They are
financial architects. They are
social mathematicians.
Actuaries use a
unique combination of
analytical and
business skills to solve a growing variety of financial and social problems. They attempt to make financial sense of the
future. An actuary applies
mathematical models to problems of
insurance and
finance, improving the financial
decision-making process by developing models to
evaluate the
current financial implications of
uncertain future events. They
rely on historical
data,
state laws and
trends, among other
sources, to develop
reliable, theoretical
projections.
The work done by actuaries is the
backbone of the
insurance and financial
security industries. The work is
math-
intensive, so math aptitude is
paramount along with knowledge of
business issues and trends,
social science,
law, and
economics. To become an actuary, one must pass a series of rigorous exams. There are eight required exams to
pass to
attain the
status of FSA (
Fellow of the Society of Actuaries). The
Society of Actuaries recommends approximately
400 hours of study for each exam! However, the
benefits would seem to be
worth it.
The job "
actuary" was rated the
best job in
America by the
Jobs Rated Almanac in 2001 (this is one place ahead of last year, before the
fall of the dot-coms). This
reference book ranks
professions on the basis of
Environment,
Income,
Outlook,
Physical demands,
Security, and
Stress. Generally, actuaries make a fairly
large sum of money for fairly
few hours of
work. There is much
room for
growth, as when they pass each
exam they will move up. There is
little physically demanding about the job, except maybe your ass will
hurt from
sitting for
so long. Actuaries do get to
travel to meet with
clients or attend meetings. There are many positions open for actuaries but relatively few actuaries to fill those positions.
If you were wondering where actuaries usually work, they often work for
insurance companies. However, they do also work as actuarial
consultants for
consulting firms. The
government also hires actuaries for insurance and
Social Security and
Medicare purposes.
Colleges and
universities,
banks and
investment firms, and
public accounting firms also need actuaries.
So what is an actuary? I read somewhere that an actuary is a guy who, if he enters a
revolving door behind you, comes out
ahead of you.
Thanks to:
http://www.casact.org/pubs/actrev/feb00/whatever.htm
http://www.beanactuary.org/whatis/noonnews.pdf
http://www.beanactuary.org/newsroom/top_job.htm