Actuaries, economists and statisticians
£57,357
Average salary
36 hours
Average weekly hours
-11.1%
Pay growth from 2017 to 2018
2.56%
Unemployment rate
Definition: Actuaries, economists and statisticians
*SOC Code (Standard Occupational Classification): 2425
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.
Common tasks include:
- 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.
Qualifications
Entry is most common with a relevant degree or equivalent qualification. Professional qualifications are available and mandatory for actuarial occupations.
*Introduced in 1990, SOC is a multi-purpose common classification of occupations in UK. Jobs are defined in terms of skill level and skill content, including qualifications, training and work experience.
Employment status: Actuaries, economists and statisticians
Regional employment: Actuaries, economists and statisticians
Future employment: Actuaries, economists and statisticians
Top 12 industries: Actuaries, economists and statisticians
Alternative & related job titles: Actuaries, economists and statisticians
Planner, economic Modeller, statistical Adviser, economic Officer, statistical (government) Adviser, statistical Forecaster, economic Consultant, statistical Officer, development, economic Analyst, political Analyst, economic Mathematician Strategist, quantitative Analyst, campaign Economist Assistant, economic Consultant, actuarial Analyst, quantitative Informatician Assistant, statistical Bioinformatician Demographer Consultant, economic Analyst, statistical Manager, analytics, web Scientist, data Controller, statistical Head of statistics Actuary Controller, economics Assistant, actuarial Engineer, financial Officer, support, bioinformatics Statistician Officer, statistical (coal mine) Analyst, web
Equality focus: Actuaries, economists and statisticians
Breaking down the official government big data sources by gender, age and region. Hours and pay data based on full time equlivalent roles.
Breakdown by gender
£49,536
Female average annual salary
£63,614
Male average annual salary
33
Female average weekly hours
37
Male average weekly hours
Average pay per hour: Actuaries, economists and statisticians
Workforce gender: Actuaries, economists and statisticians
Breakdown by region
£66,743
London - highest annual average salary
£39,629
East Midlands (England) - lowest annual average salary
50
North East (England) - Highest average weekly hours
33
Scotland - Lowest average weekly hours
Average pay per week (£): Actuaries, economists and statisticians
Average weekly hours by UK region/nation: Actuaries, economists and statisticians
Breakdown by age
20 years
Lowest annual salary (£21,900)
51 years
Highest annual salary (£65,700) at this age
2.16%
Unemployment rate for under 25s
2.64%
Unemployment rate for 25s and over