Actuaries use applied business mathematics, statistics and financial theory to quantify the likelihoods and implications of future uncertain events. We try to answer questions like “What is the probability that someone will retire at your company?”, “What should an investor pay to receive a minimum guaranteed annual return?”, “What will it cost to provide a lifelong pension to a 65 year old?”
Actuaries traditionally worked for life insurers and pension funds but many are now involved in health care, asset management, short-term insurance and other fields where their modelling skills enable them to analyse and manage uncertainty.
It can take more than ten years to pass all the exams required to qualify through the Actuarial Society of South Africa. For more information visit http://www.actuarialsociety.org.za.