What is an actuary?
According to actuaries.org, "actuaries are problem solvers and strategic thinkers, who use their mathematical skills to help measure the probability and risk of future events." Actuaries estimate risks in all types of businesses, and serve as decision-makers for companies. Here are some skills required:
Analytical Problem Solving Skills: as their job consists of inspecting complex data, pinpoint patterns to see which factors can cause specific outcomes, this skill allows them to find out how to decrease the chance of undesired things from happening.
Math and Numeracy Skills: actuaries work with numbers, so they need to be able to do arithmetic, calculus and probability quickly and correctly since they can help express the chances of certain things happening.
Technological Skills: computers and many softwares that specialize in statistical modeling software are what every actuary needs as they have to use models and tables to assess many amounts of data very often. If you fully understand how to use the Microsoft Office program and program and program in a statistical programming language, you got this section covered.
Knowledge of Business and Finance: actuaries often work for businesses, financial institutions, and insurance companies, where they tell businesses how to avoid financial risk and banks how to invest in products in a more beneficial manner.
Communication: actuaries team up frequently with various members of their staff, which highlights that they should know how to be good communicators and teammates. They can explain complex technical and statistical details to a varied audience if they have good oral skills, and their implied solutions can be easily understood in written memos and reports if they possess good writing skills.
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