What does an actuary do in their job?

I'm considering a career as an actuary and want to know more about what they actually do on the job day-to-day. Is the work mostly math and statistics, or is there a creative side to it as well?

An actuary is a professional who uses mathematical and statistical methods to analyze risk in various industries, predominantly within the insurance and finance sectors. The main tasks include constructing risk models, predicting future events, and advising stakeholders on potential financial impacts.

A typical day-to-day of an actuary could involve examining statistical data, creating probability tables to predict risk and liability, and presenting reports to explain their findings.

An actuary's work is heavily centered around math and statistics – they use these disciplines to analyze potential risk scenarios and help organizations to make informed decisions. However, being an actuary also requires qualitative skills such as problem-solving, communication, and an understanding of business strategy.

While the work of an actuary might not seem fundamentally creative as it is underpinned by mathematical models and statistical analysis, there is a kind of intellectual creativity involved. This comes into play in the conceptualization and construction of complex risk models, as well as unique problem-solving when handling unexpected changes or developments.

So, while the role of an actuary leans heavily into a quantitative perspective, there are aspects of the job that demand an innovative and strategic approach which can indeed be classified as 'creative'.