 Hey guys, it's MJ the student's Actory and I know I've been getting a lot of requests to make this video So we're going to do it. We're going to answer what actually is an Actory and In making this video I thought let me Google what is an Actory and you know look at the Google images and I found stuff like a generic image of people in an office or a random graph that doesn't tell any information or a bunch of jargon or Some high school maths and a girl who looked like she had just been to a little Wayne concert You know making it rain type thing But it's an important question because I mean when you tell people that you're studying actorial science you get to Two responses, okay, the very first response is people like oh wow, that's amazing You're so smart and you know they get all excited. I like those people. Okay, the other people They're like what's an Actory, you know, and they're looking all confused and stuff and I Don't like those people because it's quite a difficult question to answer. I mean What is an Actory and how do you explain that to someone? I mean if you say that an Actory is someone who evaluates risk and opportunity They're skilled in mathematics statistics economics and finance and can forecast the future by analyzing past events and have the ability to Build probability models to solve a wide variety of business problems You're gonna get that face back, you know and I mean so we need to find a simpler way to explain what an Actory does and I did find this at the end of the Wikipedia article on Actorial Science. It says Actories are math obsessed socially disconnected individuals with shockingly bad co-movers and I can I can yeah, I can say that this is not true. It's not true at all I mean my comb over isn't that bad the rest is true, but that comb of a pot. No, so yeah Thanks internet for doing that But let's be serious now. Let's look at what is an Actory and I'm gonna just try to break it down, you know Because an Actory is more than just a businessman. He is a business professional and As a professional he belongs to a society, you know kind of like Knights did back in the the old days You know they belong to those guilds and stuff So if you're thinking Actory think of a Knight Okay, and like a Knight's Actories also have a code and a set of ethics and stuff like that And we also need to you know prove our worth You know So just like a Knight has to go and slay dragons and Actory has to slay like a million of the hardest exams set by a man can't to get in and No, no, I'm being serious like writing these exams or trying to slay a dragon. I mean, this is what my exams look like I mean look at that I mean these things are scary and that's what not many people survive the exam process So when you become an Actory it's kind of like joining an elite club and it's very rare to find one of us you know in the wild But let's put the game analogies aside and let's look at what do Actories do, you know, what is the job? Um, I mean most of us we design insurance products so that people's Possessions are protected. You might say well, what are what are they protected against? Well, you know tornadoes fires floods and earthquakes and all these horrible catastrophes You know can wipe people out Actories can build financial instruments to protect against these things And I mean we can use the same ideas to you know to set pension contributions so that people can retire and enjoy their old age We've invented life policies to keep families financial security intact when a loved one dies We understand risk and can safeguard businesses from unforeseen movements in the market We know where to invest and how asset returns are correlated. This allows people to save up, you know For something like their child's education We also know who is most likely to repay their loans and so who should receive credit to buy their dream homes We develop medical aid so that people can afford to visit doctors and get help in hospitals Um, we comprehend forces like mortality and can predict various population movements You know, we do a lot of research on hrv aids and see what measures are the most effective You know, we do a lot of useful stuff and basically whenever there is uncertainty Actories, you know can help out And I mean in the future I believe it will be the actuaries who will be at the forefront of developing artificial intelligence and contributing to cognitive computing I mean already they're using simple statistics. Um, you know the foundation of machine learning But a lot a lot of reasons why people do study actuarial science Is because of the money, you know, we get paid big cash And the reason for this is the business we do is is on a grand scale I mean recently this is happening now LNG Is busy buying a nine billion dollar annuity book Nine oh, sorry nine billion pounds nine billion pounds. That's that's a lot of money I mean you can buy a lot with nine billion pounds Um, actually is also very good on the stock exchange and they kind of coin it there as well so You know, we we get the cash we get the cash and um Some people do call us arrogant science I mean because we do think highly of ourselves Um, but I think that's just because they're jealous because I mean if you just had to google What is the number one job in the world? You will see the actuary tops the majority of those lists So, yeah, I mean if you want to secure homes help the elderly protect families Careful the sick and make lots and lots of money Then actuarial science is for you And yeah, I hope this video has helped explain what us actuaries actually do And I mean next time somebody asks you that question, you know, you meet one of these people Please share this video with them And whatever you do Don't tell them that we're math obsessed and socially disconnected and whatever you do Don't mention the bad co-mover. Okay If you do I will only forgive you if you subscribe Thanks for watching guys, and I'll see you next time for the next video. Cheers Bye