:

Administrative

Administrative people are interested in work that offers security and a sense of being part of a larger process. They may be at their most productive under supervisors who give clear guidelines and while performing routine tasks in a methodical and reliable way.

They tend to enjoy clerical and most forms of office work, where they perform essential administrative duties. They often form the backbone of large and small organisations alike. They may enjoy being in charge of office filing systems, and using computers and other office equipment to keep things running smoothly. They usually like routine work hours and prefer comfortable indoor workplaces.

Investigative

The Investigative person will usually find a particular area of science to be of interest. They are inclined toward intellectual and analytical activities and enjoy observation and theory. They may prefer thought to action, and enjoy the challenge of solving problems with sophiscticated technology. These types prefer mentally stimulating environments and often pay close attention to developments in their chosen field.

Enterprising

Enterprising people like situations that involve using resources for personal or corporate economic gain. Such people may have an opportunistic frame of mind, and are drawn to commerce, trade and making deals. Some pursue sales and marketing occupations. Many will eventually end up owning their own business, or in management roles in larger organisations. They tend to be very goal-oriented and work best when focused on a target. Some have an entrepreneurial inclination.

Students typically begin their training as an actuary on completion of their Leaving Certificate. A degree or other third level qualification is the first step i.e. actuarial science, mathematics, statistics, economics or finance.

Depending on your third-level qualification and the grades achieved, it is possible to claim exemptions from some of the professional exams of the Institute and Faculty of Actuaries.

Students typically begin their training as an actuary on completion of their Leaving Certificate. A degree or other third level qualification is the first step i.e. actuarial science, mathematics, statistics, economics or finance.

Depending on your third-level qualification and the grades achieved, it may be possible to claim exemptions from some of the professional exams of the Institute and Faculty of Actuaries.

Training & Development

Higher Education CAO Entry Actuarial and Financial Studies, Actuarial Mathematics, Financial Mathematics & Actuarial Science, Financial Mathematics & Economics, Financial Mathematics at NFQ level 8 

Queens University Belfast also offer a degree programme in Actuarial Science & Risk Management

Professional Development

Postgraduate Study Options Actuarial Science NFQ level 9

When you become a Student of the UK-based Institute and Faculty of Actuaries, you may also become a Student of the Society of Actuaries in Ireland. The Society liaises closely with the Institute and Faculty on behalf of the Society’s Students.

To become a fully qualified actuary you must complete a series of exams. [See the Society of Actuaries in Ireland for details]

For applicants who have completed their education to date in Ireland, the minimum entry requirements to become a Student of the Institute and Faculty of Actuaries are:

• Grade H1 or H2 in Honours Mathematics at the Leaving Certificate and
• a pass in at least four other subjects including English.

OR

Other qualifications which the Council of the Institute and Faculty of Actuaries consider to be equivalent to the above

OR

A degree awarded by a university in the Republic of Ireland, provided that the applicant has:

• Studied mathematical sciences as a major subject as part of an honours degree course
• gained at least third class honours in that degree,

OR

A first or second class honours degree in any subject, together with at least a Grade C at Leaving Certificate Honours Level in any mathematical subject or such other standard in mathematics as the Council of the Institute and Faculty of Actuaries consider to be equivalent.

Note: These are minimum requirements. In practice, the professional exams are challenging and those who successfully complete them have a very good Leaving Certificate (near maximum points) and/or a strong degree in actuarial science or a mathematics-related subject.

Last Updated: April, 2023

Salary Range (thousands per year)* €35k - €170k

Salaries vary by employer, location, duties, role, and experience.

Data Source(s):
CPL / Sigmar / Morgan McKinley/ Indeed/ Lincoln

Last Updated: August, 2024

* The lower figures typically reflect starting salaries. Higher salaries are awarded to those with greater experience and responsibility. Positions in Dublin sometimes command higher salaries.

View Salary information from Indeed.ie
Note: data not aways available

This information has been derived from the Solas National Skills Bulletin (2023).

The strong employment growth for this occupation can be attributed in large part to changes in the LFS methodology in 2017, although employment has increased annually since then, albeit in small numbers.

The public administration and defence sector accounted for the largest share of employment at approximately two-fifths. Employment permits issued in 2022 were primarily in the financial activities and ICT sectors in roles including actuaries, data scientists and risk analysts. The Recruitment Agency Survey cited vacancies for data scientist engineers and actuaries as difficult-tofill. While demand exists for these roles, the numbers involved are likely to be small.

• FSU Financial Services Union (former IBOA)

  • Stephen Street Upper, Dublin 8, D08 DR9P
  • (0)1 4755908
  • [email protected]
  • Click Here

• Banking and Payments Federation Ireland

  • Nassau House, Nassau St. Dublin 2
  • (01) 671 5311
  • [email protected]
  • Click Here

• New Ireland Assurance Company plc

  • 5-9 South Frederick Street, Dublin 2, D02 DF29
  • (0)1 617 2000
  • [email protected]
  • Click Here