Actuary

Job overview
An actuary offers advice on matters such as life assurance, general insurance, investments, risk management, pension funds etc where a high degree of expertise in making complicated mathematical calculations is called for.

What do people do in this job?
Actuaries calculate the basis on which premium rates for assurance policies, retirement funds and medical aid schemes are to be set and determine the amounts to be paid to policy holders.

In making estimations for the future, they investigate trends in interest and mortality, together with changes in legislation affecting life assurance and pension schemes.

Actuaries also advise insurance companies on investments and undertake the administration of those investments. They should be well informed regarding international financial and economical trends.

Actuaries are sometimes expected to compile special schemes of assurance to suit public and private requirements such as unemployment insurance and accident insurance funds.

What kinds of people are suitable for this job?
To be a successful actuary calls for outstanding mathematical ability and expert knowledge of, and interest in, management, investment and the business world in general. Ease in handling statistics is essential.

These qualities should be backed by a methodical approach to tackling very intricate investigations in a disciplined and methodical way.

Above all, an actuary should be responsible and reliable, maintaining a high standard of professional ethics.

What qualifications are needed?
A formal qualification in mathematics and/or statistics of at least university degree standard, while a Masters degree in Business Administration (MBA) - is increasingly becoming the norm.