Actuarial science is the discipline that applies mathematical and statistical methods to assess risk in insurance, finance and other industries and professions. More generally, actuaries apply rigorous mathematics to model matters of uncertainty. Actuaries are professionals trained in this discipline.
This course readies you for a career as an actuary in finance, investments, banking or insurance.
Actuarial science is a discipline that assesses financial risks in the insurance and finance fields, using mathematical and statistical methods.
What is Actuarial Science?
Actuarial Science deals with evaluating risks and maintaining the economic stability of insurance or financial organisations. Actuarial Studies graduates learn how to use Mathematics, Statistics, and Probability principles to anticipate future events and take preventive measures.
The main goal of Actuarial Studies is to develop the knowledge needed to perform an actuary job and to prepare students to pass their actuarial exams faster (keep on reading to learn more about them).
What does an actuary do?
Actuaries analyse 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.
Let’s take car accidents as an example. If an actuary wants to predict how many people in London will get in an accident in November, this year, they will look at the percentage of people involved in accidents in the previous years.
Based on that data, the actuary will identify a trend and use it to predict the percentage for this year and establish how much each person should pay for their insurance so that it would cover the damages of a car crash.
One of the main challenges for an actuary is when there isn’t any past data or when the data isn’t relevant due to policy or other types of changes.
We will provide more information about Jobs, Career, Salary and Education Information.
Admission requirements for Actuarial Studies
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. You can check the Jamb Brochure guide for Actuarial Science
Bachelor’s in Actuarial Science
- Minimum Jamb Score
- SSCE/WAEC results
- Testimonial/Letter of recommendation
Master’s in Actuarial Science
- Minimum of 2:2 (Second Class lower) in B.Sc Actuarial Science
- Bachelor’s degree in Mathematics, Statistics, or other related courses in the faculty of Administration
- Minimum GPA: 2.5
- GRE test scores (For International Studies)
Best Actuarial Science universities and colleges
School Fees for Actuarial Studies
School and Tuition fees at these top universities are varies for every academic year.
You need to pass the actuarial exams to become a qualified actuary. These are independent exams and aren’t related to academic institutions.
Actuarial exams are difficult and require intense preparation. This is why most people need between 7-10 years to pass all of them. Each exam can take between 3-5 hours and involves both multiple-choice questions as well as written answers.
The good news is you can work as an entry-level actuary assistant or junior analyst while taking the exams. Your hard work will pay off, as many companies support employees and reward them financially for passing their actuarial exams.
For more details about costs and exam difficulty, Etched Actuarial is a great resource.
Actuarial Science jobs and salaries
We’ve already mentioned that Actuarial Studies help you pass the actuarial exams faster and become a fully qualified actuary. But they also allow you to work in other fields after graduation thanks to the solid knowledge in Mathematics, Statistics, Finance and Accounting.
Here are some of the most popular jobs and their annual salaries in the US:
Is an Actuarial Science degree worth it?
If you’re determined to become an actuary and want to speed up the process, an Actuary Science degree will help you achieve that. However, it is not a requirement. You can study any Finance, Mathematics, or Statistics degree and still pass the actuarial exams.
Actuarial Studies are a great choice for people who are determined to follow an actuary career path and won’t settle for anything else. It is a very specialised position requiring intense training and devotion, but if you’re up for the challenge, the job market is eagerly waiting for people just like you.
Where to Study Actuarial Science Online
You can study this course online via
edx : https://www.edx.org/course/introduction-to-actuarial-science ; or
Actuarial Science – Wikipedia : https://en.wikipedia.org/wiki/Actuarial_science
What Is Actuarial Science and Should I Study an Actuarial Degree in 2020? : https://www.mastersportal.com/articles/2732/what-is-actuarial-science-and-should-i-study-an-actuarial-degree-in-2020.html