What is an actuary?

An actuary is a business professional who uses historical information and models to help predict the future. Actuaries use their strong quantitative skills to identify, quantify and manage the financial impact of risk. 

Most actuaries are employed by insurance companies or work for consulting firms, providing actuarial services to other companies. Others serve governmental agencies, teach and conduct research at universities, or hold other non-traditional actuarial jobs.

Typical actuarial projects might include pricing insurance, designing employee benefit plans, or evaluating the financial soundness of a pension plan. 

Actuaries have excellent analytical and problem solving skills and also have strong interpersonal skills, computer skills, and business acumen.

Actuaries assume many different roles at their organizations. They may do traditional actuarial analysis and research work in an actuarial department or work in the marketing department. An actuary could be a product manager at an insurance company or they could be a consultant who works with outside clients. Since actuaries are knowledgeable about the risk management and insurance industry,  many actuaries hold senior-level leadership positions at their organizations.

Actuaries become credentialed by meeting the requirements of the professional actuarial organization that governs their specialty. Classes at the Wisconsin School of Business help you prepare for the preliminary examination material. The remainder of the professional requirements are completed while you are employed. For more information on actuarial credentialling, see the Web sites of the Casualty Actuarial Society and the Society of Actuaries.