[NewsStrive717]

I'm currently thinking about changing my major to Actuarial Science. I have never heard of this major until recently from my manager at work. Can some one who knows information about this major give me some feedbacks as to the degreed of difficulty to get a job, minimum/maximum salary, kinds of classes required or recommended, ect. All I know is that this major involves math and I like math. And if I do decide to be major in actuarial science, what minors would be good to go with? Tell me everything you know? Please?

[marrymehyori]

Most people who see it as tedious and boring, but because not too many want to do it, it pays pretty well.

When an insurance company tries to determine how much of a premium to charge to which customers, they rely on the work of actuaries who develop the tables that tell them unmarried males under the age of 25 have to pay through the nose


From the Georgia State catalog:

Actuarial Science is a discipline that employs mathematics and statistics in modeling the financial impacts of risk and uncertainty in various sectors of the economy, and in designing solutions of managing risks. A majority of professional actuaries work in careers that are associated with the insurance industry, though growing numbers work in other fields.

Course work for the degree:

Valuation of Financial Assets
Financial Engineering
Quantitative Financial Risk Models
Life Contingencies I
Life Contingencies II
Life Contingencies III
Linear Regression and Time Series
Actuarial Science Graduate Seminar
Stochastic Interest Rate and Credit Models
Stochastic Risk Management Models
Risk Management Modeling
Loss Distributions and Credibility Theory
Advanced Survival Models
Principles of Property/Casualty Ratemaking

[NewsStrive717]

how can it be boring? I thought it was suppose to challenging...=[ I thought it was that because it's tough that not many people like to go for it.


thank you for listing all the courses required

[suki_*]

it's very hardcore that's all i know...

you gotta be really passionate and very good at math. i have a few friends who struggle in the program and some that don't so it's all about how actuary science has came into your life. hahaha

it makes realllly good money though.

[marrymehyori]

how can it be boring? I thought it was suppose to challenging...=[ I thought it was that because it's tough that not many people like to go for it.
thank you for listing all the courses required

Boring to most people because most people hate numbers and math and statistics. Show them a table full of numbers, and most people's eyes will glaze over, they want no part of it. But if you ARE a spreadsheet geek, it might be exactly what you're looking for!

[1SwtDeception]

I remember hearing about actuarial science in my jr year of high school It is the highest paying math jobs. Not sure if it is still one of the highest paying math jobs, but it still makes good money. I'd guess above 80k

marrymehyori already stated it from his/her school.

From my school:
Actuarial Science applies mathematics to insurance problems. Practicing actuaries calculate insurance premiums, policy and loss reserves (liabilities) and estimate costs of future losses.
(UMN)

Courses:
MATH 4065 � Theory of Interest (3 cr)
MATH 5067 � Actuarial Math I (4 cr)
MATH 5068 � Actuarial Math II (4 cr)
STAT 5101 & 5102 � Theory of Statistics I & II (4 cr each) Or
MATH 5651 & 5652 � Basic Theory of Probability & Statistics and Introduction to Stochastic Processes (4 cr each)

(STAT 4101 & 4102 � Theory of Statistics I & II is also acceptable if the student has a probability course as well. We recommend one of the other sequences instead.)

Required prerequisite courses include differential and integral calculus, MATH 1271, 1272, 2243, & 2263.


Plus four additional credits chosen from:

4100 INS Corporate Risk Management (2 cr)
4101 INS Employee Benefits (2 cr)
4200 INS Insurance Theory and Practice (2 cr)
4201 INS Personal Financial Management (2 cr)
4202 INS Personal Financial Planning 2: Tax and Estate Planning Techniques (2 cr)


Students are encouraged to take electives from the following list:

3101 ECON Intermediate Microeconomics (4 cr)
4751 ECON Financial Economics (3 cr)
4121 FINA Financial Markets and Interest Rates (2 cr)
4321 FINA Portfolio Management and Performance Evaluation (2 cr)
4541 FINA Futures, Options, and Other Derivative Securities (4 cr)
4641 FINA International Finance and Risk Managment (4 cr)

These site might be good for you:
http://www.actuary.com/
http://actuarialgrads.com/


And here's an idea of the salary:
http://www.dwsimpson.com/salary.html

Not sure on the minor, maybe Finance?

[NewsStrive717]

thank you guys so much for replying. I was a little worried since I just read that individuals getting degrees in Liberal Arts and Sciences find themselves with a lot more debt when compared to their salaries from my Macroeconomic book I was thinking about changing my major once more. Especially 1SwtDeception for all the info you have provided. At least now I have an idea of what the salary might be to pay of me debt when I graduate. It seems that the more years of experience and the number of exams contribute to the income. I don't think I like that much because people in this major don't start off with a good salary like pharmacists do.

[actuary]

NewsStrive717, on 02 September 2007 - 05:51 AM, said:

thank you guys so much for replying.  I was a little worried since I just read that individuals getting degrees in Liberal Arts and Sciences find themselves with a lot more debt when compared to their salaries from my Macroeconomic book I was thinking about changing my major once more.  Especially 1SwtDeception for all the info you have provided.  At least now I have an idea of what the salary might be to pay of me debt when I graduate.  It seems that the more years of experience and the number of exams contribute to the income.  I don't think I like that much because people in this major don't start off with a good salary like pharmacists do.

For actuarial salaries broken down a little finer, see http://www.EzraPenland.com/salary

[x123x]

It's a pretty well paying job, and can be difficult, depending on how good your math is. People who graduate from an Actuarial Science major will still have to write a certified exam to become a professional actuary (I believe it's called the SOA), and some people start writing this series of exams starting their second or third year into the major, so that they have the certification by the time they graduate.

Most people I know that graduated from an Actuarial Science major don't have trouble finding jobs. As for the minor, you might want to look into Finance, Statistics, or maybe Economics.

Good luck with your studies!

[hyu-go]

I have a lot of actuaries friends.

I live in Montreal, so salaries are in general lower and we have a bigger supply of actuaries than elsewhere, but they make around the same as engineers.

The above poster mentioned SOA exams. It isn't one exam, it is eight and they take around 150-450 hours of study each with a fixed failure rate. The pays goes up 1-3k a year per exam with equivalent bonus upon completing an exam. You can do them during school, though people rarely finish with more than 4 and 2 is about the norm.

My friends find it okay, it's a job with a lot of maths and it's repetitive as most office jobs.

[alduhkneel]

hyu-go, on 25 July 2011 - 06:20 PM, said:

I have a lot of actuaries friends.

I live in Montreal, so salaries are in general lower and we have a bigger supply of actuaries than elsewhere, but they make around the same as engineers.

The above poster mentioned SOA exams. It isn't one exam, it is eight and they take around 150-450 hours of study each with a fixed failure rate. The pays goes up 1-3k a year per exam with equivalent bonus upon completing an exam. You can do them during school, though people rarely finish with more than 4 and 2 is about the norm.

My friends find it okay, it's a job with a lot of maths and it's repetitive as most office jobs.

^ pretty much.
my bf is an actuarial science major now and just took his first exam. it's crazy difficult, esp. since a lot of what you'll need to learn is not always taught in class; that means a LOT of self-studying and acquiring your own knowledge. this major is the definition of commitment haha.