Actuary Career InformationExplore a career in finance as an actuary Resource Center Home | Finance Career Resource Guide Home | Find Finance Schools What Do Actuaries Do?Actuaries are at the heart of the insurance industry. Experts in statistics, business and finance, actuaries use their knowledge to assess risk in order to formulate policies and minimize costs of risk for the insurance industry. Data is the essence of the job of an actuary, as they gather, assemble and analyze information to estimate the probability and likely costs of events such as death, sickness, injury, disability, or loss of property. Actuaries use their data in various fields, such as pension and other retirement asset management; home, automobile and other areas of the insurance industry; and the financial industry. Their expertise is essential in helping insurance companies design coverage plans, and in helping a wide spectrum of companies decide if and how they should invest their assets in order to maximize returns and minimize risks to those investments. Successful actuaries love information and data. They produce probability tables that analyze the likelihood that a potential event will generate a claim. For example, an auto industry actuary calculates the expected number of claims resulting from automobile accidents, using variables such as the insured person's age, gender, driving history and type of car. This information is used to determine how premiums should be priced and what claims should be covered. Actuaries also work within the health care insurance industry, analyzing health-related data including birth rates, life expectancy and disease and they help insurance companies determine how to manage their premium structure, claims and coverage. Although 60 percent of actuaries work in the insurance industry, some work for financial institutions, corporations managing financial asset investments, and the government, managing the Medicare, Medicaid and other insurance programs. Others are consultants, who may work on a contract basis in any of these fields. Actuary Career Path
* Depends on company size, specific job and location    Northeastern University - College of Business Administration Northeastern offers its AACSB-accredited MBA program in a 100 percent online format. They are a world leader in practice-based education focused on expanding students' managerial skills and knowledge base. Walden University Walden University has unique and flexible online delivery models, world-class faculty and customizable programs which are all geared to help adult learners achieve their career goals. American InterContinental University Online AIU Online offers convenient, flexible alternatives that enable you to fit a career-focused education into your current lifestyle. This is the perfect format for students looking to pursue opportunities in a competitive job market.  |
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