Job description of an actuary scientist

An actuary scientist is a person who finds and manages risk. This career is ranked the second best job in the United States. As long as there has been life, the risk is present. Every time a caveman went away from camp to look for food, there was a danger of risk that he would not return. As the world's population increased and people turned to commerce as a way of survival, risks increased.

An actuary scientist's job is to research and analyze data that helps companies determine and manage risks. An actuary scientist should possess strong analytical skills, mind and business knowledge and have a strong understanding of human behavior. A lot of actuary scientists do jobs in the insurance industry, collecting and analyzing data that assist the insurance companies in determining premiums.

Eventually, insurance companies start to insure homes, lives and vehicles as well as businesses. But, providing this insurance came with its own risks. As with any enterprise, in order for an insurance company to last long, it must get in more than it pays out. Insurance companies start to use actuarial scientists to collect and evaluate information that would aid them determine how much in future premiums the company would need so it could cover the projected payouts for that period of time.



The function of an actuarial scientist in the massive world of business is to help companies both private and government businesses to determine and manage risk. There are many things that can affect a business, few that are out of a person's control, such as natural disasters like earthquakes and hurricanes. There are also things that are under the control of the company, like expanding and relocating. The actuarial scientist compiles, analyzes the data as well as human feelings in order to put a price on risk.