What is an Actuary?

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What is an Actuary?

An actuary is a business professional whose primary role is to measure and manage levels of risk and opportunity. He/she is an expert in applying mathematical, statistical, economic, and financial analysis to a wide variety of business problems. In short, an actuary is a mathematical problem solver and strategist. In the insurance arena for example, actuaries use their mathematical skills to assess risk thereby helping insurance companies remain solvent and charge appropriate premiums for their policies.

Insurance is just one of the areas in which an actuary works. Companies involved in superannuation, wealth management, investments and health financing require the services of an actuary. The banking arena also has extensive work opportunities for an actuary. Not only does the actuary measure the risk of investments, but he/she is often involved in mergers and acquisitions and in the creation of hedge products.

Reference: actuaries.asn.au

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