Actuarial science degree

Top Schools Offering Actuarial Science Degree

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In this guide, we are going to consider what Actuarial Science degree is, career prospects, top schools offering the program and much more. Before providing you with the list of schools offering this program, let us first consider what Actuarial Science degree is.

What Is Actuarial Science Degree? 

Actuarial Science is concerned with assessing risks and ensuring the financial stability of insurance or financial institutions. Graduates of Actuarial Studies understand how to predict future events and take preventative steps using mathematical, statistical, and probability principles.

Actuarial Studies’ major purpose is to improve the knowledge needed to undertake actuarial work and to prepare students to pass their actuarial tests more quickly (keep on reading to learn more about them).

Actuaries examine historical data and use it to calculate how much money should be set aside to cover potential financial losses in the future.

Let’s take the case of car accidents. If an actuary wishes to anticipate how many individuals will be involved in an accident in London this November, they will look at the percentage of people who were involved in accidents in prior years.

Based on that information, the actuary will spot a pattern and use it to forecast the percentage for this year, as well as how much each person should pay for insurance to cover the costs of a car accident.

When there is no previous data or when the data is no longer applicable owing to policy or other types of changes, an actuary has one of the most difficult difficulties.

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What Can I Do With a Degree In Actuarial Science?

The following are the areas you can find work as a graduate of Actuarial science degree:

Insurance actuarial analyst

The insurance sector employs a considerable number of actuarial science graduates and actuaries. As an insurance actuarial analyst, you’ll utilize your statistical abilities and expertise to create and price insurance plans that take a variety of factors into account. Before settling on a premium, an actuary specializing in medical insurance, for example, will analyze a person’s background, present state of health, family history, and occupation.

As a result, an insurance actuary must have a strong understanding of calculus, statistics, and probability. You’ll also need extensive computer abilities to create spreadsheets, databases, and statistical analysis tools, as well as great analytical ability to see how specific aspects may influence the outcome of events.

Actuarial consultant

Actuarial consultants assess, manage, and provide financial risk advice to businesses. They assess the likelihood of a given occurrence occurring and estimate the financial costs that the company will have to endure as a result of it using financial and statistical ideas.

Unlike actuaries who work for insurance firms, consulting actuaries work with a wide range of clients, including insurers, takaful companies, banks, and government regulators, to provide consultancy services. They may be in charge of reviewing pension plans, managing risks, pricing insurance products, and determining appraisal values in mergers and acquisitions, among other things.

You’ll be expected to have a wide range of talents as an actuarial consultant, including advanced numeracy and IT skills, solid business judgment, and the ability to summarize and present complicated technical information to non-specialists.

Business analyst

The skills you gain from an Actuarial Science degree (strong numeracy skills, ability to decode complex data, and so on) may also prepare you for a career as a business analyst, which entails examining an organization’s operations, structure, and policies and recommending solutions to help them achieve their objectives.

Examining the company’s current organizational structure, analyzing data to identify problems and limitations caused by the company’s current systems and processes, predicting future challenges and potential risks of implementing any improvements, and identifying and implementing software to create solutions and improve business processes are some of your responsibilities.

To thrive in this capacity, you must be able to efficiently analyze and assess complicated data, demonstrate strong problem-solving skills, and be IT knowledgeable.

Risk analyst

As a risk analyst, you’ll advise organizations on the risks of new and existing projects, as well as identify elements that could harm the company’s bottom line. Operational risks (unexpected failures in your company’s day-to-day operations, such as a big power outage), compliance risk (whether or not a corporation follows rules and regulations), and financial risk are examples of these risks (e.g. things that can affect revenue).

Risk analysts are expected to have excellent organizational and decision-making abilities, as well as a clear business sense, the ability to interpret complex numerical data, and excellent communication skills. You will also have the opportunity to work in a number of settings, including commercial firms, insurance companies, and government agencies.

Investment analyst

Traders, fund managers, and stockbrokers rely on investment analysts’ ability to estimate risk based on numerical data to make sound investment decisions.

Actuaries operate in investment management organizations, banks, and for private investors, providing insight into economic patterns, interpreting financial data to see how it may affect investments, and making suggestions on profitable investment options.

Because of their mathematical and statistical abilities, actuarial science graduates are in high demand in this sector. You’ll also need strong analytical abilities to decipher complicated numerical data, good communication skills to counsel clients on business decisions, and a thorough understanding of current events to comprehend how they effect company investments.

Postsecondary teachers

If you enjoy sharing your knowledge and enthusiasm for mathematics with others, teaching could be a good fit for you. If you have a master’s degree in actuarial science, you can teach subjects like mathematics, extra mathematics, and statistics at secondary schools, pre-university level in colleges, or degree-level students.

As a teacher, you’ll be responsible for creating lesson plans, facilitating class discussions, and preparing students for tests and assessments. You’ll also need to simplify complex mathematical topics and come up with new strategies to keep your students interested in class.

We hope we’ve successfully debunked the idea that an Actuarial Science degree will lead you down a narrow road to a limited number of professional options. Despite being a specialist topic of study, the abilities you will gain during your degree will undoubtedly make you an invaluable asset to any firm, regardless of industry.

