Actuaries are business professionals who use mathematical and statistical analysis to develop insurance plans, benefit and pension programs, or similar financial plans. They evaluate financial risks associated with these plans and then determine premium rates that will cover any unexpected loss. Actuaries also calculate how much capital there is and probable future claims.
Actuaries work in a variety of business settings.
Some are employed in insurance companies and in consulting organizations where they are involved in almost every aspect of the business and provide financial advice. Others work in general business corporations such as banks and investment firms. A growing number of actuaries work for unions or the government where they would work with a particular plan such as the government welfare plan. Opportunities can also be found in education as professors in colleges or universities. All actuaries use quantitative skills to analyze and plan for future financial situations and work on a variety of specific projects depending on their work environment.