To inform prospective and current actuarial students about the actuarial profession and guide them to reach their goals on becoming an actuary.
An actuary is someone who analyzes the financial impact of risk. Actuaries use mathematics, statistics, economics, and finance to analyze and manage uncertain future events.
Actuaries are an important part of the management team of the companies that employ them. Their work requires a combination of strong analytical skills and business knowledge to design and manage programs that control risk.
Most actuaries work in one of four major disciplines (life, health, property & casualty, pensions) split across two industries (insurance, consulting).
Traditional roles for an insurance actuary include pricing and reserving. Pricing involves looking at various risk factors to figure out how much to charge for various annuities, life, health, and property insurance products. Reserving involves estimating how much money to set aside in order to ensure the company can pay its future claims.
Traditional consulting actuaries help other companies design pension and benefit plans and evaluate their assets and liabilities.
Life actuaries typically focus on mortality and and the application of interest to price life insurance and annuities. Most life actuaries are in insurance.
Health actuaries are concerned with factors affecting people's health and well-being and use them to price health insurance and manage healthcare systems. Health actuaries work in both insurance and consulting.
Property & casualty actuaries are concerned with risks relating to people and property to price products such as auto or liability insurance. Most P&C actuaries work in insurance.
Pension actuaries are interested in factors that affect how much an employer will have to pay its employees upon retirement. They use this information to help determine how much money to set aside now to make sure they can fund these retirement benefits in the future. Most pension actuaries work in consulting firms.