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Actuary


Description

If you work, pay taxes, have a Social Security Number, or pay for health, life, home, renters, fire or car insurance, you are directly affected by the work of an actuary. Many aspects of life are uncertain: How do you know if your house is going to get blown away by a tornado? Or how do you know if you will get sick next year? Nobody knows, life is risky. Despite the unpredictability of our futures, actuaries can analyze statistics and calculate the probability of uncertain events occurring in the future among members of defined groups.

Actuaries put a price tag on future risks. They determine possible peril, make price decisions, and formulate investment strategies. Some actuaries also design insurance, financial, and pension plans and ensure that these plans are maintained on a sound financial basis. Most actuaries specialize in life and health or property and casualty insurance; others work primarily in finance or employee benefits.

Regardless of their specialty area, actuaries assemble and analyze data to estimate probabilities of an event taking place, such as death, sickness, injury, disability, or property loss. Applying mathematics, probability, statistics and risk theory, they calculate future risks associated with insurance, annuity and pension programs. They also use these techniques to provide legal evidence on the value of future earnings.

Actuaries apply mathematical models to problems of insurance and finance. They improve financial decision-making by developing models to evaluate the current financial implications of uncertain future events. Their calculations and projections are the backbone of the insurance and financial security industries. Actuarial work involves a great deal of math, but actuaries must also be up-to-date on business issues and trends, social science, law, and economics. In other words, actuaries have a well-rounded business approach to problem solving. And they must be good communicators to explain things to everyday people without math knowledge.

How do insurance companies determine their rates? How can one tell if Mr. X or Mrs. P is going to get into a car accident? Actuaries are hired to resolve this uncertainty and determine how much to charge. They might study the historical trends of car accidents to try to determine the probability factor. Some actuaries work with companies to design pension plans. The actuary will estimate the probable future cost and then determine how much each employee will contribute to the pension plan each year.
 
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Ashford University
100% online degrees from Ashford University
Programs Offered:
  • BA Consumer and Family Financial Services
  • BA Finance

 




Sources:
Bureau of Labor Statistics, U.S. Department of Labor, Occupational Outlook Handbook, 2014-15 Edition, http://www.bls.gov/ooh/
Bureau of Labor Statistics, U.S. Department of Labor, Occupational Employment Statistics, 2002, http://www.bls.gov/oes/2002/oes_nat.htm

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Ashford University
100% online degrees from Ashford University
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Liberty University

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Georgetown University

Georgetown University is a private, not-for-profit, accredited university located in Washington, DC. Founded in 1789 by John Carroll, Georgetown is America’s oldest Catholic and Jesuit University.

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Johns Hopkins Carey Business School

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The University of Scranton

Since 1888, The University of Scranton has grounded its education in Catholic and Jesuit principles based on intellectual growth and integrity, all of which shape the online master’s and certificate programs.

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Northcentral University

Earn your graduate degree online with Northcentral University.

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Argosy University

Welcome to Argosy University

Argosy University offers doctoral, master's, and bachelor's degree programs to students through its eight colleges:  College of Behavioral Sciences, Graduate School of Business and Management, College of Education,  College of Health Sciences, College of Arts and Sciences, College of Creative Arts and Design, College of Clinical Psychology and Western State College of Law at Argosy University as well as certificate programs in many areas.

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Utica College

What They’re Known For

Founded in 1946 and located in the heart of central New York, Utica College is a regionally accredited, independent, private institution that features many of the advantages of a large university — such as undergraduate and graduate degree options, excellent academics, and outstanding faculty — with the intimacy and high degree of personal attention more closely associated with smaller private institutions.

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Oral Roberts University

ORU offers students Whole Person Education with the convenience of online learning. Minimize the barriers to completing your distance education by enrolling at one of the USA's Top 30 Online Colleges.
 

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