The career of the actuary is one of the most popular for those with outstanding mathematical abilities and an active interest in the business world. Actuaries are experts in risk management, statistics and specifically in life assurance, investments, general insurance, health care and pension funds.
What am I going to do in this occupation?
Actuaries are concerned with matters such as compiling assurance policies, retirement funds and medical aid schemes, determining the basis on which premium rates for policies are to be calculated, determining the amounts to be paid to policy holders and investigating the financial position of assurance companies. These tasks demand complicated and extensive mathematical and statistical calculations, as well as expert knowledge on management and investment.
In order to compile estimations for the future, actuaries investigate trends in interest and mortality rates as well as the expenses of their employer or consultant company. They should also investigate any changes in legislation affecting life assurance and pension schemes. It is expected of actuaries to make decisions or recommendations involving considerable sums of money, for example bonus declarations.
Actuaries also help to invest funds for insurance companies by evaluating and making comparisons of investments with the aim to choose the investment which offers the best benefits. They are also responsible for the administration of investments. They should be well informed regarding international financial and economical trends. Actuaries are sometimes expected to compile special schemes of assurance to suit special public and private requirements such as unemployment insurance and accident insurance funds.
In an actuarial department, a considerable amount of time is devoted to the evaluation of a company's liabilities in respect of all policies. The calculations required are extensive and intricate and the results are analysed in great detail.
Their qualifications are recognised internationally.
Requirements
What kind of personality do I need? Prospective actuaries should be of above average intelligence with a flair for Mathematics and the handling of statistics. A disciplined and methodical approach to their work is important and they should be neat and accurate workers. Actuaries should be responsible and reliable and are expected to display the highest standards of professional ethics and technical competence.
Actuaries should have the ability to negotiate with people and express themselves in different languages. Self-discipline and determination are needed to cope with inservice training coupled with years of parttime studies.
Where can I work?
Actuaries are employed by life assurance companies, actuarial consultants and other financial institutions.
Actuaries internationally recognised qualifications offer them greater security in terms of employment possibilities.
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