What Is Actuarial Science and Should I Study an Actuarial Degree in 2022/2023?;- The employment prognosis for actuaries is excellent. By 2028, the Bureau of Labor Statistics predicts a 20% rise in Actuarial Science jobs in the US alone.
What Is Actuarial Science and Should I Study an Actuarial Degree in 2022/2023?
Having an actuary on staff has advantages for many organizations, including insurance companies, banks, and other financial institutions. But what exactly is actuarial science, and might you make a career out of it?
What is Actuarial Science?
Actuarial science is concerned with assessing risks and preserving the financial stability of financial or insurance organizations. Graduates of actuarial studies are taught how to apply the principles of mathematics, statistics, and probability to predict future events and take preventive action.
Actuarial Studies’ main objectives are to equip students with the knowledge necessary to execute actuarial duties and to help them pass their actuarial tests more quickly (keep on reading to learn more about them).
What does an actuary do?
Actuaries examine historical data to estimate the amount of money that should be set aside to cover potential financial losses in the future.
Take automobile collisions as an example. An actuary will look at the percentage of persons engaged in accidents in previous years to estimate how many people will be involved in accidents in London in November of current year.
The actuary will use that information to discover a trend, anticipate this year’s percentage, and determine how much each individual should pay for insurance in order for it to cover the costs associated with an automobile accident.
When there is no historical data or the data is no longer relevant owing to changes in policy or other factors, it can be difficult for an actuary to make predictions.
Admission requirements for Actuarial Studies
These are the standard prerequisites for the application process. Some colleges may require you to submit additional paperwork, while others will accept applicants with a Bachelor’s degree in a field unrelated to actuarial studies.
Bachelor’s in Actuarial Science
IELTS – 6 or TOEFL – 80 as the minimal English proficiency requirements
- A transcript from high school
- Recommendation letter
- Monetary authorization
Master’s in Actuarial Science
- Minimum IELTS or TOEFL scores for English are 6.5 or 85.
- Bachelor’s degree in statistics, mathematics, or a closely related subject
- 3.0 minimum GPA
- GRE test results
These are some of the top institutions and colleges for actuarial studies, according to the Society of Actuaries:
- Australia’s Australian National University
- UK’s Heriot-Watt University
- US institution Illinois State University
- Canada’s Simon Fraser University
The following institutions are also recommended for actuarial studies:
- UK’s Swansea University
- University of Tilburg in the Netherlands
- Belgium’s KU Leuven
- Italy’s Cattolica del Sacro Cuor University
Tuition fees for Actuarial studies
These prestigious universities charge between 15,000 and 28,000 EUR in tuition every academic year. Simon Fraser University is the lone exception, where tuition is only 2,600 EUR.
Check out nations like: if you’re interested in more Actuarial Science degrees that cost less than 3,000 EUR/year.
- United Kingdom
To become a qualified actuary, you must pass the actuarial exams. These tests are unrelated to academic institutions and are independent.
Actuarial examinations are challenging and demand extensive study. Because of this, it takes the majority of people 7–10 years to complete them all. Each exam includes both multiple-choice questions and written answers, and it can last anywhere from three to five hours.
The good news is that you can continue to work as a junior analyst or an entry-level actuarial assistant while you study. Your efforts will be rewarded because many employers assist their staff members and give them financial incentives for passing their actuarial tests.
Etched Actuarial is a wonderful site for more information about fees and exam difficulty.
Actuarial Science jobs and salaries
Actuarial Studies can help you pass the actuarial tests more quickly and earn complete certification as an actuary, as we’ve already indicated. However, because they also give you the foundational skills in finance, accounting, statistics, and mathematics that you need to succeed in other industries when you graduate.
Here are some of the most well-liked careers in the US together with their annual salaries:
Jobs that don’t require passing the actuarial exams
- 63,000 USD for a business analyst
- Financial Advisor: $62,000
- Risk Analyst: USD 63,000
- 60,000 USD for the underwriter
- Financial Analyst: $63,000
Jobs that require passing the actuarial exams:
- Actuary: USD 86,000
- 84 000 USD for a senior actuarial analyst
Is an Actuarial Science degree worth it?
An Actuary Science degree will enable you to expedite the process if you are committed to becoming an actuary. It is not necessary, though. You can pursue any degree in statistics, math, or finance and still pass the actuarial tests.
For those who are adamant about pursuing an actuarial career path and won’t settle for anything less, actuarial studies are a fantastic option. If you’re ready for the task, the employment market is looking for people just like you. It’s a highly specialized career that requires intense training and devotion.
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