What is an Actuarist?

An actuary is a business professional who deals with the financial impact of risk and uncertainty.

Actuaries have a deep understanding of financial security systems, their reasons for being, their complexity, their mathematics, and the way they work.

They evaluate the likelihood of events and quantify the contingent outcomes in order to minimize losses, both emotional and financial, associated with uncertain undesirable events. Since many events, such as death, cannot be totally avoided, it is helpful to take measures to minimize their financial impact when they occur.

Actuaries’ insurance disciplines may be classified as life, health, pensions, annuities, and asset management, social welfare programs, property, casualty, general insurance, and reinsurance.

What does an Actuarist do?

Actuaries apply mathematical techniques such as theories of probability, compound interest and statistics, to the solution of long-term financial problems connected with insurance, investment and pensions.

They work for insurance companies (most for life assurance companies, but some in general insurance), banks, the Stock Exchange, large commercial and industrial companies, the Government Actuary’s Department and actuarial consultancies.

Actuaries analyse past events and trends in order to establish the facts upon which to base future forecasts. For example, they may research the factors affecting average life-spans to date or investigate past accident rates for motor vehicles or people.

Then by producing financial forecasts and models, actuaries predict the results of various courses of action. This helps when working out premium rates for different policies, when designing new insurance policies or when working out government policy. Mortality (death rate) statistics, for example, are often used as background information when calculating insurance premiums or pensions policy.

Actuaries also decide how to invest a company’s assets and advise on the funding and management of pension schemes. Some actuaries work in the area of non-life insurance, advising companies operating in the motor or aviation industries, for example.

Actuaries must work closely with a wide variety of other professionals, including accountants, company secretaries, insurance underwriters, investment managers, solicitors and government officials and ministers.

How do I get a graduate scheme / internship / entry level job or career in Actuary?

Obtaining a graduate scheme, internship or entry level role in Actuary can be very challenging and competitive – though very achievable by getting your application, CV, interview and general approach right. You can guarantee that ninety percent of applicants for Actuary roles will not know how to apply, so getting your application in the top ten percent makes things a lot more achievable.

Approaching the company in the right way will make all the difference. Combining the right approach with a strong interview (and in some cases assessment centre) writ a strong focused tailored CV will go a long way. Make sure you have gone through the free videos on this sight by entering your name and email address in the top right of this screen underneath the video. Once you have filled this in you will have instant access to everything you need to secure your career in Actuary.

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