Damage from Hurricane Katrina in 2005. Actuaries need to estimate long-term levels of such damage in order to accurately price property insurance, set appropriate reserves, and design appropriate reinsurance and capital management strategies.
Occupation
Names
Actuary
Occupation type
Profession
statistician
mathematician
Activity sectors
Insurance
reinsurance
pension plans
social welfare programs
Description
Competencies
Mathematics
statistics
finance
analytical skills
business knowledge
Education required
See Credentialing and exams
Fields of employment
Insurance companies
superannuation funds
consulting firms
government
Related jobs
Underwriter
An actuary is a professional with advanced mathematical skills who deals with the measurement and management of risk and uncertainty.[1] The name of the corresponding field is actuarial science which covers rigorous mathematical calculations in areas of life expectancy and life insurance. These risks can affect both sides of the balance sheet and require asset management, liability management, and valuation skills.[2] Actuaries provide assessments of financial security systems, with a focus on their complexity, their mathematics, and their mechanisms.[3]
While the concept of insurance dates to antiquity,[4][5][6] the concepts needed to scientifically measure and mitigate risks have their origins in the 17th century studies of probability and annuities.[7] Actuaries of the 21st century require analytical skills, business knowledge, and an understanding of human behavior and information systems to design and manage programs that control risk.[1] The actual steps needed to become an actuary are usually country-specific; however, almost all processes share a rigorous schooling or examination structure and take many years to complete.[8][9]
The profession has consistently been ranked as one of the most desirable.[10] In various studies in the United States, being an actuary was ranked first or second multiple times since 2010,[11][12][13] and in the top 20 for most of the past decade.[14][15][16][17][18]
An actuary is a professional with advanced mathematical skills who deals with the measurement and management of risk and uncertainty. The name of the...
professions. More generally, actuaries apply rigorous mathematics to model matters of uncertainty and life expectancy. Actuaries are professionals trained...
The Society of Actuaries (SOA) is a global professional organization for actuaries. It was founded in 1949 as the merger of two major actuarial organizations...
Faculty of Actuaries is the professional body which represents and regulates actuaries in the United Kingdom. The Institute and Faculty of Actuaries came into...
The Institute of Actuaries was one of the two professional bodies which represented actuaries in the United Kingdom. The institute was based in England...
The Worshipful Company of Actuaries is one of the livery companies of the City of London. The company was founded and became a livery company in 1979...
several years in total, before one can become recognized as a credentialed actuary. In some countries, such as Denmark, most study takes place in a university...
The Institute of Actuaries of India is the sole national apex body for actuaries in India. It was formed in September 1944 by the conversion of the Actuarial...
The Office of the Chief Actuary is a government agency that has responsibility for actuarial estimates regarding social welfare programs. In Canada, the...
The Faculty of Actuaries in Scotland was the professional body representing actuaries in Scotland. The Faculty of Actuaries was one of two actuarial bodies...
The American Academy of Actuaries, also known as the Academy, is the body that represents and unites United States actuaries in all practice areas. Established...
Fictional actuaries and the appearance of actuaries in works of fiction have been the subject of a number of articles in actuarial journals. The Ice Road...
An enrolled actuary is an actuary enrolled by the Joint Board for the Enrollment of Actuaries under the Employee Retirement Income Security Act of 1974...
The Canadian Institute of Actuaries (CIA) is the national organization of the actuarial profession in Canada. It was incorporated March 18, 1965. The...
The Danish Society of Actuaries (DSA), or the Danske Aktuarforening, is the association for actuaries in Denmark. The Society held its first constituents...
The Institute of Actuaries (French: Institut des Actuaires) is the association of actuaries in France. The Institute was created in 2001 by a merger of...
The Conference of Consulting Actuaries (CCA) is a professional society of actuaries engaged in consulting in the United States and Canada, as opposed to...
financial institutions and pension plans can fail. The Office of the Chief Actuary, an independent unit operating within OSFI, provides a range of actuarial...
of Actuaries (SAA, German: Schweizerische Aktuarvereinigung, SAV, French: Association Suisse des Actuaires, ASA) is the association of actuaries in Switzerland...
Howard Edward Winklevoss Jr. (born September 1, 1943) is an American actuary. He is an academic and entrepreneur who has a practice in benefits management...
mathematics outside of universities involve consulting. For instance, actuaries assemble and analyze data to estimate the probability and likely cost...
It was renamed the IAA in 1968. At the 26th International Congress of Actuaries, held in Birmingham on 7–12 June 1998, the General Assembly of the International...
The Polish Society of Actuaries (PSA, Polish: Polskie Stowarzyszenie Aktuariuszy) is the association of actuaries in Poland. The society was established...
Accountants in Edinburgh, formed in 1853; The Institute of Accountants and Actuaries in Glasgow, formed in 1853; The Aberdeen Society of Accountants, formed...
employed as an actuary for the Mutual Benefit Life Insurance Company, submitted an article to the Journal of the Institute of Actuaries detailing an historical...
The Swedish Society of Actuaries (Swedish: Svenska Aktuarieföreningen) is an association of actuaries in Sweden. The Society was founded on March 3, 1904...
The New Zealand Society of Actuaries is the professional body to which actuaries practising in New Zealand normally belong. The society was founded in...
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