Actuaries are professionals educated for mathematics, statistics, probability and finance. They apply their analytic and business skills in the analysis of the financial uncertainty and risks in the complex financial and social systems in the world.
The actuaries analyze the past events, estimate the current risks and model what can happen in the future. That way they estimate the financial implications on the work and provide important information for the creators of the long-term strategies.
More than 100 years, the actuaries around the world give their expertise in the fields of risk management, life insurance, non- life insurance, pension and health insurance, and increasingly they are engaged in corporate finances, investments, banking sector, regulation, education, etc.
Besides mathematical knowledge, actuaries have good understanding in economy, practice and regulation of the country in which they operate, the demographic and financial movements, and on a practical manner they present the actuarial knowledge and the results from their analysis.
Actuaries, via their national actuarial associations contribute to the protection of the public interest of the country through the application of their knowledge for public goods and provide assistance and advice on regulations in the area of finance and social and health insurance.
Actuaries apply unique skills and a professional approach to solving complex problems, advising on future risks, opportunities and options, across diverse fields and industries.
Actuaries are known for their ability to:
- Evaluate and manage risk and opportunity;
- Solve complex problems using mathematics, probability and the time value of money;
- Understand and communicate intricate financial concepts;
- Apply analytical, statistical and mathematical skills to financial and business problems;
- Perform in depth economic and financial analysis;
- Think strategically
Traditionally actuaries are known for working in insurance and pensions, but actuaries increasingly play an important role in many diverse industries including:
- Financial Services;
- Employee Benefits;
- Data Science;
The actuarial profession exists to enable the future financial wellbeing of people, organisations, economies and society.
- We consistently deliver and evaluate quality work;
- We commit to continuous professional development;
- We maintain the highest professional standards.
- We commit to ethical decision-making;
- We provide objective advice;
- We communicate professionally.
- We adhere to a professional code of conduct;
- We consider the long-term impact of our advice;
- We take into account the public interest