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An actuary is a professional with advanced mathematical skills who deals with the measurement and management of risk and uncertainty. [1] These risks can affect both sides of the balance sheet and require asset management , liability management, and valuation skills. [ 2 ]
The Society of Actuaries' requirements for Associateship (ASA) include passing 6 preliminary examinations (probability, financial mathematics, fundamentals of actuarial mathematics, statistics for risk modeling, predictive analytics, and one from either advanced long-term actuarial mathematics or advanced short-term actuarial mathematics ...
Actuarial science became a formal mathematical discipline in the late 17th century with the increased demand for long-term insurance coverage such as burial, life insurance, and annuities. These long term coverages required that money be set aside to pay future benefits, such as annuity and death benefits many years into the future.
Obtaining a certificate is voluntary in some fields, but in others, certification from a government-accredited agency may be legally required to perform certain jobs or tasks. Organizations in the United States involved in setting standards for certification include the American National Standards Institute (ANSI) and the Institute for ...
The Professional Risk Manager certification (PRM), offered by PRMIA, emphasizes practice-related skills and knowledge required within the risk management profession, and financial risk management more particularly; its coverage, structure and recognition are similar to the FRM.
Employers expect nearly 40% of skills to change or become irrelevant by 2030, a WEF report said. Big data specialists and fintech engineers will likely be the fastest-growing jobs.
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