An Actuary deals with the financial impact of risk. Actuaries provide professional assessments of financial security systems, using their advanced skills in mathematics, financial structures and mechanisms, and current environmental factors.
Actuaries mathematically evaluate the likelihood of certain outcomes or events and propose ways to minimize losses in these scenarios.
The skills required of an Actuary include:
- asset management knowledge and experience
- liability management and valuation skills
- analytical skills
- business knowledge
- understanding of human behaviour, especially regarding risk taking and prevention
- advanced mathematics, economics, finance, statistics and computer skills
One of the major employers of Actuaries is the insurance and reinsurance industry, however they are also consultants or permanent staff within government agencies, banks and financial institutions.
Actuaries assemble and analyse data to estimate the probability of events such as death, sickness, injury or loss of property and the likely costs associated with such events. This information leads to the effective pricing and design of insurance policies, pension plans and other strategies that maximise return on investments (ROIs) for the employer.
Actuaries undertake an exam-based program to qualify for Australian employment. Exemptions are granted to those with an undergraduate degree from certain universities.
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