Actuarial training is still a good career bet

In spite of the financial crisis, the appetite for Scotland's pipeline of actuarial graduates remains strong.

Scotland's Heriot Watt University has established a reputation for producing some of the UK's best-paid actuaries, through its actuarial mathematics and statistics degree.

Andrea Sneddon, teaching fellow on the actuarial mathematics and statistics course at the university, says: "Employers are telling us they're not cutting back on their recruitment of graduates, certainly not in the short term, and probably not in the longer term, either."

She adds that the course - which produces 50-60 graduates each year - attracts a mix of international and Scottish students. Most local graduates look for work north of the border despite the actuarial qualification being universally recognised.

Paul Walsh, CEO of specialist actuarial recruiter Acumen Resources, agrees: "Scotland undoubtedly generates a good pipeline of actuaries, but the vast majority choose to stay locally. And once they're in a company, there's very little movement."

The demand for actuaries has spiralled in recent years, as new industries away from the traditional life insurance space look to tap talent.

Walsh adds that although demand for actuaries remains robust, the financial crisis has made it more difficult for firms to get sign-off for new headcount, and therefore hiring has slowed.

Long term, however, demand for actuaries looks set to rise. The increased focus on risk management means their skills will become a prized commodity, says Gordon Montgomery, director of financial services at executive search firm Harvey Nash.

"If you're a trained actuary you're going to be very much in demand over the next few years," he predicts.