What Is An Actuary?

Actuaries are multi-skilled strategic thinkers, trained in the theory and application of mathematics, statistics,economics, probability and finance. They have been called financial architects and social mathematicians, because their unique combination of analytical and business skills are used to address a growing variety of financial and social challenges worldwide.

Using sophisticated analytical techniques, actuaries confidently make financial sense of the short term as well as the distant future by identifying, projecting and managing a spectrum of contingent and financial risks. In doing so, actuaries provide decision-makers with valuable information with which to make long-term strategic decisions, as well as providing practical solutions to problems involving the possible consequences of future uncertain events.

For more than 150 years, actuaries have brought their expertise to the management of risks associated with life insurance, health insurance, general (or property and casualty insurance), and employee retirement and benefit plans. However, there is a strong and growing demand for actuarial skills across a diverse range of business disciplines such as management consultancy, investment, finance, brokerage, regulation, education and software development.

Actuaries are trained to provide a range of valuable services: Analyze and manage financial and related risk, Construct financial modeling frameworks to suit particular circumstances, Provide analyses which take into account changes in interest rates, inflation, investment returns and unanticipated events, Communicate account changes in interest rates, inflation, investment returns and unanticipated events, Communicate complex analyses in an easily understood form for senior decision-makers in management, legislation and regulation, Provide financial advice to facilitate secure long-range decisions