An Actuary in Commerce

Synopsis

The Paper reviews the growth of the number of actuaries in Great Britain, with particular reference to the last fifty years, and analyses the development in the scope of their employment, both inside and outside the insurance world. Reference is made to the natural hopes and ambitions of the newly qualified actuary, following completion of his long and arduous period of training, and to the responsibilities of a professional organisation.

Consideration is given to the growth of the employment of actuaries in England in industry and commerce, and reasons are suggested for their success in those spheres. Opportunity is taken to bring up to date certain tables first quoted by F. A. A. Menzler in J.I.A Vol. 57 and comment is made on subsequent references in actuarial literature to the problems of expansion in the scope of professional employment.

The second (and greater) part of the Paper includes a series of examples in which a detailed explanation is given of problems which have faced the author in the business with which he is connected–food distribution through a multiple shop organisation–and of the methods by which they have been solved. Whilst the solution in some cases depends upon the direct application of actuarial or statistical technique, emphasis is laid on the value of the form of mental process inculcated by actuarial training rather than on the direct use of technique.