What Actuaries actually do — in plain English

If you've told someone you're studying Actuarial science, you've probably heard at least one of the following:

• "So you're an accountant?"
• "You must be very good at maths."
• "What exactly is an Actuary?"

It's a fair question. Most people outside the profession have heard the word "Actuary" but aren't entirely sure what Actuaries actually do.

Actuaries help organisations make better decisions when the future is uncertain.

Whether it's an insurance company deciding how much to charge for car insurance, a pension scheme planning decades ahead, or a business assessing financial risks, Actuaries use data to understand what could happen next.

What does an Actuary do day-to-day?

Despite the stereotype, most Actuaries don't spend all day solving complex equations. A typical week might involve:

• Analysing large datasets
• Building forecasts and models
• Reviewing trends and assumptions
• Preparing reports for management
• Meeting colleagues from finance, risk, underwriting or investments
• Explaining technical findings in plain English

In many roles, communication is just as important as technical ability. The best Actuaries don't just understand the numbers — they can explain what the numbers mean.

What software do Actuaries use?

Modern Actuarial work is increasingly technology-driven. Some of the most common tools include:

• Excel — still one of the most widely used tools in the profession. Love it or hate it, spreadsheets remain a daily reality for many Actuaries.
• Python — a programming language used for data analysis, automation and modelling. Increasingly expected across many Actuarial and data-focused roles.
• SQL — used to access and analyse large datasets stored in company databases.
• Power BI and Tableau — business intelligence tools that help visualise data and create dashboards for decision-makers.
• Prophet — a specialist Actuarial software platform used by many life insurers for financial projections, reporting and regulatory requirements.
• R — another programming language commonly used for statistical analysis and modelling.

Don't worry if you haven't mastered all of these yet. Most graduates learn a significant amount on the job.

What areas do Actuaries work in?

One of the biggest misconceptions about Actuarial careers is that everyone does the same thing. In reality, there are several different specialisms.

• Life Insurance — life Actuaries work on products such as life assurance, income protection and pensions. They help insurers understand long-term financial risks and future liabilities.
• General Insurance — motor, home, travel and commercial insurance. Actuaries analyse claims trends, price products and help insurers remain profitable.
• Pensions — pensions Actuaries help schemes and employers understand future obligations and ensure retirement benefits can be funded.
• Investments — investment Actuaries analyse assets, investment strategies and market risks.
• Risk Management — risk teams help organisations identify, assess and manage financial and operational risks.
• Consulting — consultants advise multiple clients across a variety of industries and projects, often working on different challenges every week.
• Data Analytics — many Actuarial skills transfer naturally into analytics, predictive modelling and broader data science roles.

Is it all maths?

Not really. Strong numerical skills matter, but Actuarial work is ultimately about solving business problems. Curiosity, communication, judgement and commercial awareness are just as important as technical knowledge.

A spreadsheet can tell you what happened. An Actuary's job is often figuring out why it happened — and what might happen next.

Final thoughts

Actuarial work sits at the intersection of business, technology and data. If you enjoy problem-solving, working with numbers and helping organisations make better decisions, it can be a rewarding and surprisingly varied career.

And yes, you'll probably spend more time in Excel than you'd ever admit publicly.