I'm going to try to answer your questions. First and foremost, a degree in Actuarial Science is not necessary for a career in Actuarial Science. The only reason why people choose to do a degree in Actuarial Science is because they want exemptions from professional papers and want a leg up in them. However, I know for a fact that UK companies do not specifically employ students who did Actuarial Science - they hire people who have any Mathematical background. This is because the papers which you get exemptions from (CT1 - 8) are not difficult. In fact, CT7, the economics paper is just a simpler version of the A Levels Economics Paper! I know people who complete their CTs in a year and a half worth of studying, without any exemptions. (1)One more problem I encounter when having a degree in Actuarial Science is that you pigeon hole yourself into that profession. It doesn't allow you to diversify into many other financial branches as it is so specialised in its own way, and that might be hard for a person who wants to find a job which is not actuarial-related in the future. Truth be told, I applied to do Mathematics in Cambridge as well, and if I had gotten the offer, would have accepted it straightaway.

It is good that you are trying to find out that if it is Maths that you like, or is it AS. Actuary's main industry is insurance. They are risk managers, they try to maintain the solvency of the company by managing the risk effectively. In a nutshell, the work that an actuary does in insurance can be divided into two - Pricing and Valuation. In Pricing, actuaries have to price insurance products so that the company will make a profit. This is not as easy as it sounds because the way insurance works, the company only suffers a loss in the future, and it is up to an actuary to price the product in a way that it is improbable for the company to go bankrupt anytime in the future. That is why we have projections and forecasts. In Valuation, actuaries need to take the premiums that people pay to invest in the best possible assets. This is necessary for the company to make a profit, because many products only allow to break-even, and it is up to the actuary to find the most valuable financial assets to invest in. There are consultant and contractor actuaries as well. They move from company to company advising insurance companies on how best to price their products, how they value their products, how they meet regulation, etc... They are one of the most well-paid people in the field. An actuary can become Chief Financial Officer and eventually CEO of a company. The fact is that insurance companies need us. We are the experts when it comes to the financial matters of an insurance firm.
Do let me know if you require more information.

I like the work. I like the challenge. I like the fact that I have different stuff thrown at me everyday. Sometimes, it does come to a point when I ask myself if it is worth it, especially having to come back from work and put myself in front of books. But I genuinely love the job I am given, and I really don't see myself doing anything else. I think it is the interest that keeps me here, and the fact that I do like applying Mathematics in practical business problems that helps me maintain my interest in the field. (2)Plus, the fact that once I qualify, I'll get a FIA behind my name, which is pretty cool.

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Added on May 23, 2009, 5:04 pm

(3)No, that is not true. If that were true, we will be out of work in a few years time, when all the young guns come and take over our positions.

Back in Malaysia, due to the low pass rates, there are usually around 1 - 2 qualified actuaries and many actuarial students in each company. I believe that AIA has around 10 qualified actuaries. In the UK, my team alone had 6 qualifed actuaries. And we were only one really really small part of the company, which I believe had around 60 qualified actuaries alone.

Actuaries have the highest turnover I have ever seen. This is because they are so demanded that they just pretty much move from company to company in search of higher pay.