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Actuary Training, Courses and Career Education Programs

Majors Overview March 4, 2013

Passing the Actuarial Science Associate and Fellows examination is mandatory for aspiring actuaries who are also required to complete coursework in actuary statistics and mathematics. The government, labor unions, universities and insurance companies are among the most common employers of actuaries. Students who study actuarial science learn how to calculate insurance premiums and bond interest, create survival models, distribute payments, and assess risk.

Actuarial Science

Casualty, social and life insurance are examined by students, so they can prepare themselves for the Actuarial Science Associate and Fellows exam. Students learn insurance medicine, moment generating functions, and counting techniques. To prepare for a career in insurance, students learn about insurance policies, health outcomes, and mortality. Current advancements in the actuary field are also discussed.

Actuarial Mathematics

Calculation of insurance premiums and creation of survival models are taught in the mathematics course that includes many specific topics, such as life annuities, benefit reserves, Poisson distribution and multiple life functions. Coursework is devised to prepare students to take the actuary exams even as they learn the calculus-based theories of actuarial science.

Actuarial Statistics

Statistics and mathematics are interchangeable in actuarial training; however, statistics has special importance to the actuarial process during the analysis of collected data to assess risk and in researching how insurance claims are distributed. The continuation of learning counting models and techniques takes place in this course, as well as a new study of random variables, Bayes’ theorem, and expected values.

Interest

Students will take this course once the other three core courses have been completed. Individuals will become familiar with basic interest on insurance policies through this course. Compound and simple interest, reinvestment, and depreciation are examined. Students are trained in calculating future and present values of bonds, stocks, and insurance claims. Students will be prepared for the Actuarial Science Associate and Fellow examination through this course.

Information on Actuary Training

Actuarial science degrees are offered at several colleges, and the subject is treated as a concentration under a science degree. Graduates can improve their career prospects by passing the Actuarial Science Associate and Fellow exam. The actuarial examinations are offered by both the Society of Actuaries and the Casual Actuarial Society.

Information on Actuary Career

Students who graduate with an actuary science degree will work at consulting firms, banks, universities, and insurance agencies. In 2008, there were 19,700 jobs in the actuary field, which are expected to increase in the future (source: U.S. Bureau of Labor Statistics (www.bls.gov)). During 2008, the average annual salary for actuaries was more than $84,000.

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