Election to Fellowship of either Institute or Faculty requires a period of approved experience, normally under the supervision of a qualified actuary. The Institute specifies a minimum of four years, including at least two after completing the examinations before admission as a Fellow. (Meanwhile a person who has completed the examinations may be admitted as an Associate.) The minimum ages for Associateship and Fellowship are 21 and 23 respectively.
Full details of membership and the examinations are obtainable from:
The Institute of Actuaries
Staple Inn Hall High Holborn
London WC1V 7QJ.
The Faculty of Actuaries in Scotland 23 St Andrew Square Edinburgh EH2 1 AQ .
Both bodies have appointed University Liaison Officers to assist people at universities who are interested in an actuarial career. Degree courses particularly relevant to actuarial science are conducted at the City University, London School of Economics and Heriot-Watt University.
Two-thirds of actuaries work in insurance. Of the remainder 15 per cent are in consulting practice while the rest are spread over pensions broking and employee benefit consultancy, the Stock Exchange, government service, industry, commerce and education.
The actuarial profession is comparatively small, with about 1,500 qualified actuaries active in the United Kingdom and half that number overseas. An advantage of this is that actuaries and students know a high proportion of their colleagues. There are local professional societies in Birmingham, Bristol, Edinburgh, Glasgow, London, Manchester and Norwich. Both the Institute of Actuaries and the Faculty of Actuaries in Scotland have student societies.
Entry to the Institute of Actuaries is nowadays mostly through universities by graduates with an honours degree... see: An Actuarial Career
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