Actuaries are individuals who use statistical analysis to calculate the cost of future risks-risks we all face. All these are insurable events, and one of the actuary's main functions is to calculate the cost of financing these events whether by insurance or other means. By way of illustration, actuaries play a major role in designing pension plans and developing their funding requirements. If soundly funded, pension plans will pay the benefits that are promised.
Actuaries come to the profession from a variety of academic backgrounds.
Although many actuaries pursue undergraduate degrees in actuarial science, others choose to major in business, economics, mathematics, or the liberal arts. In the United States and Canada, actuaries earn their professional designation through a series of examinations administered by the Society of Actuaries or the Casualty Actuarial Society. Contact Us . All rights reserved.