An actuary takes mathematics and statistics and applies them to finance and insurance. Actuarial science includes a number of interrelating disciplines, including probability and statistics, finance, and economics.
Actuaries are experts in evaluating the likelihood of future events and designing ways to reduce the likelihood of undesirable events. In short, actuaries work at finding ways to manage risk. They use strong analytical skills, business knowledge, and understanding of human behavior to complete assigned tasks. They are usually part of the management team in companies that deal with risk. By managing risk, they allow us to go about our day without worrying too much about what the future may hold for us.
The insurance industry uses actuaries to calculate their costs and determine the premiums for policyholders. A good example of a problem for an actuary in an insurance company would be to tell them how much they can expect to pay in claims after the next Florida hurricane. Private corporations rely on an actuary’s risk evaluation to frame management decisions. As a government employee, an actuary helps manage its programs and oversees public companies to ensure compliance with regulatory laws.
No matter the source, actuary is consistently rated as one of the best jobs in America: few other occupations give you the benefits such as work environment, employment outlook, job security, growth opportunity, and salary (especially salary), that an actuarial career can offer.