An actuary is a business professional who specializes in the financial impact of risk and uncertainty, using mathematics, statistics, and financial theory. Working primarily in the insurance and pension sectors, actuaries are integral in pricing policies, calculating reserves, and formulating retirement plans.

To become an actuary, a strong foundation in mathematics is essential, usually starting at the high school level. At the university stage, a bachelor's degree in mathematics, actuarial science, or a related field like economics or statistics is ideal. The coursework typically includes subjects like calculus, probability, statistics, mathematical modeling, and financial mathematics.

Upon graduation, aspiring actuaries usually begin as trainees. Professional certification is also necessary and offered through societies like the Society of Actuaries (SOA) or the Casualty Actuarial Society (CAS) in the United States. These require a series of exams that can take several years to complete.

Actuaries need a variety of skills, including business acumen, good communication skills, and in-depth knowledge of software tools like spreadsheets, statistical analysis programs, and actuarial software. Ongoing education is a constant in this field, keeping up with financial legislation, developments in statistical science, and market trends. Actuaries often attend workshops, webinars, and conferences, and many go on to earn a master’s or doctoral degree in related fields.

This article was generated by Open AI with human guidance and editing along the way.