Actuaries use mathematics, statistics, and financial theory to study uncertain future events, especially those of concern to insurance and pension programs. Practicing actuaries are involved in the modeling and management of financial risk and contingent events, calculate insurance premiums, policy and loss reserves (liabilities), and estimate costs of future losses.

Actuaries may work for insurance companies, consulting firms, government, employee benefits departments of large corporations, hospitals, banks and investment firms, or, more generally, in businesses that need to manage financial risk.