Actuarial science

What is Actuarial Science?

Actuarial science is the discipline that applies mathematical and

statistical methods to assess risk in insurance, finance and other industries

and professions (Wikipedia)
Blend of math, finance, and economics
The study of analyzing and dealing with potential risks
People who study actuarial science are referred to as actuaries.

What is an Actuary ?
Actuaries apply math and statistics knowledge to business and
finance in order to estimate risk.
Then, they apply find ways to reduce risk and its financial impact.
Actuaries plan for the future by evaluating the likelihood of future
events.
Retirement
Catastrophic events (fire, earthquakes, hurricanes, etc.)

What does an Actuary do?

Traditionally work in Insurance and Consulting companies
Several disciplines
Life, health, property & casualty, pensions, etc.
Several roles
Reserving, pricing, trend analysis, reporting, etc.
Actuaries are key players in management teams that help businesses
plan for the future.

Actuaries areas of expertise

For the insurance industry, they develop, price, and manage insurance
products. Actuaries are also involved in defining and creating pension
and retirement plans for organizations.
Actuaries skills and talents are transferable to any industry that requires
risk modeling and management, including:
- Financial services, such as banking and investment management.
- Transportation, such as shipping and air travel.
- Energy, such as utilities, oil, and gas.
- Environment, on issues such as climate change.

Where do we work ?
Insurance Industry
The insurance industry cant function without actuaries. Actuaries
calculate their costs and determine the premiums for policyholders and
actuaries can tell them how much they can expect to pay in claims after
the any catastrophic events.
Private corporations rely on our risk evaluation to frame their strategic
management decisions. And because our judgment is highly valued,
our career paths often lead to upper management and executive
positions.

 Were also employed as consultants. Whether were part of a

nationwide firm or an independent one-person practice, we help
companies design pension and benefit plans, evaluate assets and
liabilities, and stare down riskall alongside top executives.
We work for the government too, helping manage its programs and
overseeing public companies to ensure compliance with regulatory
laws.