- What is it?
- It is a discipline that uses mathematical and statistical methods to assess risk in insurance and financial industries. They use these tools to analyse future events to assist businesses in the type of risks to take.
- What Actuaries doActuaries decide as to what amount of money a policy holder should pay as premium or what sum should be given as pension amounts or returns by the company.The job of an actuary is to assess the financial impact of an uncertain future event.An actuary has to combine the skills of a statistician, economist and financier and employs techniques of probability, compound interest, law, marketing and management to predict the outcome of future contingencies and design solutions to lessen the financial severity of such events.Modules you can expect to do in University http://www.actuarialsociety.org.za/Abouttheactuarialprofession/Whatisanactuary.aspx
- Actuarial Analyst, Quantitative Analyst, Risk Analyst, Programmer, Insurance Underwriter, Compensation Analyst.
- Jobs directly related to the degree
- Mathematical Statistics, Calculus, Linear Algebra, Computer Programming, Numerical Analysis, Financial Engineering
- They are able to provide realistic solutions to complex problems with a long term forward view. They are recognised to be pragmatic, innovative and numerate.
- Did you know/ Interesting facts about Actuarial ScienceThere are less than 35,000 actuaries in the world.Actuarial Science was named the best career of 2007, and has been ranked at least in the Top 4 careers in the last 6 years. http://www.insurancehalloffame.org/laureateprofile.php?laureate=63The average time taken after your degree to be a qualified actuary is around five years.
- Alizur Wright is considered by many as the Father of Actuaries.
- Starting Your Career as a Wall Street Quant: A Practical, No-BS Guide to Getting a Job in Quantitative Finance and Launching a Lucrative Career by Brett Jiu
Fiasco: The Inside Story of a Wall Street Trader by Frank Partnoy.
Lords of Finance: The Bankers who broke the World by Liaquat Ahamed.
The Black Swan: Impact of the Highly Improbable by Nassim Nicholas Taleb.
Understanding Actuarial Practice by Stuart A. Klugman, Jeffrey A. Beckley, Patricia L. Scahill, Matthew C. Varitek, Toby A. White. 2012.
Insurance Industry Mergers and Acquisitions, Edited by Tom Herget & Jim Toole. 2005