Actuary

    An actuary is a specialist who deals with calculating the risk and the present value of financial projects especially those which are long-term or uncertain. He is a business professional in the field of insurance mathematics, finance, and statistics. Traditionally, actuarial work is connected with the insurance industry, reinsurance, pension funds and pension plans.

    The origins of the actuarial profession dates back to the turn of the XVIIth and XVIIIth centuries, but it gained significance only in the XIXth century, when its tasks and functions were set out and the first associations of people performing this profession were formed. In Poland, the beginning of the development of this profession dates back to 1920, when the Polish Institute of Actuaries started its activity. This tradition is cultivated by Polish Society of Actuaries, which was established in 1991.

    In Poland, the actuary profession is regulated by the Act on insurance activity were in Art. 37 b. where it is stated how to become fully credentialed actuary. It requires passing a rigorous series of exams which are conducted by the Financial Supervision Commission as well as higher learning institution, a clean criminal record and a two-year documented internship under the guidance of a professional actuary. The actuarial exam consists of four independent parts from the following areas: life insurance mathematics, nonlife insurance mathematics, financial mathematics, statistics and theory of probability.