Where do actuaries work?
Actuaries have an extensive skill set which makes them very valuable in the work place. Although the list is not exhaustive, these are some areas where the actuarial toolkit has added value:
- Insurance: investigating, analysing and explaining a wide range of numerical information to create and price polices, or to ensure they have sufficient funds to cover claims.
- Pensions: designing and advising on company pension schemes, especially placing a value on accumulated pension commitments
- Investments: involved in research and on the pricing and management of investments, particularly in mitigating the risk of investments, and often using their understanding of insurance or pension liabilities to manage the corresponding assets.
Banking: calculating and quantifying an array of risks faced by these institutions such as the inability of some borrowers to repay their debt, or the risk of a fall in financial markets.
- Healthcare: investigating, analysing and explaining a wide range of health and medical information to price contributions to medical schemes or assess the impact to the industry of changes in regulation.
- Risk management: assisting businesses to better understand the multiple risks they face in a holistic and comprehensive manner, as well as provide assistance and guidance in terms of how to understand their impact and how they can best be managed.
Although many actuaries traditionally work in the financial services industry, many have used their training to branch into wider business fields.
Actuaries are professionals who are equipped with skills that empower them to take on a variety of challenges. This page celebrates the achievements of South African actuaries who used their actuarial skills to navigate previously uncharted waters. It demonstrates the versatility and value of the actuarial skills set. We salute these pioneers, hoping that their success will inspire others to break new ground.
In the words of Frank Redington, “an actuary who is only an actuary is not an actuary”.
Applying Actuarial Science in Silicon Valley (doc)
Applying Common Sense to Actuarial Employment (doc)