The Actuary will routinely use critical thinking, problem solving and strong analytical skills to aid in or drive decision making. This analysis is often related to the analyses of statistical data with the intention to create probability tables that are used to assess risk and liability for future benefits. Strong communication skills and the ability to explain highly technical information to a broad range of audience members are highly desired skills among actuaries.
Actuaries typically work with complex and broad data sets such as mortality, accident, sickness, disability and retirement rates to aide Insurance companies in assessing risk among different classifications of people and behaviors. The financial services industry employs a number of actuaries also. The actuary is responsible for mathematically identifying and interpreting the various contingencies and the associated likelihood of these events occurring. This analysis may be used to ascertain premium rates and cash reserves that are required to ensure that future benefits are paid and the companies risk is minimized while the revenue is maximized.
An Actuary typically has an advanced degree in actuarial science, mathematics or economics and belongs to the Fellowship in the Society of Actuaries (FSA), and is a Member of American Academy of Actuaries (MAAA). In the United States, actuaries must pass rigorous examinations to become fully credentialed. Actuaries spend the majority of their time gathering, analyzing and interpreting the output of large data sets. Actuaries work almost exclusively in office settings. Actuary has consistently ranked as one of the best jobs in the United States in multiple national studies spanning the past decade.
- May ascertain premium rates required and cash reserves necessary to ensure payment of future benefits.
- Analyze statistical data, such as mortality, accident, sickness, disability, and retirement rates and construct probability tables to forecast risk and liability for payment of future benefits.