Who determines what life insurance or automobile insurance should cost for a member of a particular group? Who decides the amount a company should contribute annually to its pension fund? What profession has often been ranked Number 1 by recent editions of the Rand- McNally Guide to Professions? The answer in all cases is: an ACTUARY, a specialist in the mathematics of risk analysis and planning. Because the employment of these well-paid professionals is expected to grow at an above average rate for many years, the actuarial profession is an excellent career choice for those who enjoy and excel at applied mathematics.
Approximately half of all actuaries work in the insurance industry. Of these, most work for life insurance companies. Others specialize in property and casualty insurance. Still others specialize in pension plans or other employee benefits. Actuaries employed by the Federal government oversee particular insurance or pension programs. State governments employ actuaries to regulate insurance companies and to handle unemployment insurance or workers’ compensation problems. Consulting actuaries are hired on a fee basis to provide advice to clients ranging from corporations to labor unions.