The future is always uncertain, but actuaries help make financial sense of it; their in-depth understanding of financial systems allows them to predict and minimise the financial impact of risk and uncertainty.

What does an actuary do?

Actuaries evaluate the likeliness of events and quantify the possible outcomes in order to minimise financial losses.
Actuaries analyse past and present data, applying financial and statistical theories to solve real business problems. These problems usually involve forecasting future financial events, especially when the amount of a future payment, or the timing of that payment, is uncertain, with pensions, for example.
An actuary will help to predict the impact of risks or unpredictable events on your business â?? helping you to minimise any negative financial â?? or even emotional â?? effects.

While actuaries have a great deal of mathematical and financial skill, they also use their business knowledge, understanding of human behavior and information systems to design programs that control risk.

As well as understanding and predicting risks, and finding answers to business problems, actuaries must also be able to explain often complex technical issues and ideas to all kinds of people.

Benefits of using an actuary for your business

Many events, such as death, cannot be avoided, so it will benefit your business if you take measures to reduce their financial impact.

While these incidents can often be predicted to some extent, you also have to take unpredictable events into consideration. Everything from banking crises and natural disasters such as hurricanes and earthquakes, to terrorist attacks and war can affect worldwide markets and have an impact on your business.

An actuary can help you prepare for events that will affect your business, helping you to minimise financial losses at difficult times.

If you are thinking about making a career move and becoming an actuary then you need to consider your accountancy options as there are quite a few different qualifications that can lead you down the actuary path.