They create and manage programs to reduce the financial impact of expected and unexpected events such as illness, accidents, unemployment, or premature death. Actuaries must understand the entire operation of the insurance and pension fields because their evaluations often influence company policies and practices. The actuary has a good command of applied mathematics and statistics, financial markets, tax and insurance law, regulatory requirements, accounting, etc.
Professional status is attained through fellowship in one of the actuarial societies.
Fellowship is earned, and most of the theoretical training is provided, by passing a series of rigorous examinations sponsored by the societies. Mathematics majors who find the actuarial field should include courses in finance, economics, computing, operations research, and communication skills in their program. The student should be advised that a high level of achievement is usually required to pass actuarial examinations. A first criterion to use in evaluating one's potential in this field is a history of A's throughout one's mathematical training. The first five examinations are concerned with applied mathematics and statistics at an advanced undergraduate or master's degree level, and much of the early part of the career involves analytic reasoning and computing.