Actuaries use their mathematical, statistical and analytical skills to solve financial problems. It may be said that accountants and auditors ensure that “things had gone right” in the past, while actuaries see to it that “things will go right” in the future. This applies especially to areas that involve uncertain future events, such as in life insurance, general (“short term”) insurance, risk management, health care financing, investment, corporate finance, banking, pensions and social security, or providing evidence in courts of law on the value of lost future earnings.
By analysing the past, modelling the future, assessing the risks involved, and communicating what the results mean in financial terms, actuaries enable stakeholders to make financial decisions with more confidence.
Actuaries thrive on the challenges posed by applying their skills and expertise to new areas.
An actuarial degree is a professional qualification, which allows an actuary to become a member of the actuarial profession.
In South Africa, the interests of the actuarial profession and their clients are represented by the Actuarial Society of South Africa (ASSA). Please visit www.assa.org.za for more information.
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