Masters in actuarial science and financial engineering are generally considered to be part of the field of business, these fields of study apply the use of mathematical and statistic methods to assess and manage risk in the insurance, financial and business worlds.
Earning a master’s degree in actuarial science or a masters in financial engineering might lead to new employment and advancement opportunities in the field, or help prepare students to take rigorous certification exams. With a graduate masters degree in actuarial science or financial engineering, graduates are prepared to assess risk and create solutions to help businesses and clients minimize the impact of that risk in a variety of trades including insurance companies, consulting firms, bank and investment firms, large corporations, accounting firms and various governmental agencies.
It is highly recommended to have a mathematics-based undergrad degree when applying for a graduate degree in actuarial science or financial engineering. Such degrees include commerce, mathematics, physics, and engineering.
Actuarial Science and Financial Engineering Master's Program Curriculum
Anyone considering earning a masters degree in actuarial science or a masters in financial engineering should have strong mathematical skills and an analytical thinking process. Students should also possess good business sense, creative thinking, strong computer skills, and be well informed with current financial, economic, and business related trends and legislation.
Actuaries must also pass a series of exams to become certified in the field. These exams are rigorous and it often takes four to eight years to reach full professional status.