An actuary is the person responsible for constructing life, property and health insurance plans, using a vast array of complex mathematical techniques. An Actuarial Science Degree focuses on becoming a certified actuary, learning the skills needed to limit the impact to insurance companies of situations like disability, loss of income through death, retirement, or loss of property through theft, fires, or any unforeseen circumstances. While becoming an actuary is primarily focused around the application of sound mathematical formulas, many other factors are included in weighing any and all risk in insurance plans.
What is studied through an Actuarial Science Degree?
The main focus of this degree is mathematics. The mathematical skills learned are rooted in the areas of finance and probabilities. Forecasting and valuing actuary models as well as weighing the cost benefits of certain decisions all play a large role in studying what is necessary to becoming an actuary. A sample of modules that may be studied when trying to become an actuary include Financial Principles for Actuarial Science, Advanced Pension Mathematics, and Insurance Products and Regulations.