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An Actuary is one who deals with the management of risks by analysing and calculating costs to minimise risks of uncertain future events.
Actuaries utilise their knowledge in statistics, mathematical reasonings and probability to calculate estimated costs for an insurance plan. Their job is not only limited to the field of insurance, but also advising pension funds, savings, capital projects, investments, healthcare and risk management. Besides Actuary being consistently rated as a top profession, it also provides a interesting work and competitive compensation. They are known as the backbone of financial security due to th...
Actuaries utilise their knowledge in statistics, mathematical reasonings and probability to calculate estimated costs for an insurance plan. Their job is not only limited to the field of insurance, but also advising pension funds, savings, capital projects, investments, healthcare and risk management. Besides Actuary being consistently rated as a top profession, it also provides a interesting work and competitive compensation. They are known as the backbone of financial security due to the amount of responsibility they hold and how much companies rely on them. An Actuary’s work is intellectually stimulating and work in a variety of setting.
Flexibility in job prospects. If you don't want to work in the insurance industry, you'll likely find offers in the consulting and banking industries
Good job demand
Examinations are difficult, and without passing them, it's extremely difficult to obtain a job
Not the ideal job for people who hate maths because this job requires a lot of maths!
Determine probability and risks of certain events happening, such as the accident rates of certain groups
Develop financial products
Determine risk of investment banking
Present reports to clients and advising on how to reduce risk
Communicate with clients and maintaining relationships with other professionals
Handle mergers and acquisitions
Incase of any queries
A love for numbers
While most people have a hate-hate relationship with maths, you can’t imagine life without it. You live and breathe numbers and never get tired of counting. You are like a living calculator who never runs out of batteries. Just as Biology is the foundation in Medicine, Maths is the foundation in Actuarial Science.
Strong computer skills
Actuaries have to generate reports based on their calculations, financial schemes and amount of profit the company makes every year. Apart from being good in maths, they also need to be good in their computer skills such as formulating spreadsheets, statistical analysis programmes, database manipulation, programming languages, etc.
Analytical and problem-solving skills
As an Actuary, you will need to assess the risks of the company or an individual and come up with solutions by introducing suitable financial plans. You need to analyse the situation, sometimes on a case-to-case basis, and figure out a scheme that minimises loss for the company and minimises risks for the individual.
A degree in Actuarial Science is necessary, though other degrees such as business, economics or statistics would also be useful to pursue this career. This is a very intellectual job so the higher qualification and more certificates you get, the higher your chances of obtaining a job. Completing two actuarial exams before you graduate would greatly increase your job prospects.
Actuaries work in the office most of the time for an average of 40 hours per week. Actuaries who work for consulting groups will have to travel to meet clients. Those in consulting or banking firms might have to work longer hours due to its unpredictable schedule.
“There are two kinds of statistics, the kind you look up and the kind you makeup.”
- Rex Stout
Mar 11, 2015
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