In short, actuaries are professional analysts who manage the financial consequences of risk. Actuaries use mathematical techniques and models to assess the likelihood of future events, and design creative ways to reduce the impact of these potentially adverse events.
Our modern, fast-changing society faces many different risks. Actuaries fulfil an indispensable role in modelling insurance and investment risk. They are the architects of the plans that insure our lives, health and property, and pave the way for financial security in retirement.
The actuarial qualification is a professional qualification and actuaries are among the most highly respected and well-paid professionals in the financial industry.
Actuaries have been described as being:
- Acknowledged experts in the analysis and modelling of situations involving financial risk and contingent events.
- Directly concerned with asset and liability management and associated risks – in other words with both sides of the balance sheet.
- Professionals who are respected, trusted and admired, and who are independent in outlook.
- Highly practical, innovative, versatile and numerate.
- Able to provide realistic solutions to complex problems and with a long term forward looking outlook on issues.
- Good communicators who can explain actuarial methodology and conclusions to others and contribute both technically and managerially to multi-disciplinary teams.