Actuaries

Actuaries are professionals who apply mathematics, statistics, and financial theory to assess risk and uncertainty in the future. They help quantify the financial impact of uncertain events and typically work in insurance, pensions, investment, and risk management.

Actuaries perform duties such as pricing insurance policies, calculating reserves and deficits, valuing pension schemes and employee benefits, evaluating risk exposure, building models to forecast cash flows under different scenarios, performing capital and solvency assessments, and communicating findings to management and regulators.

Education and certification is central to the profession. Most actuaries hold degrees in actuarial science, mathematics, statistics, or related fields. A core feature is a professional examination program coordinated by actuarial societies. In the United States, candidates may pursue credentials from the Society of Actuaries or Casualty Actuarial Society, progressing from Associate to Fellow status. In the UK and other markets, the Institute and Faculty of Actuaries or other national bodies oversee the qualification process. Ongoing professional development is required.

Practice and standards: Actuaries adhere to professional standards and ethics, including actuarial standards of practice and codes of conduct. They often work with data analysts and IT specialists, using statistical software and programming languages to develop models and run simulations.

Workplace and impact: They are employed by insurance companies, pension plans, reinsurers, consulting firms, and government agencies. Their work informs product pricing, reserving for claims, regulatory capital requirements, financial reporting, and risk management strategies.