There is a very famous joke about Actuaries -
Answer: The only numbers in them are page numbers."
Who is an Actuary?
Actuaries are professionals who use their mathematics and statistics skills to understand, assess and solve problems related to the financial impact of risk and uncertainty. They create mathematical models of events and the world around us, thereby helping us take informed decisions which will lead to the least probability of financial losses. In simple words - every business faces risk and uncertainty. Actuaries help in understanding the uncertainty and in taking more informed decisions. They help assess the financial impact of likely future events by analyzing the past and modeling the future, essentially in financial terms. Thus they help in development of financial products and taking business decisions.
Actuaries make use of statistics and mathematics formulas to create models for solving business problems. They are involved in pricing and management of investments and use their understanding of insurance, pension and other liabilities to manage the assets. In the insurance sector, they create price policies to ensure that insurers have the money to cover claims. They help in designing and advising on pension plans also.
How is actuarial sciences different from accountants work?
Actuarial work is about quantifying the risk and financial value of an uncertain future while accountants deal with past financial data.
Actuary jobs can be found in insurance sector, financial services, banking and with financial funds. Actuaries get employed by government and private companies also.
MapMyTalent offers a detailed report on how to become an actuary, where to study actuary, what are the various actuarial science courses, eligibility for actuarial science, what are the various actuarial exams, and what is the average actuarial salary.