Who is an Actuary?

Who is an Actuary?

“An actuary is a business professional who uses mathematical and statistical knowledge to solve complex financial problems…”

Actuaries generally have a good understanding of the financial system, are highly analytical and have great problem-solving skills. Actuaries help their organizations or clients to solve complex financial issues especially those that deal with uncertainty. Actuaries usually have different academic backgrounds such as mathematics, statistics, economics, actuarial science, insurance, physics, accounting and finance. Nonetheless, they all have one thing in common – an interest in math and statistics.

Value Proposition

When we think of the future of things we cannot over emphasize the role of an actuary. Listed below are few reasons why you should consider the actuarial advantage:

Fulfilling Career

As a result of the deep knowledge of financial systems required of actuaries, they are usually involved in very important and high-level decisions. This can lead to a fulfilling career knowing you will be part of important corporate and public decisions.

Respected Profession

The global actuarial profession is highly respected by the community they serve. US News and World Report, the Jobs Rated Almanac, CNN Money, and others all agree: few other occupations offer the combination of benefits that an actuarial career can offer.

Financially Rewarding

Qualified actuaries and actuarial students making good progress with exams, on the average, earn higher than their colleagues on the same pay grade in the same organization. This is especially so for companies that have actuarial study plans. This is exacerbated by the high and growing demand for actuarial skills.

Global Career

Being an actuary makes you globally recognized and accepted. Actuaries usually have wealth of international experience.

Skills Transfer

Contrary to the belief that actuaries are made for insurance or pensions industries, actuarial skills are useful in any role in the financial services industry. Some actuaries have been documented to work in Human Resource functions, Project Management roles etc.

Route to Qualification

Following a college degree in a course with sufficient numerical content, a prospective actuarial student may follow any of the routes below:

Certified Actuarial Analyst

This is a global certification that is aimed at students who require the only basic actuarial skills. A person who completes the CAA requirements cannot be called an actuary. CAA holders may still choose to pursue full actuarial qualification.

Exemptions (from recognized Universities)

Students may be able to obtain exemptions from the professional exams if they have a degree in accredited courses from recognized universities.


This is a global qualification aimed at student students who want a career in actuarial profession and want to be qualified actuaries. This level of qualification provides all the numerical and analytical skills required of an actuary. Associates can be called qualified actuaries.

Chartered Enterprise Risk Actuary (CERA)

The Chartered Enterprise Risk Actuary (CERA) is a global risk management credential which encompasses a world­‐class curriculum that combines actuarial science with the theoretical, practical and professional principles of ERM. It Instils the highest professional standards, with an impeccable code of ethics and rigorous educational requirements.

Source: CERA Global


This is a global qualification aimed at students who want a career in actuarial profession and want to be qualified actuaries. This level of qualification provides, in addition to numerical and analytical skills, higher level problem solving skill required of an actuary. This qualification also allows actuaries to specialize in different practice areas.

Below are links to videos about the actuarial profession from some globally recognized actuarial bodies…

Success Stories

Becoming an Actuary is no easy feat but is definitely doable. Hear what some of our members have to say about their actuarial journey so far and get motivated…


"Wherever there is risk, there is opportunity. Becoming an actuary has given me the advantage to create value where it matters..."

Yeside Kazeem, FIA