2433 — Actuaries, economists and statisticians

What this occupation covers

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.

Typical duties

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

Entry routes and qualifications

Entry is most common with a relevant degree or equivalent qualification. Professional qualifications are available and mandatory for actuarial occupations.

Sponsorship information

Higher Skilled. Actual duties, sponsor, applicant, salary and any transitional or shortage-list conditions must be checked.

Full Table 1 going rate: £55,100 at 37.5 hours. The applicable salary requirement can differ: use the calculator.

DBS assessment

No code-wide DBS assessment is assigned. Check actual duties, activities, workplace, frequency and jurisdiction. This code does not determine the level of check.

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