What is an Actuary?
Is being an Actuary a good profession?
Where do Actuaries work?
Am I suited for Actuarial Science?

What Is An Actuary?

Actuaries put a price tag on future risks. They have been called financial architects and social mathematicians because their unique combination of analytical and business skills is helping to solve a growing variety of financial and social problems.

Actuaries make financial sense of the future. How? An actuary applies mathematical models to problems of insurance and finance. To be more specific, actuaries improve financial decision making by developing models to evaluate the current financial implications of uncertain future events.

If you've never met an actuary, that's not unusual. The actuarial profession numbers only about 19,000 people in North America. But don't let that small number fool you. Actuaries put their special problem-solving skills to work in many different business situations, and their work has had an influence on people's lives for more than a century.

Actuaries make a difference. Their calculations and projections are the backbone of the insurance and financial security industries. Actuarial work involves lots of math, but actuaries must also be up-to-date on business issues and trends, social science, law, and economics. In other words, actuaries have a well-rounded business approach to problem solving. And they must be good communicators to explain things to non-actuaries.

Actuaries are key players on a company's management team. They are well paid, and they like what they do for a living.

(From www.beanactuary.org/what)

Is Being An Actuary A Good Career?

The Wall Street Journal did the math to "find good jobs" and ranked being an Actuary the best job for 2010. Click here to learn more.

The Jobs Rated Almanac has published previous editions. In two editions, "Actuary" was frequently rated second best. The editors compile statistics on 250 occupations, from accountant to zoologist. The occupations are ranked on the basis of six key criteria: environment, income, employment outlook, physical demands, security and stress. The data comes from government sources, such as the U.S. Bureau of Labor Statistics and the U.S. Census Bureau, as well as studies from trade associations and industry groups.

The Ten Best Jobs:

  1. ACTUARY
  2. SOFTWARE ENGINEER
  3. COMPUTER SYSTEMS ANALYST
  4. BIOLOGIST
  5. HISTORIAN
  6. MATHEMATICIAN
  7. PARALEGAL ASSISTANT
  8. STATISTICIAN
  9. ACCOUNTANT
  10. DENTAL HYGIENIST

(From www.beanactuary.org)

Where do Actuaries work?

Actuaries work for a variety of employers, including:

The insurance industry can't function without actuaries, and that's where most of them work. They calculate the costs to assume risk - how much to charge policyholders for life or health insurance premiums or how much an insurance company can expect to pay in claims when the next hurricane hits Florida.

Actuaries provide a financial evaluation of risk for their companies to be used for strategic management decisions. Because their judgment is heavily relied upon, actuaries' career paths often lead to upper management and executive positions.

When other business that do not have actuaries on staff need certain financial advice, they hire actuarial consultants. A consultant can be self-employed in a one-person practice or work for a nationwide consulting firm. Consultant help companies design pension and benefit plans and evaluate assets and liabilities. By delving into the financial complexities of corporations, they help companies calculate the cost of a variety of business risks. Consulting actuaries rub elbows with chief financial officers, operating and human resource executives, and often chief executive officers.

Actuaries work for the government too, helping manage such programs as the Social Security system and Medicare. Since the government regulates the insurance industry and administers laws on pensions and financial liabilities, it also needs actuaries to determine whether companies are complying with the law.

(From www.beanactuary.org)

Am I Suited for Actuarial Science?

If you excel in Mathematics and/or Statistics, consider Actuarial Science. Actuarial science is often found in a university's Mathematics Department, but some schools offer it under their Statistics Department or Business School. Penn State is unique, as we offer the major under all three.

Find out if you are suited for actuarial science by taking a quiz!