Actuary

Actuary

An Actuary is a someone that predicts costs, determine future risk, make price decisions, and prepare investment strategies. Most work in the insurance industry and use statistics and trends to predict injury, illness, and property loss. They also determine the premiums for automobile insurance. Actuaries may work in investments where they try to predict the amount, place, and length of investment that will yield the most return. As an Actuary you need specialized skills in Math including Calculus, Statistics, and Probability. Good business skills like accounting, economics, and finance are important. Actuaries also need advanced computer skills like knowledge of spreadsheets, statistical analysis programs, database manipulation, and programming languages. An Actuary can be employed by a company or do consulting and most made between $40,000 and$130,000 a year (in 2000). To be an Actuary you need a strong foundation in math and business and Bachelors in Mathematics, Actuarial Science, Statistics, or Business. You must also pass several exams. The Society of Actuaries (SOA) administers examinations for students wanting to work in life and health insurance, pension, and finance and investment. The Casualty Actuarial Society (CAS) administers the series of exams for fire, accident, medical malpractice, workers compensation, and personal injury liability. Many corporations will pay for courses and materials so an Actuary can advance in their professional level.

Image courtesy of FDIC

Image used with permission of The Local Channel

• Brown & Brown Insurance
  http://www.bbdaytona.com/

Additional Links

• American Society of Pension Actuaries
  http://www.aspa.org/
• American Academy of Actuaries
  http://www.actuary.org/index.htm
• Clemson University - Society of Actuaries
  http://www.soa.org/academic/index.asp