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Actuarial science is how actuaries work out financial risks, and actuaries use the complex mathematical formulas and statistics that are taught through this subject in their day-to-day work. If you love numbers and data, this’d be a career path that will put that passion to good use.
Actuaries are responsible for reporting on the financial effects of events that will impact the economy – for example, natural disasters like floods or fires. Depending on the likelihood of these events happening, actuaries will advise companies on what precautions to take.
Most actuaries are employed within insurance companies because the work is related specifically to risk, which is the epicentre of the whole insurance industry. Your day will include tasks such as building statistical models to predict risk and producing reports on your findings. The work is very important and many companies rely upon it for setting their prices, so the qualification requirements are quite strict.
A career as an actuary is very financially rewarding and presents opportunities to work all across the globe. Actuaries also benefit from a great work/life balance and job security – you’ll always be in demand in this profession!