Actuaries are mathematical experts who act as senior level employees. A highly sought after role, Actuaries are experts in their field. Within finance, clients hire actuaries to evaluate a decision making process and any consequences of undertaking changes or making particular decisions in the market. Actuaries utilise advanced Mathematics to predict a event’s likelihood of occurrence, and the resulting potential financial outcomes. Similar to the role of a Risk Manager an Actuary assesses risk to a company based on mathematical calculations. In a finance team, you may also work alongside Accountants. Actuaries are highly respected as business and numerical experts and are usually renowned professionals who have built up a base of clients and contacts. Actuaries can work in large finance companies and banks, or many work in agencies and are then hired by firms when they need to make a decision regarding the future of the business.
Requirements for being a successful Actuary
A high degree of accuracy and confidence is required for this position, as the implications of an Actuary’s advice often helps guide a company in making important and consequential decisions. Someone with a prior background as a Risk Manager may succeed as an Actuary as well, as many of the tasks performed are similar. A background in Finance, Mathematics, Statistics or any other Mathematics based background will assist you in landing a role as an Actuary. Given the senior nature of this job role, a significant amount of experience is usually required. Many times Actuaries work their way up through internships and graduate schemes in large financial companies, working their way through the ranks. You also need good communication skills so that you can pass on your knowledge to non-specialists in the company.
What work experience do you need as Actuary?
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Jobs at The Emerald Group Ltd, Search and Selection as Actuary
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