Do you absolutely adore maths? Are you freakishly good with numbers and immensely proud of it? Are you one of those who take calculated risks because you’re so good at predicting the events that occur after?
Well well well…you may have a natural gift for Actuarial Science!
What is actuarial science, you say?
Contrary to popular belief…it’s not about science nor acting! Actuarial science is about calculating and evaluating money-related risks through the use of Mathematics, Statistics, and Probability principles to predict future events and take preventive measures. Often utilized in fields of finance, banks and insurance firms usually require the expertise of an actuary to advise them in making sound financial decisions to minimize risks for the company.
You’ll be studying subjects that involve a lot of calculations, statistical techniques and mathematical applications.
Here are some of the more popular career options you can pursue with an Actuarial Science degree:
A degree in Actuarial Science takes about 3 years to complete. However, did you know that graduating with a degree does not make you a certified actuary?
You will need to further your studies with exams from professional bodies such as the Society of Actuaries (SOA) or the Institute and Faculty of Actuaries (IFoA). These examinations are difficult and require intense preparation. Thus, it can take up to 5-10 years to be fully certified.
However, you don’t actually need to be certified to land a well-paying job. The good thing about an Actuarial Science degree is that it allows you to work in other fields, thanks to the knowledge you gain in Statistics, Finance, and Accounting. Some of the jobs that don’t require taking the professional papers are Business Analyst, Financial Planner, Underwriter, and Investment Analyst.
Prospective Actuarial Science students require minimum entry requirements to qualify a seating in the actuarial science universities around the world. The requirements below are general so all applicants are advised to refer to the educational and university institutions of your choosing for more details.
Solving problems using numbers and calculations might be a nightmare for some, but if you’re someone who has an analytical mindset and loves decoding large sets of data, then this degree could be for you. Actuaries use their knowledge and skill in statistical analysis to manage risks, so if you love solving real-world problems with data and statistics, look no further.
As the go-to person for problem-solving, an actuary is a highly respected profession in the bank and insurance industry. After all, actuaries play a pivotal role in evaluating the risks in business strategies to avoid investing in something that could ultimately backfire. You could say that an actuary is the gateway to a successful business venture!
Many people are unaware of an Actuarial Science degree and how important it is. Hence, it gives you a wider range of employment opportunities when looking for a job.
Obviously, you need to have strong mathematical skills to be a good actuary. This includes having a good grasp on statistics, calculus, and probability techniques. So, if you take naturally to crunching numbers, you can continue to do so with your heart’s content – and get paid well for it!
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