what do actuary do?

Actuarial Science and Actuaries

Risks can occur in all areas of life. While we anticipate some possible dangers and take precautions regarding them, we may never think of some bad possibilities. Did you know that there are people who think about the risks (actuaries) and the financial effects of unforeseen situations and work on them?

What Are Actuaries?

Our lives such as birth, death, illness, disability, retirement; The branch of science that studies our economy such as fire, accident, earthquake, flood, unpredictable and random events, and the financial effects of these events is called actuarial. People who do the actuarial job are also call actuaries.
Although we cannot predict risks in some cases, it is useful to have an idea about what can happen to us when we encounter risks in our lives and to know the economic damage that risks will cause us in terms of managing the process. Actuaries are risk measurement and management experts and at this point, they make a serious contribution to the improvement of the living conditions of the society. Risk programs and reports developed by the actuaries are evaluate while planning the budget for the economy.

What Do Actuaries Do?

Actuaries can work in many industries. Insurance companies, banks, social security institutions, and companies that provide financial services, which have a direct connection with the economy and develop by making risk analysis in the sector, are the work areas where actuaries are most common. Insurance companies that have a high risk of financial loss and promise to cover their customers’ financial losses in risk situations are among the primary places where actuaries are predominant. Because the most important thing insurance companies do is manage risk. Actuary work diligently at every stage of the creation of insurance products and analyze risks. Actuaries, who play a key role in insurance companies, deal with jobs such as calculating premiums, determining the amounts to be paid to the insured in case of an accident, and determining premiums.

Actuaries also calculate reserve resources and dividends to help the economy survive in risk situations. A good actuary always has a plan B or even a plan C and D. Because actuarialism is completely based on keeping the economy alive and ensuring that we can escape from risk situations with the least damage.

Required Features to Become an Actuary

People who want to be actuary must have analytical thinking skills because this profession is based entirely on analytical thinking. If you are planning to become an actuary; You should know that throughout your life, your business will be numbers and reports. In addition to mathematics, you should also interest in economics and follow economic developments closely.
Your character should incline to think in detail, to see points that no one else can notice. You should always be alert and have a habit of patience.

In addition, you need to be social as well as your numerical and analytical structure. Because actuarialism doesn’t just end with numbers. Throughout your professional life, you will expect to be active in human relations and to communicate well with people.

How to Become an Actuary?

Actuary, which is of great importance in terms of preserving the current economic order and measuring risks, is not yet a highly developed area in our country. Since the low number of actuaries will provide easy employment opportunities in the sector; those who are interest in the economy and those who like to interest in statistics can be an actuary. For this profession, it is necessary to successfully complete secondary education and graduate from the relevant departments of universities. Actuaries in general; It consists of graduates of Actuarial Sciences, Mathematics, Statistics, and Business Administration departments.