What is an Actuary and What Do They Do?

Actuarial Science is the mathematics of risk. An Actuary will calculate and estimate risk and value based on time and future scenarios.

An Actuary will mathematically evaluate the possibility of certain outcomes in order to mitigate risk. They are integral to the development of insurance, pension and other risk related products.

Actuaries study a variety of mathematics and write highly competitive exams in order to qualify for the profession. In each country there is a professional association that governs the standards of the profession and licenses the individuals.

In most countries it is a legal requirement to have a certified actuarial valuation for defined benefit pension plans and insurance valuations, performed by an accredited actuary following the standards of the profession’s governing body.