People who have done their Masters in Actuarial Sciences use different statistical models to predict the likelihood of a particular event. On the basis of these analyses, they know how to help people while generating profit for their company. For example, a professional working at an insurance company knows how much to charge for life insurance based on the health condition of their client.
Two professional societies- Society of Actuaries and Casualty Actuarial Society provide certifications to these professionals.
This article has all the details regarding Actuarial Sciences including career options, admission requirements and job growth.
What Is Actuarial Science?
Actuarial Science is a field which involves studying statistics and mathematics. It deals with controlling and predicting risk using different mathematical and statistical analyses. Actuarial Science is usually used to predict losses or risks in finances or insurance industries. These professionals can also predict the cost of risks like illnesses, car accidents and natural disasters.
What Can You Do with a Master’s in Actuary Science?
Most of the actuaries work for different insurance companies while specializing in a particular area like property, casualty, health and life. These risk quantifying professionals also specialize in pension and retirement options.
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Actuaries
Actuaries analyze different kinds of statistical data, such as accident, sickness, disability and retirement rates and create probability tables. Many also determine insurance rates required to recover cash reserves over the years. These professionals are expected to be well versed with calculus, statistic and probability. They are also required to have analytical skills that will help them predict the outcome of certain factors.
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Annual Median Salary, 2019: $108,350
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Annual Mean Salary, 2019: $120,970
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Job Growth, 2018-2028: 20%
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State with the Highest Salary, 2019: New York- $152,920
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State with the Highest Employment Level, 2019: New York - 2,330
2. Management Analyst
The skills and knowledge you gain from you Actuarial Science degree will help you become a Management Analyst as well. This profession includes examining the structure, policies and operations of an organization. Management Analysts also give recommendations to different organizations which facilitate them in achieving their goals. This job also requires people to scrutinize the organization’s structure, analyze data, limiting and identifying problems.
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Annual Median Salary, 2019: $85,260
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Annual Mean Salary, 2019: $95,560
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Job Growth (2018-2028): 14%
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State with the Highest Salary, 2019: New York- $112,280
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State with the Highest Employment Level, 2019: California- 103,970
3. Insurance Underwriters
Underwriters are professionals who decide if the company should accept the offer of an insurance coverage or not. They make these suggestions keeping in view certain factors. They prepare policies, analyze data and also carry out risk assessments. All these factors help the company decide whether they should take the risk or not. Once the assessment is done, the insurance premiums are decided accordingly.
An underwriter is expected to be detail oriented and needs to have exceptional analytical skills. He is also required to have an aptitude in statistics, math and IT systems.
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Annual Median Salary, 2019: $70,020
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Annual Mean Salary, 2019: $77,640
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Job Outlook, 2018-2028: -5%
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State with the Highest Salary, 2019: New York- $98,760
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State with the Highest Employment Level, 2019: California- 9,110
Note: These figures have been obtained from the US Bureau of Labor Statistics
What to Expect in a Master’s in Actuarial Science Program?
The curriculum of an Actuarial Science program includes courses like Probability Theory, Loss Distribution, Statistical Interference, Linear Regression Model and Survival Methods and Analysis. It can be completed on full-time or part-time basis.
How to Choose a Master’s in Education Program?
To choose a Master’s in Actuarial science program you should:
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Choose an accredited program
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See if there are any scholarships available
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Check if it is campus-based or an online program
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Consider the time and cost required to complete the program
Master’s in Actuarial Science Admission Requirements
People who aspire to pursue Master’s in Actuarial Sciences need to have a Bachelor’s degree in subjects like math, finance, general business or actuarial science. Some programs require only a few related courses like algebra, calculus and economics. To get admitted into a good school, aspiring actuary scientists are required to have a minimum GPA of 3.0. Most of the schools also require GRE Scores, however the range is set according to the competitiveness of the program.