An actuary counts
dead bodies, the
mortuary stacks 'em.
This is how I keep them
separate in my mind. One of the main uses for
actuarial skill is to determine
insurance rates. Using
statistics and
models actuaries can determine a rate at which a company can insure a person with x, y, and z problems, while making
money.
This, if you think about it, is actually a difficult thing to do - We're talking
multivariable calculus mixed in with messy
statistics here. The exams (spoken of above) can only be taken with a basic financial calculator (Approved by the society), and are timed, so you have to be very good at what you do in order to pass them. Most actuaries are hired from
college with a
math degree (masters), and their new
employer pays for each exam, usually one per year, giving them large raises and bonuses for each exam completed, but also keeping them from going to another
company, as the actuary has to pay back the company for exams taken in the past year if they leave. Exams are not considered
cheap.
There are those who believe that the association of actuaries limits the number of actuaries available in the
marketplace to make them more profitable. A friend of mine is working through the exams (has 3 or 4 done) and feels that it really isn't a difficult job if you are good at math, but the exams are much more complicated than what she has to do on a day to day basis.