Most people never get this far. You've already started, so let's get you exam ready.
In plain terms, an actuary uses maths, statistics and business sense to work out how likely something expensive is to happen, and what to do about it.
Uses data and statistical models to work out the chance of an event (a car crash, a death, a natural disaster) and how much it would cost.
Sets premiums for insurance policies and contribution rates for pension schemes, so the numbers work for both the customer and the business.
Makes sure companies set aside enough money today to pay out future claims, even decades from now.
Turns the numbers into advice for boards and regulators on solvency, investment strategy and long-term financial planning.