Actuarial Science

Actuarial science is the discipline that applies mathematical and statistical methods to assess financial risk in insurance and other industries and professions. Actuaries apply mathematics, probability theory, statistics, finance, economics and computer science to analyze past data and use that information to determine how much money should be set aside to cover the financial losses which could occur in the future. They attempt to quantify the risk of an event occurring using probability analysis so that its financial impact can be determined. To become a certified actuary, one must pass a series of actuarial exams. In order to improve one's career prospects, it is suggested that students try to pass at least one or two exams before graduation. For the insurance industry, they develop, price, and manage insurance products. They are involved in defining and creating pension and retirement plans for organizations. They serve as financial planning advisors. Actuaries also provide financial services, such as banking and investment management. They work with government institutions such as the Social Security Administration, the Department of Labor, and Medicare to manage social programs and to develop regulations and legislation. Download a copy of the Actuarial Science Track.

 

Most common career pathway with a degree in Actuarial Science