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What Is An Actuary?
Although actuarial science was started in England over 200 years ago, it is still a relatively unknown profession. It is multidisciplinary, as evidenced by the following description from the Society of Actuaries, the largest actuarial organization:
An actuary is a professional who analyzes the financial consequences of risk. Actuaries use mathematics, statistics and financial theory to study uncertain future events, especially those of concern to insurance and pension programs. They evaluate the likelihood of those events, design ways to reduce the likelihood and decrease the impact of adverse events that actually do occur.
Actuaries are an important part of the management team of the companies that employ them. Their work requires a combination of strong analytical skills, business knowledge and understanding of human behavior to design and manage programs that control risk.
The Society of Actuaries and its sister organization, the Casualty Actuarial Society, created the professional designations: Fellow of the Society of Actuaries (FSA) and Fellow of The Casualty Actuarial Society (FCAS). These designations carry significant prestige around the world and signify that an individual has been properly trained to practice as an actuary.
To achieve these designations, a student must pass a series of examinations administered by these organizations. It takes a student approximately five to ten years to achieve these professional designations.
The website www.beanactuary.org contains a wealth of information about:
- What is an Actuary?
- Actuarial Exams
- Career Opportunities
It is a very useful resource for both high school and college students.
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University of Connecticut | 
