Actuary: The Role and Limitations of the Profession Since the Mid-19th Century

The history of any profession relates to the history of the division of labor in society. This is generally true and can also be attributed to expertise in the financial world -- a world which generates with increasing complexity growing numbers of specialists offering know-how and expertise. The competition amongst these different specialists as to whose services are the more useful, valuable or promising is a phenomenon which is more than simply personal. Individuals with similar training and a common base of knowledge form groups which promote in corporate their competence in certain specialized services. Such a group, which also assumes the responsibility of guaranteeing the qualifications of its members, is usually called a "profession ".