What is an Actuary?
What is an Actuary? Learn more about different types of actuaries, the skills required to enter into the profession, and potential career paths.
What is an Actuary?
- Actuaries are skilled professionals who use mathematics and statistics to assess and manage various forms of risk.
- Whether in insurance, finance, government or a multitude of other industries, actuaries play a pivotal role in understanding, evaluating and mitgating risks.
Which groups of students would be interested in Actuarial Science?
Finance
Stats & Econ
Math
Computer Science
Why become an actuary?
Pros
- Passing exams is a formative experience
- Paid study time, exam fees, and performance bonuses
- Job security, exceptional salary and work/life balance
- Service provided to society by actuaries is fufilling
Cons
- Passing exams can be a long, tedious process
- McGill does not have an actuarial program
- Each industry has its own drawbacks
What are the different types of actuaries?
SOA versus CAS
- Life, health insurance + pension retirement
- Property and casualty insurance
Preliminary exams are common of the two main societies: The Society of Actuaries (SOA) and the Casualty Actuarial Society (CAS). After completion of P & FM, you must choose your path.
Potential Career Paths
Insurance Industry
Actuaries analyze data to set premiums, assess risk, and create new insurance products.
Consulting Firms
Actuaries evaluate risks in various industries, help with investments, and ensure regulatory compliance.
Government
Actuaries predict financial outcomes for government programs and provide insights to inform policymaking.
Investment Firms
Actuaries assess investment risks, design financial products, and develop appropriate strategies.
Emerging Fields
Actuaries in areas like data analytics, cybersecurity, climate risk management, and public policy are in demand.