For insurance and reinsurance businesses, global organizations, and financial planners, an actuary is essentially the backbone of financial security. An actuary’s principal responsibility is to assess risk and the expenses associated with risk and uncertainty. Advanced mathematics, statistics, and financial theories are among an actuary’s key instruments. To develop financial models and undertake risk analysis, they commonly use software such as Excel.
The profession of actuary differs from many other occupations in two ways:
• The massive amount of testing necessary to get professional actuarial qualifications.
• The ability to secure entry-level work as an actuary without first passing all the required examinations and obtaining professional certification. This is since attaining the highest levels of certification might take up to ten years or more.
Most actuaries are hired directly by insurance firms. Some work for companies like Willis Towers Watson or Aon Hewitt, which are actuarial firms. Others work as financial risk analysts for private companies or government agencies, while others operate as independent risk consultants.