software have now automated computing risks for insurance companies but still actuaries would always be the backbone of the insurance industry.
Computing risks for insurance companies are just one of the many ways an Actuary’s talent would be of use. Other industries like the automotive industry would find an actuary very useful. There have been times when a car maker would recall certain models of a car because they have found out that certain features might cause a car’s brake system to become ineffective when temperature gets to a certain level, for example. The president of the company would then call up their resident actuary and would ask if paying a class suit would be cheaper than recalling all the cars that have those features in question and repair them. Questions like these are not simple to answer because of so many factors to consider but an Actuary would not even break a sweat answering these types of questions.
Because the insurance industry or in particular an insurance company would be very much exposed to risks, and since they are in the business of minimizing risks, hard to answer questions similar to a car-recall-or- face-lawsuit question would be a regular brain exercise for them whereas other fields or industries would only require them to stretch out once in a while.
Another good example of an Actuary putting his talent to good use would be those launching a marketing campaign. An Actuary would be able to predict sales for the year given how many 30-second spot commercials will be shown in TV for the year.
Accreditation to become an Actuary depends on different countries. In the United States, the Society of Actuaries, for pension, health and life and the Casualty Actuarial Society, for properties, give out exams which is also the same for Australia. In Sweden and Denmark, becoming an Actuary would be enrolling to a four or five-year master's degree. According to a survey conducted by Wall Street Journal in 2009, Actuary was voted as the second best job.