Actuarial science majors learn how to use math and statistics to analyze risk. These skills can then be used to solve management problems in insurance and other businesses. If you feel at home in front of a computer and enjoy analyzing data, this career path may be a good fit for you. A successful actuary is self-motivated, goal-oriented, and an effective communicator.
Education
According to the College Board, this major is often offered at the bachelor’s degree level. If you choose to pursue a career as an actuary after college, you’ll be required to pass a series of tests in order to be certified. The courses you’ll take as an actuarial science major will help prepare you for that test. You’ll study a mix of math, economics, and statistics — a typical course load looks something like this: calculus, macro and micro economics, probability, risk theory, and statistics. Both in and out of the classroom, you’ll be spending a lot of time solving complicated problems, often on a computer.
What to know before you apply
As you’re looking at schools, take note of the requirements you have to fulfill before declaring your major. Many schools may require a decent amount of prerequisite courses. You’ll also want to learn about the many resources available to you as an actuarial science major. Are the faculty and staff well-connected in the business and insurance worlds? Will you have access to a tutoring center or campus clubs related to your major for help with difficult assignments? These types of resources will help you be successful as you study for exams and work on various social and business problems.
Colleges offering related fields of study
• Quinnipiac University: Hamden, CT
• Elmhurst College: Elmhurst, NY
• Barry University: Miami, FL
• Butler University: Indianapolis, IN
Salary
If you choose to study actuarial science, you may later pursue a career as an actuary, economist, or statistician. According to the U.S. Bureau of Labor Statistics, actuaries earned a median pay of $93,680 per year and $45.04 per hour in 2012.
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