Today, there are numerous mathematical departments and professions available in the business industry. For example, actuaries are scaled to grow exponentially over this next decade with more individuals to be employed in the profession. According to the U.S. Bureau of Labor Statistics, the actuarial profession is expected to grow 23% from 2022 to 2032 highlighting their prominence in the nation’s financial department.
What does an Actuary do?
To start off, An actuary is a business expert specializing in assessing the financial impact of risk. They employ mathematics, statistics, and financial theory to evaluate uncertain future events, with a focus on areas such as insurance and pension programs. Actuaries can be found working in various settings including insurance companies, consulting firms, government agencies, corporate employee benefits departments, hospitals, banks, investment firms, and any other businesses that need to manage financial risk. Although actuaries deal with mathematics and finance, they are primarily categorized as a business profession.
How to become an Actuary?
To become an actuary, you need to pass a series of exams to earn certifications from professional organizations. The main groups are the Society of Actuaries (SOA), which focuses on life, health insurance, employee benefits, and pensions, and the Casualty Actuarial Society (CAS), which deals with auto, fire, liability insurance, and workers' compensation. There’s also the American Society of Pension Actuaries, which certifies pension plans for the government. Getting into this field is tough and requires a strong academic record, often with at least a 3.2 GPA and passing some actuarial exams. Employers are looking for students who are good with numbers, can communicate well, and have a broad knowledge base including math, statistics, business, and other subjects.
A good starting point for aspiring actuaries is to major in Actuarial Science, a program offered by the Math and Statistics departments. This major gives you the math, probability, and business knowledge needed to pass the first few actuarial exams. The program includes lots of math and stats classes, as well as some business courses. It’s also useful to take extra classes in management, economics, computer science, or communication. The goal is to get students ready for actuarial exams and to provide a well-rounded education. Ideally, students should pass the first actuarial exam by their junior year to help with internships and aim to pass at least one more exam by their senior year to improve their chances of getting a job after graduation.
Best Schools to become an Actuary
To continue, the top universities to become an actuarial scientist are University of Pennsylvania, University of Illinois, University of Wisconsin, University of Michigan, and Purdue to name a few. Penn's actuarial science program is part of its prestigious Wharton School, offering students a strong foundation in finance and risk management. The program is known for its rigorous academic standards and exceptional career placement services. Illinois university boasts one of the top actuarial science programs in the country. It provides extensive resources for students, including preparation for actuarial exams and internships, and has a solid track record of student success in the field. Purdue University provides a well-rounded actuarial science education with a focus on preparing students for actuarial exams and professional success. The program is known for its strong emphasis on mathematics and statistics, as well as its career development opportunities. All in all, these schools provide great educational opportunities to become actuarial students and gain new insights on the profession.
__________________________________________________________________________________
Sources & References:
__________________________________________________________________________________
For any and all inquiries, please fill out our contact form on our website, or send us an email at theglobalbusinessscholars@gmail.com.
Our executive team will be in touch shortly.
Comments