Actuarial Science – Careers & Courses

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If you are a commerce or mathematics student, the field of actuarial science is a great option for you, given that you have the skills and the inclination.

We look at it today.


What is Actuarial Science?


Actuarial science is a discipline that deals with assessing the risk in insurance companies, financial organisations, and other industries and professions by applying mathematical and statistical methods. In simple words, actuarial science is about using math to assess what will happen next in a financial organisation or an insurance sector.

It is the job of the actuaries to analyse the data and decide on how much funds should be kept aside to cover the financial losses that could occur in the future.

According to the U.S. Bureau of Labor Statistics, jobs for actuarial science graduates will increase by 24% in the next ten years, and this is much faster than the average of all the other occupations combined.


What does a degree in Actuarial Science offer?


Actuarial science is a multi-disciplinary course that includes various subjects such as mathematics, probability, statistics, finance, economics, and computer science. Many university courses in actuarial science offer a solid foundation course in mathematics, statistics, economics, and other investment-related courses. Actuarial science is also used to quantify the cost of business risk, pension payment, and all the other future costs of an organisation that are uncertain in the present.


Skills needed in Actuarial Science


  • Specialised math knowledge
  • Analytical Problem Solving Skills
  • Project management
  • Problem-solving skills
  • Good business sense
  • Solid communication skills (oral and written)
  • Strong computer skills
  • Critical Reasoning
  • Research and Investigation Skills
  • Design and Planning Skills
  • Information Management

The curiculum includes


  • Financial Derivatives
  • General Insurance Reserving and Capital Modelling
  • General Insurance
  • Investment and Finance
  • Financial Derivatives
  • General Insurance Reserving and Capital Modelling
  • General Insurance
  • Financial Engineering and Loss Reserving
  • Business Finance
  • Business Economics
  • Business Management

Career options for graduates


  • Actuary
  • Auditor
  • Budget analyst
  • Cost estimator
  • economist
  • Senior Actuarial Analyst
  • Business Analyst
  • Financial Planner
  • Risk Analyst
  • Underwriter
  • Investment Analyst

Top universities to study Actuarial Science


Serial No. University Country
1 Harvard University Massachusetts
United States
2 University of Pennsylvania Pennsylvania
United States
3 University of Groningen Groningen,
Netherlands
4 University of Warwick United Kingdom
5 Massachusetts Institute of Technology New York State ,
United States
6 University of Michigan – Ann Arbor Michigan,
United States
7 Erasmus University Rotterdam Rotterdam,
Netherlands
8 London School of Economics and Political Science London,
United Kingdom
9 ISEG – Lisbon School of Economics & Management Lisbon,
Portugal
10 Universidad Complutense de Madrid Madrid,
Spain

Following are the best universities to study actuarial studies according to the society of actuaries :


  • Australian National University, in Australia
  • Heriot-Watt University, in the U.K.
  • Illinois State University, in the US
  • Simon Fraser University, in Canada

United States of America


The United States of America is one of the popular destinations when it comes to studying actuarial science. The world-class universities, high-ranked educational system, top-class research facilities, career flexibility, and advanced curriculum are a few reasons why the United States is considered the most popular destination to study actuarial science. An actuary in the United States is paid around $110,000 annually, and the universities also prepare the students for licensing examinations.


Top Universities


  • Harvard University
  • University of Pennsylvania
  • Massachusetts Institute of Technology
  • University of Michigan – Ann Arbor
  • Brigham Young University
  • University of Illinois
  • Ohio State University
  • Florida State University
  • University of Minnesota

Portugal


Portugal has become one of the top global ed destinations to study actuarial science because of the international standards that the universities maintain and the updated syllabus that they offer. Universities also provide hands-on training by giving them opportunities to work with the industries towards the end of the second year. The cost of living is one of the essential factors why students would want to consider studying in Portugal. A monthly budget of $600 to $900 is well enough for the student to cover everything from accommodation to extracurricular activities. The ISEG – Lisbon School of Economics & Management has received accreditation from the Association to Advance Collegiate Schools of Business and the Association of MBA or AMBA, which only 5% of business schools around the world have received.


Netherlands


With top-class universities and uncompromised educational standards, the Netherlands is also a popular destination to study actuarial science. Another reason to consider the Netherlands is the vast career opportunities that are available in the country and the high number of insurance and finance-related companies.

Top Universities

  • University of Groningen
  • Erasmus University Rotterdam
  • University of Amsterdam
  • Tilburg University
  • Maastricht University
  • Utrecht University
  • Leiden University

Australia


With the unmatchable international student support and career opportunities, Australia is also a great choice when it comes to studying Actuarial science. There are many top-rated universities in Australia that offer the actuarial science program as an undergraduate and a post-graduate degree. Friendly, laid-back nature, excellent education system, and high standard of living are a few other reasons why international students prefer Australia as their ideal global destination.

Top universities

  • Australian National University
  • University of Melbourne
  • Monash University
  • University of New South Wales
  • Macquarie University

Canada


Canada is also a popular global ed destination to study actuarial science; career opportunities are the main reason why students prefer Canada over other global ed destinations. Canada has a lot of insurance companies and also finance organisations. So, it’s easy for the students to get a hands-on industrial experience during their studies and also, there are relatively high placements in the Canadian universities.

Top universities

  • Simon Fraser University
  • University of Regina
  • St. Francis Xavier University
  • University of Windsor,

To know more and start your global ed journey, you can log on to our student portal: https://tcglobal.com/login.


Date added
18.05.2022

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