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Alas Ace Villote

Who are actuaries and what is their job?

Have you ever heard of the word "Actuary"? Or do you know someone who is an Actuary? 
Probably the answer you have in mind is "Nah, what is dat?" "What!? Are they humans?" 

I knew it! Being an actuary is not a famous profession and  for some it is very difficult to understand. They say actuaries are nerds, bookish, weirdos and what they only do are number crunching and solving weird math equations in school or in the office.

It's true though, but what does an Actuary really do?

If you haven’t heard of Actuarial Science or don't know someone who is an actuary in real life, this is your chance to know them a little and what are the odds of becoming one of them. 

Actuaries are people whose primary roles are managing risks and uncertainties in a company through the use of statistical techniques and models. Although they really sound geeky but in reality, they contribute a lot especially on the financial aspect of a business.  

As an example, insurance companies hire actuaries to help in creating solutions in different departments such as insurance pricing, product development, reporting and risk management. They are also critical and vital in ensuring that the company has the capacity to run and can manage its obligation to its policy holders.

Now, given that information, the next question you might be interested to know about is "Who are these and how do they become actuaries?"

Most of the actuaries today are graduates of Statistics, Pure & Applied Mathematics, Economics and Actuarial Science. But, honestly, anyone can be an actuary as long as you have the passion in solving different uncertainties and providing solutions to real world mathematical problems.  It's just that those who went through those degrees will have a little advantage when it comes to concepts such as modelling, analytics etc, and since an actuary has to take a lot of comprehensive exams to progress in his career, one must be equipped with the basic knowledge in Mathematics like probability, financial mathematics, economics and statistics.

As someone who just started my actuarial career, I hope these information answer some of your questions about it and may these be relevant to you in the future. Lastly, let's all share this info so many people will be aware of actuaries like me. 

Comments

2 Comments
  • ()
    Jan 17, 2021 08:13
    what
  • Good Info Net
    Jun 30, 2020 09:34
    Hi Alas Ace! Congratulations, your post got 221 unique page views! We will email you regarding the payment in a while :)