Q.  What is an Actuary?

A.  An Actuary is a business professional who puts a price tag on future risks. Some actuaries work mainly with life insurance, pension plans and employee benefits. Property and Casualty actuaries are concerned with the losses associated with events such as fire, hurricanes, and automobile accidents, as well as losses associated with illness, accidents at work and other professional liabilities. It is the Property and Casualty Actuary's responsibility to ensure that their clients are sufficiently funded to be able to cover their losses well into the future.

The events the actuary deals with often have implications that unfold over long periods of time. Because of this, the actuary must be knowledgeable of the company's past expense pattern, current economic conditions in the society and financial planning.

Q. Who Becomes An Actuary?

A.  Because actuaries deal with numbers and formulas, they must be good at Mathematics. Although you don't have to be a mathematician to be an actuary, a strong background in mathematics is highly recommended. But mathematical skills are only a part of what makes a successful actuary. Actuaries like solving problems and puzzles of all kinds. Games of skill and logic are also popular among actuaries. Another skill that today's successful actuary must have is communication. The clients of the actuary won't always be familiar with the actuary's work and methods, so the actuary needs to be able to communicate technical detail to lay people.

A.  An actuary must pass a series of exams before they are admitted as a member of the Casualty Actuarial Society. It is recommended that you have a strong background in mathematics as an undergraduate. This will prepare you for the first two exams, which most actuaries take while still in school. But an actuary isn't just a "number-cruncher". They need to be knowledgeable in many subjects to be succesful. Classes in business, accounting, finance and liberal arts will also help prepare you for an actuarial career. Once you graduate there is still a lot to learn. There are still many more exams to take before enrollment in the Casualty Actuarial Society. Most actuaries finish their Associate exams in 3-5 years after taking their first job. After associateship in the CAS, there are still a few more exams to take prior to becoming a Fellow in the CAS. It usually takes several years after Associateship to obtain a fellowship designation.

For more information on becoming an actuary please visit www.casact.org