Providing a business professional advice & analyses in financial risk management.
The Hidden Profession
Actuaries play a very important role in our lives, usually without us even knowing about their existence. While we while away our time internet shopping on Cash Back websites they are working away in the background, calculating the likelihood of this or that event happening.
Much of what an actuary does is hidden from us and we have little idea of the tasks they perform. This is due to the fact that the stringent and demanding exams and procedures to become a qualified actuary are so tough that there are relatively few people in this demanding position. Those that do make it though, can expect to be very well paid.
So what do they actually do? Many work in risk calculation, often with insurance companies. Although you will not be aware of it, your house, car and personal insurances will be calculated thanks to the work of an actuary. They will have spent time calculating the likelihood of an event occurring which will mean that you need to claim on your insurance, and the premiums are set accordingly.
They are also involved in broader financial issues such as financial planning and even investment advice. They help businesses to set policies based on their financial knowledge and data analysis.
Being an actuary really is a hidden profession. It is extremely tough to qualify due to the knowledge and amount of work involved.