If you know a little bit about jobs in actuary you’ll probably think of maths as being the primary function and requirement. And while this is true, there is a lot more to being a really great actuary than just being good at maths.
So what other qualities make a quality actuary?
Actuaries use maths for practical purposes. It might seem that the modelling and analysis they do is impenetrable to those outside the industry, but it effects people in a practical, real life way. This means that actuaries need to have good all round knowledge and an understanding of these implications. They also have to communicate this complex information in a way that others outside the industry can understand. This is a crucial point – if an actuary’s work doesn’t make sense to others it is meaningless.
Great leadership is an important part of rising to the top of any profession, but in actuarial work you need to be able to lead a team that is undertaking very involved work which can stand alone from other processes and practices, and has great influence.
Actuarial work means working to strict regulations and codes of practice, and this combined with the mathematical modelling and statistics can make it sound quite dry and unimaginative. But it actually involves a great deal of problem solving and taking a different view on issues from everybody else. It takes a disciplined and focused mind to work on these complex problems, while following codes of practice.
If someone has all these skills combined, topped off with that natural mathematical ability, passion for analysis and attention to detail, they will move easily through the actuarial profession and can command high salaries. Those from maths backgrounds starting out in the industry should make sure that they shout about their maths ability from the rooftops but also learn to listen to others and hone their communication skills, as personal relationships are crucial.