Actuarial Science is a professional discipline that assesses the financial risks in insurance, finance fields and other industries by applying mathematical and statistical methods.
At its essence, Actuarial Science as a profession attempts to quantify the risk of an event occurring through statistical and probability analysis, so that its financial impact can be evaluated. Thus, Actuaries aim to maintain the economic stability of insurance firms or other financial organisations by evaluating the financial implications of uncertain future events.
If you find yourself interested in data analysis, probability models and finance, you can consider studying Bachelors in Actuarial Science for your undergraduation. Actuarial Science will help you develop the knowledge base and skill set to evaluate the probability of financial risks and how to effectively plan for the same.
There are a wide range of career possibilities which you can consider after graduating in Actuarial Science. The job outlook for Actuaries is great considering the financial institutions proactive approach to prevent an undesirable occurring which can cause financial damages. Earning a Bachelors degree in Actuarial Science will help you take the right financial decisions to mitigate risks.
There are varied and numerous courses that one would come across while studying Actuarial Science. Below is the list of core courses in Bachelor's of Actuarial Science:
- Financial Mathematics for Actuarial Science
- Actuarial Insurance
- Actuarial Models
- Statistical Inference
- Time Series Analysis
- Regression Analysis
- Risk Theory
Actuarial Science subjects encompass a wide range of fields to help you prepare for the challenges and uncertainties of the financial world. Following are some of the Actuarial Science subjects needed to earn a bachelor’s degree:
- Linear Algebra
Actuarial Science of skills to their work:
- Specialized math knowledge. Calculus, statistics, probability.
Keen analytical, project management, and problem solving skills.
- Good business sense. Finance, accounting, economics.
- Solid communication skills (oral and written)
- Strong computer skills.
These are the general requirements you can expect during the application process. Some universities may ask you for more documents, while others also accept students with a Bachelor’s degree that’s not related to Actuarial Studies.
- Bachelor’s in Actuarial Science
- Minimum English language test scores: IELTS – 6 or TOEFL – 80
- High-school transcript of records
- Letter of recommendation
- Financial certification
Top Scholarships :
- IASA Insurance Industry Collegiate Scholarship Program
- Harlem YMCA bai Corporate Scholarship Award
- GRCF Economic Club Business Study Abroad Scholarship
- Evalee C. Schwarz Charitable Trust for Education Scholarship
- Ritchie-Jennings Memorial Scholarship
- Edward C. Bryant Scholarship
- Paul S. Mills Scholarship
- Congress-Bundestag Youth Exchange for Young Professionals
- Cognizant Making the Future Scholarship Program
- Arizona Public Service Navajo Scholars Program for Tribal Colleges
Here are some of the career possibilities after Bachelor’s in Actuarial Science:
- Risk Analyst or Consultant
- Insurance Underwriter
- Actuarial Associate
- Recruitment Analyst
- Actuary Valuation Methodology and Implementation
- Product Manager
- Financial Adviser