There are many jobs and careers that you can choose to pursue if you’re a mathematician. One of these jobs is an Actuary and it’s a very sought after position in numerous industries. Whether it’s consulting firms, governmental institutes, hospitals, insurance companies, banks, or other businesses that deal with financial management and risk assessment. However, there is more to actuary than meets the eye. So, let’s dig deeper and understand what an actuary can do.

What Is An Actuary?

Being an actuary means that you’re going to be a business professional who uses their skills in math and statistics to analyze specific financial patterns, consequences of risk, and solutions for financial problems. To become a skilled actuary, you’ll need to learn the gambler’s perspective of statistics and the probability of different outcomes. Every person in this line of work will need to show a significantly higher aptitude in math and high endurance because you’re going to pass through plenty of actuarial exams that could take about ten years to finish, give or take. You take them biannually until the three major actuary associations and institutes believe you don’t need them anymore.

How To Be An Actuary?

To become an actuary, you’ll need to be an associate first and then become a fellow of a professional actuary society. This is similar to the phases of becoming a lawyer and it goes through the same pattern, but the examination doesn’t take ten years. You will need a lot of tools along the way and even though you’re an expert in math, you might need a calculator to save time and make sure your calculations were correct. You can visit the site that has different calculators for every single kind of complex calculation that you will most likely go through. The convenient aspect about it is that you can visit it on your smartphone too, so you can recheck and revise all the work you’ve done to make sure everything is done right.

After you pass the series of tests administered by the Society Of Actuaries, Casualty Actuarial Society, and the American Society Of Pension Actuaries. You will need to work hard and show commitment because the entry-level for this profession is quite competitive. You will take various courses even after graduation and after you’ve paid your dues, studied every aspect, and spent years, taking exams, you will be ready to choose and apply for any industry you want to be their personal financial advisor and analytical expert.

What Can An Actuary Do?

Actuaries are capable of predicting the timing of specific events related to finances and the probability of each event. Also, they can know how much money is needed to invest to cover any possible losses in the future. This will require plenty of calculations and analysis, presenting reports to your managers for clarity too. You will be responsible for collecting, assessing, interpreting, and revising a lot of data to make sure it’s accurate and reliable. You’re allowed to use specific software that’s designed to help actuaries to find important and notable trends in the market. Any report you prepare must have a logical explanation of your assumptions, methodology, and the reasoning behind your financial decisions that would save a lot of money for the company you’re working for. 

Moreover, you will advise and prepare the right course of action for your employer, providing analytical proof of your claims and predictions. You will need to concentrate on the reasonability of your results to make sure it’s correct. You will be the person in charge of calming your bosses and managers, reducing any uncertainty of future endeavors that relate to financial positions in the future. This is achieved after your accurate predictions convince the people running the business and your advice on what to do next. Your job is very important and crucial for a lot of financial institutes and establishments because you will give your employer the bigger picture and the right set of steps needed to be safe and secure financially.

Actuaries are sorely needed because of their risk analysis skills and their stellar advice for better investments and outcomes in various fields or industries. It’s a job that requires a strong background in statistics and math to be able to generate readable and clear reports that can lead to better results and advice. If you’re a business owner and you feel like your strategies aren’t working properly, then you’ll need the talented individuals who can come up with quantitative data and analytical information that can turn the tables and help you come out triumphant.