WHAT IS AN ACTUARY?

The Society of Actuaries has a site Be An Actuary that has a lot of information, but if you are looking at any kind of future financial uncertainty then an actuary is likely to be involved. This ranges from pensions, investments, insurance, medical premiums etc. But can also involve more esoteric work; for example if you’re calculating the cost of decommissioning a nuclear power plant or constructing a travel rewards program then it’s quite possible that an actuary will be involved.  

An actuarial qualification is a grueling process taking typically seven years. As is normal I was working and studying for the exams (15 in total) in my spare time. With a family in the mix, this was not easy! Even though the profession is full of smart individuals the failure rate is high at over 50% and it was a long haul after a batchelor and further degree.

 The profession is certainly known for it’s high pay, and there is no doubt that actuaries are well paid professionals rivaling the medical and law profession. See for example information on salaries.

 Given the above you might expect actuarial thought to be at the forefront of FI? More on that in a later blog post…