Actuarial science — it sounds like a handful, but what is it exactly? Not to be confused with mathematics or accounting, a degree in actuarial science teaches you to assess risk by leveraging statistics and analytics. Actuaries need to have a solid grasp of mathematics, but also need to develop an understanding of the business world and the complexities of human behavior. Actuaries use these skills to help companies, private corporations, and even the government make crucial decisions about how to manage risk.
So what do actuaries actually do? Well, actuaries are instrumental in industries like insurance, where the entire business is built on an understanding of risk. Actuaries are tasked with helping businesses understand the likelihood of future events, how to reduce the likelihood of undesirable events — and how to minimize the impact if they do occur. Their work is instrumental in decision-making and long-term planning, making them indispensable members of management teams in every industry.