What Is an Actuary? Kw: what is an actuary Meta: When it comes to math-related jobs, being an actuary can be a rewarding, enjoyable career choice. Find out the answer to, “What is an actuary?” The main job of an actuary is to manage risk. Using analytical skills, they help organizations protect themselves from losses and think about the future. By looking at risk, the actuary can help ensure the financial stability of a company or a society. This ensures that retirees can invest confidently and helps corporations to grow. If you are unfamiliar with this career choice, you may still wonder: what is an actuary? What Is an Actuary? Working as an actuary can be extremely desirable. Many people are initially attracted to this career choice What Is an Actuary for? An actuary is essentially a kind of business professional. They specialize in analyzing the risk and consequences associated with each decision. To do this job well, individuals must understand financial theories, math and statistics. These analytic tools help the actuary to predict how likely a certain event is to happen. This type of risk assessment is often used by insurance companies, pension programs, employee benefits departments, hospitals, banks, financial institutions and the government. How Do You Become an Actuary? To be an actuary, you have to be an associate an then a fellow in a professional society of actuaries. To do this, you take a series of exams that are offered by the society. The largest of these groups is the Society of Actuaries (SOA). This group is for actuaries who work with employee benefits, life insurance, pensions and health insurances. You could also be a part of the Casualty Actuarial Society (CAS). This group is for actuaries who work in liability insurance, automobile insurances, workers' compensation and fire insurance. If you want to work with pension plans, you can join the American Society of Pension
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Secondly, I learned about the Forensic Accountant job opportunity. It is a very interesting field where Accountants are hired to examine fraudulent activities in businesses, individuals, or organizations. Some of their job responsibilities are preparing accounting forensic reports, analytical data for litigation, and analysis of financial data.
There are many different things an accountant does. An accountant keeps records of accounts, and maintain financial activities. Constructing tax returns and preparing business and government forms are also incorporated. Being an accountant also means counseling clients on finances and operating spreadsheet software. To be an accountant, I must know how to handle using different methods and investigate finances, validate transactions, and obtain financial information. An accountant uses computers to do work. Envisioning revenues is included in being an accountant. I need to know and use accounting terms, and be able to use accounting and bookkeeping software.
I really don’t know to much about this career just that they can either deal with selling securities or managing personal finances or just as simple doing taxes and writing financial reports. What haunts me even more is what I don’t know about this career. Are there any aspects of it that I will just hate? Will I make enough money to support the life style I want? What are the future possibilities for career advancement? These are all questions that will weigh very heavily on my decision to become a financial advisor or to find some new career.
Accounting is basically a service activity. Its purpose is to provide quantitative information that principally used by the managers, investors, tax authorities, and other decision makers to make the financial decisions within companies, organizations, and public agencies. Accounting is also widely known as the “language of business.” An accountant measures, communicates, and interprets financial activities. They prepare financial statements or reports for individuals, businesses, government agencies, or other non-profit organizations. They use the accounting systems to categorize the expenses and income to the typical groups. They also keep tract of the money received or paid out to see if the transactions are accurate and complete. Accountants are familiar with the computer operation. They use the computer...
What do accountants do? Well, an accountant is a practitioner of accounting or accountancy, which is the measurement, disclosure or provision of assurance about financial information that helps managers, investors, tax authorities and others make decisions about allocating resources (Bureau of Labor Statistics, 2014). In many jurisdictions, professional accounting bodies maintain standards of practice and evaluations for professionals. Accountants who have demonstrated competency through their professional associations' certification exams are certified to use titles such as Chartered Accountant or Certified Public Accountant. Such professionals are granted certain responsibilities by statute, such as the ability to certify an organization's financial statements, and may be held liable for professional misconduct. Non-qualified accountants may be employed by a qualified accountant, or may work independently without statutory privileges and obligations.
Managerial accountants need to use accounting information in seeing to it that they are able to plan, evaluate the company performance, manage risks and control the business operations in a manner that is deemed beneficial to the business as a whole (Caplan, n. d). This can be achieved through: having high standards of ethics in all situations; employing the techniques of management reports, budgetary control, and analysis of fund flows and financial statements; making prudent capital investment decisions; and maintaining continuous quality control systems.
Accounting is a job that I have had my eyes set on for years. While I was younger, I did a lot with money and it had fascinated me. My fun was playing Monopoly as the banker or going shopping with my parents and add up their total to see how close I get. I felt math and cash was my thing and still is to this day, all because of what I did when I was younger. I want to be successful in what I love to do.
“Part super-hero. Part fortune-teller. Part trusted advisor (“Be an Actuary.”).” An actuary is all this, they are crucial apart of the world of business. Actuaries work in both the public and private sectors of business. They are manly in the administrative part of the work place. They are in every large corporation and in even some of the smaller companies. Actuaries are most often in insurance companies and large corporations; though they are even in so financial planning businesses (“Be an Actuary.”). They are also the people that run financial calculations for both individuals and businesses (Hezzelwood). With being such an important part of business actuarial science is a very good field to go into. Forbes has ranked actuarial science as the best job in 2013 (Smith). Actuarial science is constantly ranked one of the top jobs to have in America (“Be an Actuary.”). There are many things that factor into making actuarial science the best job in America.
In the meantime, colleges are sending more and more actuaries into the job market every year. Obviously, the job of actuary is arising greater popularity in the market than ever before. It is the truth that nowadays actuaries are in high demand in the financial industry varying in multiple types of product and business fields, and they are highly paid for the service they provide comparing to other professions. All these features are attracting increasing amount of people to devote themselves to become actuaries. “The actuarial profession has been consistently ranked for decades as one of the most desirable. Actuaries work comparatively reasonable hours, in comfortable conditions, without the need for physical exertion that may lead to injury, are well paid, and the profession consistently has a good hiring outlook” (Riley 2013). However, in selecting actuary as dream job for the future, there are critical misapprehensions among people. Appealing as the job of actuary is in the view of outsiders, few people truly realize that one need to undergo incredible pressure and years of experience before he actuary achieve his dream job. Freshmen are required to go through several turns of strict selections and several years of being an intern or assistant before he finally has a chance to work as an actuary. This is
The reason I decided to pursue a career in accounting is because I have always been interested in the business world and accounting is considered a basic tool of business. I have worked for small and large business firms; also in private and public sectors which helped me develop a strong linking with the industry as a whole and solidified my interest in accounting.
...an guide an individual down the best financial path. They help one save money, file accurate taxes with the optimal refund, advise and aid in budget planning, forecast and lastly, ensure that you or your business is completely accurate and valid with all that they report. It is crucial that everyone consider the advantages and benefits one can receive from hiring an accountant.
Accounting aids the government and organisations in decision making for their financial stability. This numerical data helps solve real life problems and contributes to how the economy and businesses perform.
An accountant makes sure that the Nation’s firms are run efficiently, the public records are kept accurately, and that taxes are paid properly and on time (“Accountants and Auditors”). Accounting is the study of how a business tracks their income, assets, expenses, and many other things for a period of time. They also do many other things like quality management, tax strategy, and health care benefits management (“Welcome to Careers in Accounting”). An accountant is crucial to the success of a business, without one the business tends to fail.
Accounting is a very important term to our modern society. It is the career for men and women who at the start have their eyes set on top positions in industry, management, government, and general business. Accounting is a basic need of every businessman, from the operator of a filling station to the government of the United States. It's so important to our society. None of the business organization can operate without is. They are there-somewhere-in every business. In small business, people use pen, ink and skill keep the records. In large business, modern accounting machines are used to operate. Men and women are directing these machines in the accounting process. Wise businessmen enter business must have some accounting knowledge.