The actuaries are the ones who make assessments of the risk of potential events and their financial impact. Actuaries serve a crucial role for organizations and are in great demand because to their exceptional proficiency in mathematics, statistics, and financial theory. They are proactive problem solvers and logic thinkers
- The assess the financial costs of risk and uncertainty
- They develop and help business and clients implement policies to minimize the cost of risk
- Actuaries are actually the assessors of financial security systems
- They help companies and businesses to decrease the impact of undesirable events that may take place
- Implement strategies in creative ways to reduce the likelihood of unforeseen events
Insurance industries are major job market for actuaries
It is essential for insurance companies to have forecast and measure the probability and possible risk of future events. The actuaries are the ones to assess financial impact of these events on a business and their clients. Develop effective reinsurance and capital management strategies, Price property insurance, set up of appropriate reserves and estimate long-term damages.
Actuaries word derivation
The Latin word āctuārius, meaning “shorthand writer, keeper of accounts,” is where the word “actuary” originates.
Among the high-paying countries are China, Canada, Germany, Australia, the United States, Japan, the United Kingdom, Spain, and Ireland. According to data and the Bureau of Labor, the 2021–2031 forecast calls for more actuaries and expands more quickly than anticipated. The largest insurance market in the world, according to recent data from Statista, is the United States, followed by China, the United Kingdom, Germany, Japan, and France.
Students must refer to nations such as Australia, United States, United Kingdom, Hong Kong, Canada, and Ireland, as there are numerous prestigious universities that provide actuarial degree programs.
The following businesses actively employ actuaries:
- Deloitte
- CVS Health
- Earnest and young
- Munich Re
- Swiss Re
- Mercer
- American Insurance Group
- Allianz
- Liberty mutual
- Sunlife
- Prudential Financial
- Willis tower Watson
According to US News Money
In 2022, the median remuneration for actuaries was $113,990. That year, the highest-paid 25% earned $155,670, while the lowest-paid 25% earned $84,800.
https://money.usnews.com/careers/best-jobs/actuary/salary
Acturial studies are best fit for a career
Career Connection Consulting assists students in obtaining admission to the actuarial science programs in the aforementioned nations.