Occupation | |
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Names | Actuary |
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Activity sectors | |
Description | |
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Education required | See Credentialing and exams |
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Related jobs | Underwriter |
An actuary is a professional with advanced mathematical skills who deals with the measurement and management of risk and uncertainty.[1] These risks can affect both sides of the balance sheet and require asset management, liability management, and valuation skills.[2] Actuaries provide assessments of financial security systems, with a focus on their complexity, their mathematics, and their mechanisms.[3] The name of the corresponding academic discipline is actuarial science.
While the concept of insurance dates to antiquity,[4][5][6] the concepts needed to scientifically measure and mitigate risks have their origins in the 17th century studies of probability and annuities.[7] Actuaries of the 21st century require analytical skills, business knowledge, and an understanding of human behavior and information systems to design and manage programs that control risk.[1] The actual steps needed to become an actuary are usually country-specific; however, almost all processes share a rigorous schooling or examination structure and take many years to complete.[8]
The profession has consistently been ranked as one of the most desirable.[9] In various studies in the United States, being an actuary was ranked first or second multiple times since 2010,[10][11][12] and in the top 20 for most of the past decade.[13][14][15][16][17]