Anything about Actuarial Science?

Question

I'm about to take up BS Statistics Major in Actuarial Science in college. Some say it's really tough, some say it's a very good course and some have never even heard of it. If you know anything about this subject, please tell me. Thanks!

Answer 1

I also considered taking up a course in Actuarial Science this year. But, after some work experience, I decided that it wasn't for me - I wanted something that involved more maths. (There was only a little probability and some calculus.)

The firm I went to focused mainly on pension schemes and retirement ages for corporate groups, equities and bonds etc. I found that I had to learn a lot of new terminology just to understand what the firm's aims were - but that could just be me.

I was also told that the actuarial exams were tough and that even those who have never failed an exam before, may find them difficult to pass. The level of pay you receive will also depend on the number of actuarial exams passed. (I'm not sure what happens once you've passed all of the exams.) This way you can actually work your way up the career ladder. So yes, it can be a very well-paid job. For example, one of the actuaries I met, supposedly owns a house with 5 bathrooms (there are only 4 members in his family).

I also thought it was good that you could earn money while studying for your next exam, as opposed to having to pass all of the exams before being able to get a job. I met one guy in the firm, who had 2 free days a week to study - he was just out of uni and had passed no actuarial exams yet.

As for the course, I've been told by teachers that it is less intellectually demanding than a pure maths course. Also, of the 3 people I know, who took up courses in Actuarial Science, one had difficulty passing the exams and is now working in a bank in London, one hated the course and transferred to a course in Art & Design and, the other decided to go into Insurance.

Of course, I have no idea how a "Statistics Major" differs, but I hope this helped ~~ *^^*

(Useful sites: http://www.actuaries.org.uk , http://www.actuaries.asn.au )

Answer 2

All I know is that actuarial science is how one will figure out the most likely projected age for someone and the likeliness that they will pass away before then or after.

Answer 3

Its fascinating if you like math, and well-paying. I also think the career levels(at least at the beginning ) is test-based. Another good field you might look at is something like bio-statistics or bio-informatics (computer science), with the push of digitizing medical records and their analysis, these fields are growing.