The exciting and dynamic future of actuarial science
If you pursue your bachelor's degree in actuarial science, you could find yourself in these pivotal roles. You could be the expert who predicts financial risk and keeps companies from experiencing catastrophic financial losses.
What is actuarial science?
Actuarial science is the study of risk factors, usually as they pertain to the financial industry. It uses mathematical and statistical data to predict financial risk and scrutinize uncertainty levels. Many industries employ the service of actuaries, including the insurance industry. In this role, they assist insurance companies as they underwrite policies by analyzing existing data, making predictions, and forecasting the probability of events.
- Health care
However, when most people hear the term "actuary," they picture the insurance industry or pension programs. And they're not wrong.
What do actuaries do?
- Reviewing financial data.
- Modeling catastrophes.
- Setting rates.
- Handling state filing requirements.
- Pricing a new product.
The job of an actuary can vary quite a bit depending upon the industry they're in and the position they hold. If you pursue this in-demand career, you may have a range of jobs to choose from, and your everyday routine may look far different from your fellow graduates’, though you may have the same job title.
How to become an actuary
It's worth noting that a lot of testing and dedication is involved in becoming an actuarial scientist. Still, for those who love mathematics and problem-solving, it's a highly gratifying and dynamic field.
Why you should consider studying actuarial science
- Actuaries are in demand - According to the Bureau of Labor Statistics, the demand for actuaries is expected to grow much faster than average between 2021 and 2031. It's projected that at least 2,400 jobs will open up for actuaries each year between now and then. For you, this means solid job security and a super-marketable resume. Because the job of an actuary requires highly refined skills, testing, and training, there are fewer suitable candidates for available openings than in some other professions.
- You'll gain valuable, marketable skills - The skills you'll master as you pursue your education and training in actuarial science will benefit you across your career. You'll have specialized knowledge of math and keen skills in analysis, technology, problem-solving, critical thinking, and business economics. If you ever decide to leave the field of actuarial science, everything you've learned will transfer easily to other industries.
- It's a challenging but fulfilling field - Do you love a good challenge? Actuarial science is a challenging field to pursue and requires dedication. However, it's highly rewarding for those who genuinely enjoy testing limits and have a passion for math and finance.
- It makes good use of a passion for math - There's more to do in the field of mathematics than teaching at the elementary or high school level. Actuarial science allows you to apply your mathematical abilities to real-world scenarios, helping real people and organizations prosper.
- There's good salary potential - You can earn a good salary as an actuary, too. Because this job is currently in demand and is only expected to become more in demand over the next decade, earning your bachelor's degree is a sound investment. Due to the unique skills this profession entails, this degree may pay for itself much faster than comparable degrees, allowing you to earn a higher starting salary and progress through the ranks more quickly.