A small note, but actuaries do a lot more than capital reserving, and even then the regulatory aspect (while important) is not the only consideration. I am not

A small note, but actuaries do a lot more than capital reserving, and even then the regulatory aspect (while important) is not the only consideration. I am not an actuary, but I have done a lot of actuarial work in a small insurance company, and the work included - pricing (are we under of over charging for this product?) - reinsurance (analysis so we can get a good price, as well as making sure what we sell remains within our reinsurance coverage) - portfolio monitoring (performance/profitability/etc) - risk aggregation (do we have too much exposure to a single risk or type of risk) - loss forecasting (primarily for reserving, but also for a 'true' indication of performance, as claims experience is necessarily very laggy) - product development (for example, what does a travel insurance product look like in a COVID world? What can we reasonably offer and how do we assess the pricing/reinsurance/risk appetite) Moreover, none of these tasks required nor employed any memorised formulas. You either use a model someone else built, or build one yourself, and then analyse and test as much data as you can so that you can provide good advice. Importantly you have to be able to show exactly how you produced that advice, and be ready to justify every single choice you made while doing so. A large part of the actuarial training seems to be ways of working and thinking that enable this (at least this is my impression from the actuaries I work with). There are actuaries who just calculate '"Solvency II" formulas for "quarter end"', but there are also actuaries developing advanced risk models for catastrophic weather events using large data sets and machine learning, or shutting down products because the market has shifted and it's no longer viable. In every insurance company I've worked at, actuaries are some of the most influential and respected people there, and do very interesting work (along with some really mind-numbing work!).