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.
Highlighted courses and degrees in Actuarial Science
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.
Entry requirements will undoubtably vary by institutions, however it is expected that evidence of qualifications in Mathematics will be provided.
If English is not your first language then proof of proficiency in English will be required with a minimum IELTS score of 6 or equivalent.
If you do not meet the entry requirements you may want to consider a pathway course.
The most obvious career path is to become an actuary. The work is very specialized, and therefore only certified actuaries can accomplish it. If becoming an actuary does not interest you after completing the program, there are many other fields to use your skills in. The math, science, and economics skills learned throughout the degree will prepare anyone for a successful career in a variety of fields including (but not limited to ) financier, economist, risk manager, investor.
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