Become Actuary

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Become Actuary

Business is full of risks, without which there would be no successes or great achievements. The job of an Actuary is to analyze risk in order to accurately understand its potential and mitigate it as much as possible. An Actuary typically has specialized knowledge in the areas of financial analysis, mathematics, statistics and risk theory. They analyze financial markets, economic conditions and social factors in order to assess and measure the level of risk inherent in potential investments and business ventures. Actuarys primarily work in the corporate world, being employed by large corporations, investment firms and insurance and finance companies.

In order for an Actuary to be successful, they must have the followings skills and credentials:

Aptitude for math and statistics
Degree in finance, business or mathematics
Pass exams for the Canadian Institute of Actuaries
Ability to gather, analyze and synthesize data from many sources
Able explain complex subjects and models to coworkers

An Actuary takes the principles of mathematics, statistics, probability and risk theory and applies them to assess the potential financial impact of business decisions. Some of the specific tasks that an Actuary performs on daily basis include:

Use mathematical models to predict and calculate the likely future costs of insurance and pension benefits
Design life, health and property insurance policies and calculate premiums, contributions and benefits associated these policies and retirement plans
Work with investment fund managers to make decisions regarding asset allocation and risk management assessment of large portfolios

Actuaries require a university degree in mathematics, finance, actuary science or a related field. Aspiring actuaries can successfully pass an examination from the Canadian Institute of Actuaries, they will then be placed in a fellowship program to learn under the tutelage of an experienced actuary. Specific actuary job roles may require specific certifications.

Actuaries are recruited by the business and finance sectors.

The long-term employment outlook for actuaries is considered to be good. The number of available actuary job roles over the next 10 years are predicted to be close to the number of qualified jobseekers trying to enter the profession.

Actuaries work in offices, primarily for companies in financial services. They do so to have access to the digital and paper records they need to complete their tasks. Actuaries who choose to offer freelance services to businesses can work in their own home office.

According to the CNP code (national classification of occupations), here are the additional titles for an actuary: