what do actuaries do

Actuaries are professionals who analyze the financial costs of risk and uncertainty using mathematics, statistics, and financial theory to assess the risk of potential events. They help businesses and clients develop policies that minimize the cost of that risk. Actuaries are experts in evaluating the future uncertainty and risk, and they use their analytical skills, business knowledge, and understanding of finance to find ways to manage risk. Their work is essential to the insurance industry, and most actuaries work for insurance companies. Actuaries use their mathematical and statistical skills to determine the probability of property damage, medical needs, and financial downturns, and they propose ways to minimize risk and maximize profits. Actuaries work varies depending on their specialty, but common daily tasks include analyzing financial data to recommend strategies, creating reports and presenting data to clients or executives, testing investment strategies to calculate risk, and calculating the probability of events that increase costs. Actuaries typically need a bachelors degree to enter the occupation and must pass a series of exams to become certified. They must have a strong background in mathematics, statistics, and business. The median annual wage for actuaries was $113,990 in May 2022, and employment of actuaries is projected to grow 23 percent from 2022 to 2032, much faster than the average for all occupations.