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An actuary is a professional with advanced mathematical skills who deals with the measurement and management of risk and uncertainty. The name of the corresponding field is actuarial science which covers rigorous mathematical calculations in areas of life expectancy and life insurance. These risks can affect both sides of the balance sheet and require asset management, liability management, and valuation skills. Actuaries provide assessments of financial security systems, with a focus on their complexity, their mathematics, and their mechanisms.
Actuarial science is the discipline that applies mathematical and statistical methods to assess risk in insurance, pension, finance, investment and other industries and professions. More generally, actuaries apply rigorous mathematics to model matters of uncertainty and life expectancy.
Harald Cramér was a Swedish mathematician, actuary, and statistician, specializing in mathematical statistics and probabilistic number theory. John Kingman described him as "one of the giants of statistical theory".
The Society of Actuaries (SOA) is a global professional organization for actuaries. It was founded in 1949 as the merger of two major actuarial organizations in the United States: the Actuarial Society of America and the American Institute of Actuaries. It is a full member organization of the International Actuarial Association.
The Institute of Actuaries was one of the two professional bodies which represented actuaries in the United Kingdom. The institute was based in England, while the other body, the Faculty of Actuaries, was based in Scotland. While the Institute and Faculty of Actuaries were separate institutions, they worked very closely together, and their professional qualifications and actuarial standards were identical. On 25 May 2010, voting members of the institute who took part in a ballot voted to merge the institute with the faculty, thus creating the Institute and Faculty of Actuaries, which came into being on 1 August 2010. The Institute of Actuaries ceased to exist on that date.
The Faculty of Actuaries in Scotland was the professional body representing actuaries in Scotland. The Faculty of Actuaries was one of two actuarial bodies in the UK, the other was the Institute of Actuaries, which was a separate body in England, Wales and Northern Ireland. While the Faculty of Actuaries and the Institute of Actuaries were separate institutions, they worked very closely together, and the professional qualifications and professional standards for actuaries were identical in each of them. On 25 May 2010, voting members of the Faculty who took part in a ballot voted to merge the Faculty with the Institute of Actuaries, thus creating the Institute and Faculty of Actuaries which came into being on 1 August 2010, superseding the Faculty of Actuaries which ceased to exist on that date.
Thomas Nall Eden Greville was an American mathematician, specializing in statistical analysis, particularly as it concerned the experimental investigation of psi.
James C. Hickman was an American actuary. He was internationally publicized for his work in actuarial education as well as being a major contribution in the development of the actuarial profession. He was a professor emeritus of business and statistics and former dean of the University of Wisconsin–Madison School of Business.
Cecil James Nesbitt, Ph.D., F.S.A., M.A.A.A. (1912–2001) was a mathematician who was a Ph.D. student of Richard Brauer and wrote many influential papers in the early history of modular representation theory. He taught actuarial mathematics at the University of Michigan from 1938 to 1980. Nesbitt was born in Ontario, Canada. He received his mathematical education at the University of Toronto and the Institute for Advanced Study in Princeton. He served the Society of Actuaries from 1985 to 1987 as Vice-President for Research and Studies. He developed the Schuette–Nesbitt formula with Donald R. Schuette.
The Institute and Faculty of Actuaries is the professional body which represents and regulates actuaries in the United Kingdom.
Professor Petr Mandl DSc was a Czech mathematician known for his contributions to the fields of stochastic processes and actuarial science. He published several books and more than hundred articles.
The actuarial credentialing and exam process usually requires passing a rigorous series of professional examinations, most often taking several years in total, before one can become recognized as a credentialed actuary. In some countries, such as Denmark, most study takes place in a university setting. In others, such as the U.S., most study takes place during employment through a series of examinations. In the UK, and countries based on its process, there is a hybrid university-exam structure.
The Thomas Bond Sprague Prize is a prize awarded annually to the student or students showing the greatest distinction in actuarial science, finance, insurance, mathematics of operational research, probability, risk and statistics in the Master of Mathematics/Master of Advanced Studies examinations of the University of Cambridge, also known as Part III of the Mathematical Tripos. The prize is named after Thomas Bond Sprague, the only person to have been president of both the Institute of Actuaries in London and the Faculty of Actuaries in Edinburgh. It is awarded by the Rollo Davidson Trust of Churchill College, Cambridge, following a donation by D. O. Forfar, MA, FFA, FRSE, former Appointed Actuary of Scottish Widows.
Professor Richard Verrall is Vice-President of City, University of London. He took up this post in 2011 and was previously Head of the Department of Actuarial Science, then Associate Dean of Cass Business School, City, University of London. Professor Verrall joined City, University of London, as a lecturer in 1987.
Patrick L. Brockett is an endowed Chaired Professor within the Information, Risk and Operations Management, Finance, and Mathematics departments at The University of Texas at Austin. He is the Director of the Risk Management and Insurance Program, Director for the Center of Risk Management and Insurance, and Director for the Minor/Certificate in Risk Management Program. He is also an Affiliated Faculty Member in the University of Texas- Austin Division of Statistics & Scientific Computation. He is known for his research in statistics, probability, actuarial science, quantitative methods in business and social sciences, and risk and insurance. The American Risk and Insurance Association (ARIA) endowed and named a research award in his honor: The Patrick Brockett & Arnold Shapiro Actuarial Research Award, awarded to the actuarial journal article that makes the best contribution of interest to ARIA risk management and insurance researchers.
Maria Heep-Altiner is a German mathematician, actuary and university lecturer.
Mary Rosalyn Hardy is a professor of actuarial science at the University of Waterloo (Canada). She pioneered, together with Julia Wirch, the development and application of the conditional tail expectation (CTE).
Marjorie L. Van Eenam Butcher (1925–2016) was an American mathematician, the first female faculty member in mathematics at the University of Michigan and the first female faculty member at Trinity College (Connecticut).
Elias Sai Wan Shiu is a Professor of Actuarial Mathematics at the University of Iowa, and an internationally renowned actuarial scientist.
References
- ↑ Faculty, University of Michigan Mathematics Department, retrieved 2018-07-31
- 1 2 3 4 "Virginia Young named to Nesbitt Professorship" (PDF), ContinuUM, University of Michigan Mathematics Department, p. 1, 2003–2004, retrieved 2018-08-01
- 1 2 3 Curriculum vitae (PDF), University of Michigan, retrieved 2018-07-31
- ↑ Virginia R. Young at the Mathematics Genealogy Project
- ↑ Halmstad Prize, Society of Actuaries , retrieved 2018-08-01
- ↑ Ten Win Actuarial Research Competitions, Society of Actuaries, June 24, 1998, retrieved 2018-08-01
