WHAT IS AN ACTUARY?

Actuaries put price tags on risks. They calculate the costs of uncertain future events that range from tornadoes and hurricanes to changes in life expectancy. Their work is the backbone not only of the insurance and financial security industries, but of government programs like Social Security and Medicare.

Actuaries, for example, are the ones who figure out the likelihood that an 18-year-old who's seeking auto insurance in rural Indiana will total her new Civic before she turns 21. And they're the ones who calculate how far the worker-retiree balance can tip before Social Security runs out of money.

Actuaries come from various academic backgrounds. Some have degrees in actuarial science, while others have degrees in business, economics, math, or the liberal arts. To join the profession in the United States, prospective actuaries must pass a series of exams given by the Society of Actuaries (SOA), the Casualty Actuarial Society (CAS), or the American Society of Pension Actuaries (ASPA). The exam process usually takes several years. During that time, prospective actuaries usually choose one of the major specialty areas: life insurance, property/casualty insurance, health, or pensions.

Actuarial Careers

Want to find out more about actuarial careers? Please visit www.beanactuary.org.

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