Those who become an actuarial science graduate predict risk. To do this in an official capacity, you’ll use numbers instead of tarot cards.

Resource: Top 40 Values in Bachelor of Actuarial Science Degree Programs 2016

With a degree in this field, you’ll have the qualifications to work for different companies. For instance, you can work as an actuary for:

Health Insurance Companies

If you enter the health insurance field, your job responsibilities will include analyzing statistics to determine the costs of future risks, assessing profits and reviewing trends that are likely to affect the health insurance industry. You may also advise your company about issuing policies to those seeking health insurance based on the associated risks. As an actuary, you’ll be qualified to calculate premiums and determine changes regarding the cost of providing coverage. You’ll also need to make sure that rates remain competitive. Rising healthcare costs have caused the demand for health insurance actuaries to increase.

Life Insurance Agencies

Actuaries create annuity and life insurance policies for life insurance agencies. You’ll plan these policies for individuals as well as for groups. To do this, you’ll be estimating how long a person is likely to live based on risk factors like gender, age and whether a person uses tobacco or drinks. If you decide to go into this line of work, you’ll need to be comfortable overseeing asset and capital market issues. In the life insurance industry, actuaries manage programs that offer long-term financial protection as well as savings plans, so the ability to be flexible when it comes to job responsibilities is key.

Pension and Retirement Providers

If you decide to work as an actuary for a pension and retirement provider, you’ll be developing solid investment platforms to establish successful retirement programs. Your tasks will include testing and evaluating the pension plans of different companies to determine whether the expected funds will be enough to cover future benefits. You’ll analyze future costs as well as how investments affect available funds. Once you develop a pension plan or retirement benefit program, you’ll need to report the results of your evaluations to the government. Your company may even entrust you to provide retirement planning advice to clients.

Property and Casualty Insurance Companies

Actuaries who work for property and casualty insurance companies develop insurance policies that protect people against property losses. These policies also include protection from natural disasters, fires and accidents as well as from other adverse events. To create these programs, you’ll need to determine anticipated claims that come from these types of situations. Before seeking a career with a company that deals in property and casualty insurance, make sure that you’re comfortable working in pricing as this is often an assigned part of the job. In this field, you must be able to learn and adapt continuously due to emerging risks, technological advancements and better analytical methods.

Enterprise Organizations

If you choose to specialize in enterprise, you’ll be detecting risks for a private organization. The risks that you’ll be tasked with identifying include economic, geopolitical and financial since these are areas that may affect a company’s short-term or long-term goals. You may assist your company’s executives in determining the amount of risk that the organization should take as well as formulate strategies to respond to risk-based issues. In this career, you’ll help your company create value for its stakeholders, customers and employees. By helping the business stay viable, you may even aid the surrounding community.

As an actuary, you’ll need to be comfortable using statistical information to determine risks for health, life and property insurance companies as well as for retirement benefits organizations and private agencies. These jobs are typically performed in a corporate environment, so you will likely enjoy normal work hours and a salary that’s around $100,000 annually.