They are financial architects. They are social mathematicians.

Actuaries use a unique combination of analytical and business skills to solve a growing variety of financial and social problems. They attempt to make financial sense of the future. An actuary applies mathematical models to problems of insurance and finance, improving the financial decision-making process by developing models to evaluate the current financial implications of uncertain future events. They rely on historical data, state laws and trends, among other sources, to develop reliable, theoretical projections.

The work done by actuaries is the backbone of the insurance and financial security industries. The work is math-intensive, so math aptitude is paramount along with knowledge of business issues and trends, social science, law, and economics. To become an actuary, one must pass a series of rigorous exams. There are eight required exams to pass to attain the status of FSA (Fellow of the Society of Actuaries). The Society of Actuaries recommends approximately 400 hours of study for each exam! However, the benefits would seem to be worth it.

The job "actuary" was rated the best job in America by the Jobs Rated Almanac in 2001 (this is one place ahead of last year, before the fall of the dot-coms). This reference book ranks professions on the basis of Environment, Income, Outlook, Physical demands, Security, and Stress. Generally, actuaries make a fairly large sum of money for fairly few hours of work. There is much room for growth, as when they pass each exam they will move up. There is little physically demanding about the job, except maybe your ass will hurt from sitting for so long. Actuaries do get to travel to meet with clients or attend meetings. There are many positions open for actuaries but relatively few actuaries to fill those positions.

If you were wondering where actuaries usually work, they often work for insurance companies. However, they do also work as actuarial consultants for consulting firms. The government also hires actuaries for insurance and Social Security and Medicare purposes. Colleges and universities, banks and investment firms, and public accounting firms also need actuaries.

So what is an actuary? I read somewhere that an actuary is a guy who, if he enters a revolving door behind you, comes out ahead of you.


Thanks to:
http://www.casact.org/pubs/actrev/feb00/whatever.htm
http://www.beanactuary.org/whatis/noonnews.pdf
http://www.beanactuary.org/newsroom/top_job.htm