What does an Actuary do?
Learn all about Actuary duties, skills and much more. Get expert advice on how to become an Actuary.
Published 3 min read
An actuary is a business professional who deals with the measurement and management of risk and uncertainty. The job involves using mathematics, statistics, and financial theory to assess the risk of future events, and to help businesses and clients make decisions about managing that risk.
Actuary job duties include:
- Research and analyze statistical data, such as mortality, accident, sickness, disability, and retirement rates to calculate risk and liability for payment of future benefits.
- Select appropriate models to value a variety of financial risks.
- Design or recommend plans that minimize risk and maximize profitability.
- Advise clients on financial planning, risk management, and insurance needs.
- Prepare reports that present findings and recommendations.
- Monitor trends in statistics, investments, pricing, and other factors that affect the financial stability of a company.
- Evaluate the financial impact of proposed legislation on a company.
- Test new insurance policies and riders to ensure they are actuarially sound.
- Serve as a consultant on mergers and acquisitions, product development, and other business decisions.
Actuary Job Requirements
An actuary is a business professional who deals with the measurement and management of risk and uncertainty. The job requires at least a bachelor's degree in actuarial science, mathematics, statistics, or a related field, as well as passing a series of exams to obtain certification. Many actuaries also have a master's degree. Actuaries must have strong analytical skills and be able to communicate complex information clearly. They must also be able to work well in teams and handle multiple projects simultaneously. Experience in the insurance industry is helpful but not required.
- Analytical skills
- Financial analysis
- Actuarial science
- Business acumen
- Communication skills
- Computer skills
- Organizational skills
- Research skills
How to become an Actuary
An actuary is a professional who uses mathematical skills to assess risk and predict financial outcomes for businesses and individuals. The role of an actuary is to help companies and clients make informed decisions about how to manage risks. To become an actuary, you will need to have strong math skills and be able to use statistical software programs. You will also need to be able to communicate effectively with clients and co-workers.
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