Definition of Actuary
An actuary makes assessments about the likelihood an event may happen and the associated costs. Actuaries may work for investment firms, where they research pricing and manage investments, particularly how to mitigate risks, and life insurance companies where they are responsible for providing data so the company can create policies and pricing schedules which ensure the insurance company has enough money to cover their claims. They also can work at pension funds, where they are responsible for placing a value on accumulated pension commitments, and management, banking and capital project companies.
Anyone considering a career as an actuary will need to understand mathematical concepts, have economic and statistical awareness, and be able to apply their knowledge in the real business environment. Actuaries must also have good communications skills so they can translate information to non-specialists. Actuaries can also gather skills to move to different areas of business including teaching, alternative risk roles, consultants, business operations managers, and career advisers.