Part super-hero. Part fortune-teller. Part trusted advisor.
What is an Actuary?
An actuary is a business professional who deals with the management of the financial impact of risk and uncertainty. They provide expert assessments of financial security systems, by using a combination of analytical skills, business knowledge, and an understanding of human behavior.
Actuaries help organizations plan for the future and protect themselves from loss. With the help of an actuary, business can grow, retirees can invest with confidence, and people enjoy a piece of mind. Actuaries mathematically evaluate the likelihood of events and quantify the contingent outcomes in order to minimize losses, both emotional and financial, associated with uncertain undesirable events. Since many events, such as death, cannot be avoided, it is helpful to take measures to minimize their financial impact when they occur. These risks can affect both sides of the balance sheet, and require asset management, liability management, and valuation skills. Since the profession has relatively few actuaries in the world compared to other professions, actuaries are in relatively high demand and are highly paid. In fact, the actuarial profession has been consistently ranked as one of the most desirable. Not only has the overall profession been ranked highly, it is also considered one of the best professions for woman. In 2015, Canadian Business ranked Statistician & Actuaries as number 4 in the top best jobs, with a growth in employment of 48% in five years. Needless to say, if you have a head for numbers, this field likely has a use for you talents. |
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Where DO Actuaries Work?
The Insurance Industry – calculate their costs and determine the premiums for policyholders
Private Corporations – rely on risk to frame their strategic management decisions Consultants – help companies design pension pension and benefit plans, evaluate assets and liabilities, and stare down risk–all alongside top executives. The Government – help manage its programs and overseeing public companies to ensure compliance with regulatory laws. |
Other:
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AM I Suited for Acuarial Science?
Actuaries tend to have:
So, if any of this sounds like you, an actuarial profession may just be the right fit!
- A passion for Mathematics
- Keen Analytical and Problem Solving Skills
- Good Buissness Sense
- Solid Communication Skills
- Strong Computer Skills
So, if any of this sounds like you, an actuarial profession may just be the right fit!