How has the actuarial profession changed your life
In your job as an actuary, you will calculate and evaluate all conceivable financial uncertainties that can arise in the areas of insurance, building society savings, capital investments and pensions. For example, before you can present a suitable health insurance policy, you have to ask yourself how the health system will change in the future. The proportion of older customers is increasing all the time, so what contributions could be incurred in the future for both the insured and the insurance carriers? What will happen to the customer in 20 years? To do this, you include all possible data that influence the risk, such as age, health, occupation, standard of living, place of residence and gender. With the other insurance companies, there are many other factors, such as the risk of a natural disaster or economic crisis, as well as political and economic developments.
To calculate the developments and risks, you use the mathematical methods of statistics. Then you create suitable insurance products. Your area of responsibility in the actuary profession includes insurance and financial mathematics, legal frameworks and accounting, and you will be employed in areas such as product development, consulting, controlling or risk management.
Acting as an actuary is almost always purely an office job. Nevertheless, it can be stressful at times, because the numbers have to be delivered on time, without you being allowed to accidentally swap a plus for a minus in the hustle and bustle. In addition, you are constantly working with specialists from various fields to develop an insurance policy. You often visit your IT colleagues, external reviewers or the legal department. At the end, you will report your results to the board and management on a regular basis, whereby it is important to make the technical jargon understandable for people who are not as deep into the subject as you are.
You can work as an actuary in insurance companies, pension providers, in consulting and commercial companies, but also in banks and building societies. You can also work for individuals, associations, authorities, ministries or as an expert in court. You will rarely have big problems finding a job: There are few mathematicians anyway, and even fewer experts who specialize in finance and insurance like actuaries.
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