What is an actuary

noun a person who compiles and analyses statistics and uses them to calculate insurance risks and premiums.

What is the role of actuary?

Actuaries predict insurance company costs, then help them set premiums and design policies based on those numbers. Actuaries can specialize in a particular kind of insurance, such as life insurance, health insurance, car insurance or liability insurance.

How long does it take to be an actuary?

For most people, it takes between 7 and 10 years to become a fully qualified actuary. Aspiring actuaries in Canada and the U.S. typically spend between 3 and 5 years getting a bachelor's degree and about 7-8 years passing all ten actuarial exams.

Is an actuary the same as an accountant?

Both positions involve analyzing and reporting numerical data to help companies make important financial decisions. However, accountants work primarily with financial information like budgets and taxes, and actuaries deal with statistical data.

Is actuary a good career?

An actuary can assess and manage the risks of financial investments, insurance policies, and other potentially risky ventures. With a median salary of more than $100,000, the profession has a strong employment outlook and projected job growth, according to the U.S. Bureau of Labor Statistics.