Actuaries evaluate, manage and advise on financial risks. They apply their knowledge of business and economics, together with their understanding of probability theory, statistics and investment theory, to provide strategic, commercial and financial advice. The core of actuarial work lies within pensions and insurance, where professionals are most likely to start off. Some actuaries may move on to investment banks at a later stage.
Actuarial work can be diverse and ranges from highly technical roles developing complex financial products in investment banks or pensions and insurance companies to consultancy roles for those seeking a client-facing career.
Actuaries need to apply their mathematical, economic and statistical awareness to real situations in the financial world and be able to communicate the difficult topics to non-specialists. Strong communication skills are becoming an increasingly important part of the actuarial profession, and it is essential that actuaries are able to discuss complex topics in a simple way to assist their clients effectively.
Actuarial trainees may begin work as trainee pensions consultants or risk analysts while at the same time studying for professional exams. Senior actuaries can be found in consulting firms as partners, in large banks as chief risk officers or in board-level positions in insurance companies and other financial services organisations.
Actuaries apply financial and statistical theories to assess the likelihood of a particular event occurring and the possible financial costs.
Specific tasks vary but work may include:
Specifically, actuaries in their day-to-day work may be responsible for the following:
Actuaries may also be involved with the acceptance of proposals for new policies, with legal and taxation matters affecting life assurance, or with the investment of funds.
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