This means, among other things, that there is a specialized body of knowledge which the actuary must master, that there are one or more organizations which publish journals containing research papers and commentary on current issues, and that there are codes of ethics to which members agree to be bound in their public activities.
Actuaries command wide respect in the business and financial community.
Up until the last 20-30 years, most actuaries worked in the actuarial departments of insurance companies where their technical expertise was called upon to maintain sound premium and reserve structures for the various insurance and annuity contracts being offered to the general public. The federal government offers a variety of interesting and challenging positions in the actuarial field. All of these positions require not only a sound knowledge and understanding of basic actuarial principles but also a similar knowledge and understanding of the subject areas in which the particular organization is involved. Some of the diverse subject areas coming under actuarial scrutiny are pension plans, Treasury notes and bonds, taxation of annuities, unemployment compensation, and costing of proposed changes in federal pension programs such as Social Security, or the Civil Service Retirement System. Most of these positions are located in the Washington metropolitan area.