Actuarial Science Essay

2309 words - 9 pages

“Part super-hero. Part fortune-teller. Part trusted advisor (“Be an Actuary.”).” An actuary is all this, they are crucial apart of the world of business. Actuaries work in both the public and private sectors of business. They are manly in the administrative part of the work place. They are in every large corporation and in even some of the smaller companies. Actuaries are most often in insurance companies and large corporations; though they are even in so financial planning businesses (“Be an Actuary.”). They are also the people that run financial calculations for both individuals and businesses (Hezzelwood). With being such an important part of business actuarial science is a very good field to go into. Forbes has ranked actuarial science as the best job in 2013 (Smith). Actuarial science is constantly ranked one of the top jobs to have in America (“Be an Actuary.”). There are many things that factor into making actuarial science the best job in America.
Actuaries are the fortune-tellers of the business world (“Be an Actuary.”). Their main duty is to analyze the risk and uncertainty of a situation (“Summary”). They then look at the long term effects of possible solutions to see which one has the least amount of loss (“Be an Actuary.”). With the information that they gather about a certain situation they then advise the business how to act in order to get the best outcome and allow it to grow (“Summary”). Actuaries will also do this for individuals for investments, retirement, or financial planning. They use many different types of theorems to get their information; such as the game theory and other theories form statistics or calculus (Ravi). With always dealing with the risk of particular situations and their possible outcomes most people often only think of actuaries as being behind desks. Actuaries are also typical thought of just being in an insurance company where they have to often estimate a client’s future mortality risk to see what type of polices they can offer the client (Hezzelwood). They also look at the different policies and risks of each to recommend to the client so that both the company and client get the best option (Hezzelwood).
“By understanding the very nature of risk, [actuaries] play a key role in the psychological, physical, and financial stability of society (“Be an Actuary.”).” Actuaries can help predict what will happen in the markets. With this insight they can help business figure out what their next move should be so that they continue to thrive. Actuaries are very important in what makes businesses successful. Then in the private sector of business actuaries often help people with their retirement plans. Some businesses offer as one of their benefits is for their employees to go to actuaries to help them plan out their retirement (Rappaport). This is due to the alarming number of Middle Americans not being financially ready to retire when the time comes. The Society of Actuaries Committee on Post-Retirement...

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