Working in industries such as life assurance and pensions (and any area where risk assessment and long-term financial projections are involved), Actuaries apply financial and statistical theories to assess the likelihood of a particular event occurring and the possible financial costs.
Typical work activities include:
- Analyse past events in order to calculate, for example, accident rates for particular groups of people.
- Use mathematical modelling techniques and statistical concepts to determine probability and risk. Present reports and advice on risk limitation.
- Provide advice on the administration of pensions and life assurance schemes.
- Work with IT professionals to develop systems to ensure compliance with the requirements of regulatory bodies.