Actuaries use their wide range of knowledge in the fields of math and statistics as well as business and finance probability to come up with the premiums of insurance plans. Actuaries work with insurance companies that specialize in many things including life insurance, health insurance, automobile insurance, and homeowners insurance.
RUDDERLY MENTORSHIP PROGRAM
Professionals from the industry take you under their wing. Personalised 1-1 mentorship
1 ON 1 TIME WITH SUCCESSFUL PROFESSIONALS ACROSS INDUSTRIES
IMMERSIVE MENTORSHIP STRUCTURE WITH A REAL WORLD ASSIGNMENT, TO GIVE YOU A SNEAK PEAK
BECOME A MENTOR
Oops.. we don't seem to have mentors for this career
100s of mentors are added each week. Check back soon
Understanding Human Behavior
You can individualize your career trajectory
There’s great earning potential and growth rate
Actuarial science is a great way to incorporate multiple disciplines into your career
Not physically demanding
You have to put in a lot of work to achieve your destination
There is very little room for error
Don’t be surprised if your computer is your closest coworker
Erratic, long hours
GOT WHAT IT TAKES?
You love to compile statistical data and other information for further analysis
You can estimate the probability and likely economic cost of an event such as death, sickness, an accident, or a natural disaster
You love to design, test, and administer insurance policies, investments, pension plans, and other business strategies to minimize risk and maximize profitability
You love to produce charts, tables, and reports that explain calculations and proposals
You can explain your findings and proposals to company executives, government officials, shareholders, and clients
Interesting Facts about the career
There’s only one degree of separation between the world’s most famous comet and actuarial science. Edmund Halley, the mathematician whose namesake was given to Halley’s Comet, invented the first mortality table in 1693. This table, along with Halley’s formula to calculate the probability of life expectancy, then formed the basis of the actuarial profession.
Actuaries are going green. Their skills play a key role in the sustainability movement. Economic activities and the environment often impact each other and actuaries are equipped to forecast long-term viability, assess risks, and estimate the environmental sustainability of economic decisions.
Actuaries have spent a fair share of time on the silver screen, from the classic Double Indemnity to the futuristic Tron, actuaries have steadily made intriguing characters in a host of Hollywood films.
An actuary, Elizur Wright, is regarded as the “father of insurance.” Wright was a Yale graduate in 1826 who took a vested interest in life insurance reform and went on to develop actuarial tabulations.
Contrary to myth, actuaries aren’t solitary. Since risk affects entire organizations, actuaries need to be effective communicators with strong business and interpersonal skills so that they can work collaboratively with other departments. Many actuaries also work as consultants who travel to help different companies, making their collaborative spirit even more essential.