Actuaries are experts in assessing and managing risk, primarily using mathematical and statistical methods. They analyze the financial consequences of risk, helping businesses and clients make informed decisions. They play a vital role in pricing insurance products, managing investment portfolios and ensuring the solvency of financial institutions. As long as there is risk, there will be actuarial work. For every company trying to determine the price of an insurance product, for every insurance agency looking to predict the unexpected, for every government trying to craft a policy, actuaries are there working to ensure those organizations manage their risk.
As an Actuary, you will be a part of a supportive network. We are constantly meeting the demand for skilled professions in many industries. The main places actuaries work are:
- Insurance Companies (Life, Health, Property & Casualty): Assessing risk, setting premiums, and ensuring the companies remain financially stable
- Pension Funds and Retirement Plans: Designing and evaluating pension plans, projecting future liabilities and ensuring long term funding
- Consulting Firms: Advising businesses on insurance, pensions, employee benefits and risk management strategies
- Government Agencies: Working in social security, Medicare, Medicaid, regulatory bodies, and departments that deal with public finance and demographics
- Corporate Finance and Investment Firms: Analyzing financial risks, valuing assets and liabilities, and developing investment strategies
- Healthcare organizations: Forecasting healthcare costs, evaluating new programs and advising on pricing
- Reinsurance companies: Assessing and pricing the risks insurers cover and helping them transfer that risk
- Emerging Markets: Applying data science/modeling and analytical skills in emerging fields like climate risk and cyber risk
There are many ways to enter the actuarial profession and find a role that’s right for you:
- Seek out Actuarial Internships to gain hands-on experience while studying.
- Find your Actuarial Job using Job Boards or Actuarial Recruiters.