Actuaries use financial and statistical techniques to solve business problems, particularly those involving risk. These business problems involve looking at future events, the likelihood of them happening, when it might happen and how much money will need to be put aside to cover costs should the event happen.
Actuaries have sufficient technical understanding to solve very demanding financial and risk management problems
It is essential that actuaries have excellent communication skills to enable them to communicate actuarial ideas to non-specialists in a way that meets the needs of the audience.
Listen to Ren Li FIA (below), talking about how actuaries are trained in a particular way of thinking that enables them to solve problems.
Through work experience, actuaries also have sufficient knowledge of the commercial and financial business world
Actuaries have a technical understanding of the following areas:
- life insurance
- general insurance
- corporate finance
- risk management
and a deep technical understanding of at least one of these areas. Actuaries tend to specialise in an area part-way thorough their exams once they know their preference.
Members of the Institute and Faculty of Actuaries (IFoA) work to the highest professional and ethical standards
They may also fulfil all the UK statutory responsibilities of an actuary and undertake actuarial reserved roles (subject to professional practising certificate requirements); and may be recognised as a fully qualified actuary in most other jurisdictions (subject to local experience requirements).
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Institute and Faculty of Actuaries, 7th Floor Holborn Gate, 326-330 High Holborn, London WC1V 7PP
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