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Actuary, Economist or Statistician

Jobholders in this unit group 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.

Tasks

  • Addresses seminars, conferences and the media to present results of research activity or to express professional views.
  • Provides economic or statistical advice to governments, commercial enterprises, organisations and other clients in light of research findings.
  • Designs and manages surveys and uses statistical techniques in order to analyse and interpret the quantitative data collected.
  • 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.
  • Uses a variety of techniques and theoretical principles to establish probability and risk in respect of e.g. life insurance or pensions.
  • Assesses the objectives and requirements of the organisation seeking advice.

Typical Education Level

Honours, Bachelor's degree

Will retirement created job openings

In the UK, 6% in this profession are aged 55 or above.* They will likely retire in the next 10 years, creating a demand for new workers

*This is based on national data

£41,981

Average annual earnings

The current average wage for actuary, economist or statistician is £41,981

1,089 positions

Current Employment

The number of jobs in the career for the current year is 1,089. Job counts include both employed and self-employed persons, and do not distinguish between full- and part-time jobs.

jobs

Job Postings

Over the past year, jobs have been posted for actuary, economist or statistician roles.

How well does it pay?

Normal pay for this occupation is £41,981 per year. That is about £3,498 per month or £21.53 per hour. New workers generally start on £23,303, while highly experienced workers can earn as much as £74,910

Is it growing or declining?

This career has remained the same over the last 2 years, and is expected to remain the same over the next 4 years. Currently, 1,089 people are employed in the region.

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