The future is uncertain and full of risk, but risk is also opportunity. That’s where an Actuary comes in.
What is Actuarial Studies?
Actuarial Studies is a discipline that applies mathematical and statistical methods to assess risk in the insurance and finance industries. Wherever there is a risk, there are opportunities for actuaries. And the recent financial crisis has further highlighted the skills actuaries bring to solving problems.
Actuaries are experts in evaluating the likelihood of future events using numbers, designing creative ways to reduce the likelihood of undesirable events and decreasing the impact of undesirable events that do occur.
Would this the career be suitable for you?
The actuarial profession is perfect for individuals who enjoy challenges and problem solving.
Actuaries are talented professionals who are self-motivated, creative, independent, able to work with others and ambitious. The skills developed by successful actuaries include an excellent business sense with a knowledge of finance, accounting, and economics; keen analytical, project management, and
problem solving skills; strong math knowledge (calculus, statistics, probability); strong computer skills (formulating spreadsheets, statistical analysis programs, database manipulation); and solid written and oral communication skills.
Areas of Employment
Insurance Industry
The insurance companies can not function without actuaries. They design new types of insurance and superannuation policies, calculate costs and determine premiums for policyholders, and analyze of investments and formulate investment policy.
Private Sector
Private corporations rely on the actuary to evaluate risks to frame strategic management
decisions.
Consultant
Actuaries help companies to design pension and benefit plans, evaluate assets and liabilities,
and decrease risks.
Government
Actuaries help to manage government programs and oversee public companies to ensure
compliance with regulatory laws.
Others
Banks and investment firms; public accounting firms, labor unions, rating bureaus, colleges
and universities all employ actuaries.
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