The job outlook for actuarial science is great. Within the US alone, the Bureau of Labor Statistics expects a 20% increase in Actuarial Science jobs by 2028. Many institutions, like insurance firms, banks, and other financial institutions get pleasure from having an actuary on board. But what’s Actuarial Science and is that this a career that may fit you?
In this article, let us look at:
- What is Actuarial Science?
- What does an actuary do?
- Admission requirements
- Universities and colleges
- Tuition fees
- Jobs and salaries
1. What is Actuarial Science?
Actuarial Science deals with evaluating risks and maintaining the economic stability of insurance or financial organizations. Actuarial science courses help graduates find out how to use Mathematics, Statistics, and Probability principles to anticipate future events and take preventive measures. The syllabus covers the above topics for better understanding and anticipating.
The main goal of the Actuarial Science course is to develop the knowledge needed to perform an actuary job and to organize students to pass their exams faster (keep on reading to find out more about them).
2. What does an actuary do?
Actuaries analyze past data and use that information to work out what proportion money should be put aside to hide the financial losses which could occur within the future. The actuary will identify a trend and use it to predict the proportion for this year and establish what proportion everyone should pay money for their insurance in order that it might cover the damages of a car crash. One of the most challenges for an actuary is when there isn’t any past data or when the information isn’t relevant thanks to policy or other sorts of changes.
3. Admission requirements
Here is the actuarial science eligibility you’ll expect during the application process. Some universities may ask you for more documents, while others also accept students with a Bachelor’s degree that’s not associated with Actuarial science Studies. The requirements for admissions abroad differ from the admission of actuarial science in India.
Bachelor’s in Actuarial Science
· High-school transcript of records
· Letter of reccomendation
· Financial certification
Master’s in Actuarial Science
· Minimum English language test scores: IELTS – 6.5 or TOEFL – 85
· Bachelor’s degree in Mathematics, Statistics, or a related field
· Minimum GPA: 3.0
· GRE test scores
4. Universities and colleges
According to the Society of Actuaries, these are a number of the most effective universities and colleges offering actuarial science degrees:
· Australian National University, in Australia
· Heriot-Watt University, in the UK
· Illinois State University, in the US
· Simon Fraser University, in Canada
· Here are other universities we recommend for Actuarial studies:
· Swansea University, the UK
· Tilburg University, European nation
· KU Leuven, Belgium
· Università Cattolica del Sacro Cuore, Italy
5. Tuition fees
Actuarial science fees at these top universities are between 15,000-28,000 EUR/academic year. The sole exception is Simon Fraser University, where tuition only costs 2,600 EUR. If you’re curious about other Actuarial degrees that cost but 3,000 EUR/year, take a look at countries like:
· The Netherlands
· Actuarial Exams
You need to pass the actuarial exams to become a professional actuary. These are independent exams and aren’t associated with academic institutions.
The good news is that actuarial jobs start at an entry-level actuary assistant or junior analyst while taking the exams. Salary is good and that matched you, as many companies support employees and reward them financially for passing their actuarial exams.
6. Jobs and salaries
We’ve already mentioned that Actuarial Studies facilitate you to pass the actuarial exams faster and become a completely qualified actuary. But they also allow you to figure in other fields after graduation due to the solid knowledge in Mathematics, Statistics, Finance and Accounting.
Here are a number of the foremost actuarial jobs and their annual salaries within the US:
Jobs that don’t require passing the actuarial exams
· Business Analyst – 63,000 USD
· Financial Planner – 62,000 USD
· Risk Analyst – 63,000 USD
· Underwriter – 60,000 USD
· Investment Analyst – 63,000 USD
Jobs that need passing the actuarial exams:
· Actuary – 86,000 USD
· Senior Actuarial Analyst – 84,000 USD
The scope of actuarial science is good. It’s a specialized position requiring intense training and devotion, but if you’re up for the challenge, the work market is eagerly watching for people rather like you.