Actuaries are concerned with the business of assessing the financial impacts of various risk and uncertainties. An actuary is skilled at mathematically evaluating the probability of any undesirable events occurring and then assessing their monetary impact.

Actuaries traditionally work in the field of insurance and work out the premiums and reserves for insurance policies based on risk factors. Today however, the profession has diversified its applications and many actuaries are now venturing into business management, asset management and investment consultancy.

Simply having savings accounts is not the end all of effective investment, and knowing how to manage risks can come in very handy while planning long term investments and wealth management.

By mathematically calculating the probability of negative events occurring, one can minimize not just financial losses but also reduce emotional losses. For example, an event like death cannot always be predicted, and it certainly cannot be avoided. But by factoring such events into your calculations, it is possible to be prepared and to minimise losses.

Actuarial careers are on the rise today as jobs offer good remuneration. The field is not saturated and there is a high demand for qualified actuaries.