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.

Working Life

An actuarial qualification opens up a wide range of employment possibilities from academic research to the whole spectrum of commerce.   
  
Life insurance has been a traditional area for actuaries over the last couple of centuries. Actuaries have a statutory duty in reporting on the financial health of the company. They are also concerned with product development, underwriting, and the formulation of investment policy, fund management, and general managerial matters. Over the last few decades, actuaries are increasingly found in general insurance companies where their statistical model building skills and general business acumen are used to set premium levels, establish reserves, and report on the overall financial position of the company.   
  
Companies employ firms of consulting Actuaries to advise on pensions and employee benefit matters and, at times, consulting actuaries also provide advice to insurance and investment companies. A sisable minority of actuaries are involved in capitalising damages for court awards. The nature of the work of consulting actuaries tends to be varied but, at its core, involves producing financial forecasts and models to judge the consequences of various courses of action. Mortality (death rate) or morbidity (sickness rate) statistics, for example, are often used as background information in the calculations.   
  
Actuaries also decide how to invest a company's or pension scheme's assets and advise on the funding and overall management of pension schemes. A small minority of actuaries are fund managers, making the daily stock selection decisions of very large funds. Finally, an even smaller number are lecturers and researchers in universities in Finance, Statistical or Mathematical Science departments.   
  
The Actuarial profession is small and closely knit, with regular seminars by the Society of Actuaries in Ireland to ensure continuous professional development throughout a member's career.

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.

Further Information

• Actuary- from: N.C.S. [UK]
• Actuary- from: GradIreland

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.

Sample Education and Training Pathways
A number of courses are available throughout the country that focus on learning and skills that may be useful for this career. The examples and links below may guide you in your research. 

Higher Education CAO (Undergraduate) 
Higher Education courses at Levels 6 to 8 on the NFQ, delivered in Universities and Technological Universities & Institutes. Courses run from 2 – 5 years and places are allocated on a points-based system, processed by the Central Application Office.

Example search terms include: actuarial and financial studies, actuarial mathematics, financial mathematics and actuarial science, economics, financial mathematics.

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

Search for CAO Courses

Higher Education (Postgraduate)
Postgraduate courses are courses at Levels 9 and 10 on the NFQ and usually last 1 – 2 years full time, or longer if a PhD or part time. Entrants typically require an undergraduate award (Level 8).

Example search terms include: actuarial science.

Search for Postgraduate Courses

Actuaries in Ireland qualify through the professional exams and other requirements of the Institute and Faculty of Actuaries in the United Kingdom. 

The first step to becoming an actuary is to become a Student of the Institute and Faculty of Actuaries UK.

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.

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]

Typically, it takes 3 to 6 years to complete the exams, depending on the extent to which you can claim exemptions on the basis of relevant third-level qualifications. You must also complete at least three years’ experience of actuarial work, supervised by the holder of a recognised actuarial qualification.

Professional Development 

Professional development (CPD) courses are specialised training, formal education, or advanced professional learning that improves skills, professional knowledge, competency, and overall effectiveness in the professional world.

Society of Actuaries in Ireland

Check the Useful Contacts tab on this page to see if there are any professional bodies listed who may provide training related to this career.

Salary Range (thousands per year)* €35k - €320k

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

Data Source(s):
Insurance Inst of Ireland / Morgan McKinley / Sigmar / Lincoln

Last Updated: March, 2024

Note: The following information relates to occupations that include: Actuaries; economists and statisticians; Business and related research professionals Business; research and administrative professionals n.e.c.

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.

• Society of Actuaries in Ireland

  • Clanwilliam House, Clanwilliam Place, Dublin 2
  • (01) 634 0020
  • [email protected]
  • Click Here

• Insurance Ireland

  • Insurance Centre, 5 Harbourmaster Place, IFSC, Dublin 1, D01 E7E8
  • (01) 676 1820
  • [email protected]
  • Click Here

• LIA

  • LIA House, 183 Kimmage Road West, Dublin 12
  • 01 - 456 3890
  • [email protected]
  • Click Here

• Insurance Institute of Ireland

  • Insurance Centre, 5 Harbourmaster Place, IFSC, Dublin 1, D01 E7E8
  • (01) 645 6600
  • [email protected]
  • Click Here