An actuary is a person who evaluates various types of riesgoand its probabilities of occurrence. We can find actuaries in many sectors of the economy, such as finance, insurance, or investment. In these areas, the actuary performs the task of analyzing the risks inherent to each of these sectors and evaluating the possibilities of their occurrence.
In order to carry out their work, the actuary needs to have a training that includes mathematical and financial knowledge, but also statistics, this being an increasingly demanded profession. In Spain, actuaries are grouped in the Official College of Actuaries of Spain.
Tasks of an actuary
To delve a little more into this concept, we are going to list the tasks that an actuary performs as part of their profession:
Assess the possibility of future events
First, as part of their job, an actuary must analyze the possibility of certain future events occurring. For this you must know the behavior of the mercado financial, taking into account what aspects affect the market and trying to predict the possible changes that will occur in it.
Application of computer programs
Actuaries currently have powerful computer tools that apply mathematical and statistical models typical of the econometríaand other disciplines, with which it is much easier to collect and analyze the information necessary for your work.
Reduction of future events and their impact
As part of his job, the actuary will look for ways in which the possibility of a future event can be reduced. In addition, it will try to reduce the impact of a possible future event, if it does occur.
Analysis and presentation of results
After collecting data and possible assumptions and developing the appropriate hypotheses with them, the actuary will issue its assessment of the risk. Your analysis will be duly substantiated since the decisions made in other departments will depend on it.