The challenges of being an actuary

The Malta International Training Centre (MITC) has announced a specialised course - the Actuarial Studies Diploma course - to direct participants in their preparation for the Institute of Actuaries (UK) exams held every April and October.

The institute said it wanted to expand the public's knowledge of the profession of the actuary and promote career paths for those who may be interested in joining the profession.

"Most people have never heard of the word actuary let alone the work involved. Within the actuarial world there are many different career paths. Some actuaries specialise in technical research, while others may focus more on commercial activities. The different roles require different mixes of skills, but whatever a particular actuary's strengths, there will be a niche for them somewhere in the range of actuarial careers."

The topics covered in the diploma course will include financial mathematics, finance and financial reporting, probability and mathematical statistics, models, contingencies, statistical methods, economics and financial economics.

So what does an actuary do?

Actuaries apply financial and statistical theories to solve real business problems. These business problems typically involve analysing future financial events, especially when the amount of a future payment, or the timing of when it is paid, is uncertain. A lot of actuaries' work might be thought of as "risk management", assessing how likely an event may be and the costs associated with it.

Understanding how businesses operate, how legislation may impact and how financial economics can affect values are all vital skills for an actuary. But what differentiates actuaries is their core mathematical, economic and statistical understanding and their ability to apply this to real financial problems.

The traditional areas in which actuaries operate are: Consultancy, investment, life and general insurance and pensions. Actuaries are also increasingly moving into other areas of the financial sector where their analytical skills can be employed.

• Further details are available from the institute by e-mail at info@mitcentre.com or by post at 102, St Francis Street, Floriana, telephone 2123 0831.

http://www.mitcentre.com