ERIC Number: EJ985180
Record Type: Journal
Publication Date: 2012-Aug-27
Pages: 0
Abstractor: ERIC
ISBN: N/A
ISSN: ISSN-1938-5978
EISSN: N/A
Quants at the Gate: The Unique Education of Actuaries
Halfond, Jay A.; Horwitz, Lois K.
New England Journal of Higher Education, Aug 2012
An academic discipline and a profession eventually converge through the relationship, division of labor and trust between universities and professional associations--and their mutual respect for the authority and the respective roles of one another. Sometimes, professional associations evaluate academic programs or even provide an examination at the end of the education process. But the growing portfolio of academic programs over the past century is the direct result of more and more professions coming under the purview of the academy. One exception has been the actuarial field. Few people know much about this occupation, nor appreciate the pivotal role that actuaries play in their lives. An actuary analyzes the financial consequence of insurable risk, and then, sets premiums for insurance companies or evaluates whether pension plans are adequately funded. The actuary applies sophisticated mathematics and statistics to the dilemma of risk: how best to quantify the unknowable and assess probabilities so that an uncertain outcome can be somehow anticipated. Their work might be hidden to the public, but their impact on everyday life is nonetheless significant. In this article, the author talks about the unique education of actuaries.
Descriptors: Intellectual Disciplines, Probability, Professional Associations, Insurance, State Legislation, Trust (Psychology), Role, Risk Assessment, Finance Occupations, Retirement Benefits, Mathematics Skills, Statistics
New England Board of Higher Education. 45 Temple Place, Boston, MA 02111. Tel: 617-357-9620; Fax: 617-338-1577; e-mail: info@nebhe.org; Web site: http://www.nebhe.org
Publication Type: Journal Articles; Reports - Descriptive
Education Level: Higher Education
Audience: N/A
Language: English
Sponsor: N/A
Authoring Institution: N/A
Grant or Contract Numbers: N/A