Lets now consider some of the top schools offering Actuarial Science degree…

Top Schools Offering Actuarial Science Degree

The schools below offer qualitative education in Actuarial Science degree with affordable tuition fees. Feeel free to contact them and get more information about this program:

Purdue University

Purdue University’s actuarial science program is a collaborative effort between the Departments of Mathematics and Statistics. The Department of Mathematical, one of Purdue University’s College of Science’s seven departments, is a nationally recognized center of excellence in mathematics research, education, and scholarship. It has 65 academics on staff and offers B.S., M.S., and Ph.D. degrees. It also provides Computer Science dual degrees.

This combined program offers a comprehensive major in Actuarial Science, and it tops our ranking as the best program in the country due to its cross-departmental resources, national reputation, research activities, and cost. In addition to the formal curriculum, Purdue’s actuarial science department offers extensive preparation for the Society of Actuaries and the Casualty Actuarial Society’s first five tests. Because the program is only for undergraduates, B.S. students in actuarial science receive all of the program’s resources and attention.

Milwaukee School of Engineering

Students interested in actuarial science at the Milwaukee School of Engineering can pursue their degree at one of the greatest universities in the country for not only actuarial science, but also mathematics, statistics, and computer science. MSOE teaches actuarial skills such as probability, forecasting, risk management and prevention, data analysis, business management, and human behavior to its students.

MSOE graduates work in the public and private sectors, as well as in education, labor unions, traditional accounting companies, the insurance industry, and independent consulting roles. MSOE has high expectations for its students and ensures that they graduate with a broad understanding of applied mathematics, computer programming, computer applications, statistical analysis, database management, business concepts, professional ethics, and communication and teamwork skills. Students are expected to pass the first two major actuarial tests prior to graduation and the remaining three afterward. Many students choose to continue their education after graduation.

Carnegie Mellon University

One of the most prestigious mathematics departments in the country is found at Carnegie Mellon University in Pittsburgh, Pennsylvania. It has decades of experience and competence in applied mathematics, discrete mathematics, logic, and mathematical finance, and students can choose from a variety of emphases, majors, minors, and areas of study while working toward their B.S. Mathematics, operations research and statistics, statistics, discrete mathematics and logic, and computational and applied mathematics are the current areas of specialization.

Students interested in pursuing a career in actuarial science should enroll in the statistics specialization, which teaches a wide range of skills such as data analysis, modeling and forecasting, and other actuarial applications that are directly applicable to the insurance and financial industries.

Many students in the statistics emphasis go on to graduate school, but graduates have a high rate of job placement in a number of fields. Individual student counseling is emphasized at Carnegie Mellon to ensure that each graduate is prepared not only in the general abilities that all mathematics and statistics students should learn, but also in the areas of specialization that they are best suited for.

Ohio State University

The Department of Mathematics at Ohio State University offers actuarial science training. Before declaring actuarial science as their major, students interested in this field must first begin as an actuarial science pre-major and demonstrate competency in general areas of knowledge, such as mathematics and statistics. They are eligible to be assigned an advisor who will lead them through the final phases of the program once they have completed the first steps and filed an application to the program.

Before completing their bachelor’s degree, OSU’s curriculum is designed to prepare students to pass the Society of Actuaries and the Casualty Actuarial Society’s five key actuarial tests. As a result, students who fulfill OSU’s high standards will be ready to work right after graduation, something that just a few of the programs on our list can claim.

The importance of analytical skills cannot be overstated in this profession, and OSU’s curriculum lays a strong emphasis on developing them. It also houses an Actuarial Science Club, which promotes the program’s objective through group study sessions, invited lecturers, and other activities.

Temple University

Temple University has a long history in actuarial science. It is consistently ranked as one of the best schools in the country for training students for careers in the field. The Society of Actuaries has designated it as a Center of Actuarial Excellence. The Department of Risk, Insurance, and Healthcare Management, which has considerable resources committed to the actuarial science area in particular, oversees Temple’s program. The program teaches students general business skills as well as advanced mathematics and statistics theory.

Students pursuing a B.B.A. in Actuarial Science at Temple take calculus, probability, statistics, actuarial modeling, and the theory of interest as part of their coursework. Temple’s program, like many others on our list, focuses on preparing students to pass the key actuarial tests by providing extensive coursework in both general and specialized areas. Another advantage of Temple’s program is its location: as significant locations for the insurance and allied sectors, Philadelphia and New York provide students with opportunities and advantages not available to students in other schools.

University Of Pennsylvania

The University of Pennsylvania’s Wharton School should come as no surprise. It is one of the best management schools in the world, not only in the United States. Actuarial science, which is provided as a focus to members of the school, and actuarial mathematics, which is offered as a minor to students from other Penn schools, are two of the school’s many areas of competence. Whartons actuarial science professors have won awards for their work in a variety of domains, including Bayesian analysis, high-dimensional inference, information theory, model selection, estimate, probability theory, and statistical algorithms.

Wharton’s approach to actuarial training includes not only standard analytical and statistical skills, but also the ability to make decisions, which is an often overlooked aspect of a profession that deals with uncertainty and risk. Wharton accomplishes this through providing training in statistical modeling, computational tools, and big data interpretation, and it is currently leading the way in these fields. Because of its location on Penn’s campus, it has access to a wide range of relevant disciplines, including computer science, finance, neurology, and public policy.

How Much Does It Cost To Study Actuarial Science?

The average tuition expenses of universities providing Actuarial Science degrees for the academic year 2020-2021 are $32,312 for undergraduate programs and $22,461 for graduate programs.

 


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