Actuarial Science Graduate Programs

Actuarial Science Graduate Programs and Curriculum

Anyone considering an actuarial Science master’s degree should have strong mathematical skills and an analytical thinking process. Actuaries 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. The first of these exams can be taken in college and allows the actuary to gain employment. Once employed, companies often pay exam fees for actuaries in their employment and generally increase pay as actuaries complete their exams.

It is highly recommended to have a mathematics-based undergrad degree when applying for a graduate degree in actuarial science. Such degrees include commerce, mathematics, physics, and engineering. A student with a master’s degree in actuarial science can opt for different concentrations; however, there are several courses that seem to be typical across all programs and concentrations. These courses include:

• Finance mathematics
• Life insurance models
• Risk models and theory
• Statistical techniques
• Economics
• Stochastic processes

Most programs recommend the completion of an internship to prepare students for employment.

As previously mentioned, to become a fully certified professional actuary, one must have a degree from an accredited university and pass a series of exams. Courses and study aids are available for exams after the initial exam. The exams can be started while still in college and many companies are now requiring that actuaries pass the initial exam as a condition of employment. Many actuaries graduate with a job or job prospects and employers often pay exam fees for future exams.

Both the Society of Actuaries (SOA) and the Casualty Actuarial Society (CAS) certify actuaries. The initial exams for both societies are the same, but differ in later stages. As such, actuaries are asked to choose an area of specialization. The SOA certifies actuaries in the areas of life insurance, health benefits systems, retirement systems, and finance and investment. The CAS certifies those working in the area of property and casualty, including automobile, homeowners, medical malpractice, worker’s compensation, and personal injury liability.

Actuarial Science Career Paths

Actuaries held about 20,000 jobs in 2008. They were employed in a variety of industries such as the consulting sector or insurance companies. Other areas of employment included company and enterprise management, brokers and government agencies.

Data according to

Actuaries, Bureau of Labor Statistics Occupational Outlook Handbook, 2010—2011

Actuarial Future Job Outlook

In 2008, the average salary for an actuary was $85,000. Those having graduated with a bachelor’s degree had an average starting salary of $56,000. According to the Bureau of Labor Statistics, the field of actuarial science is expected to grow 21% by 2018 due new employment opportunities in consulting firms, healthcare management, and high risk industries such as banking and airlines.