Actuarial Science | 5 undergraduate courses abroad!

Actuarial Science (AS) quantifies the risk of an event that may occur in the future. This is done with probability analysis. The financial impact determined is used to prevent any losses. This helps insurance companies distribute funds to pay any possible claims. 

Several universities across the world offer an Actuarial Science degree. These qualifications present a solid and stable foundation in Mathematics, Statistics, and Economics. 

The Bureau of Labor Statistics expects an increase of 20% in actuarial jobs by 2028. So, let’s move ahead and learn and how you can become a part of this booming industry.

But first, what is Actuarial Science?

Actuarial Science is the study of risk associated with pension, insurance, and investment plans. An actuary practices using techniques from Finance, Business Economics, Statistics, and Mathematics. 

Actuaries are professionals who analyze data and information to determine financial compensations. They make these compensations in events that cause damage or loss. 

The career prospects in this industry are significant. So, if you want to thrive in this field, look at some best undergraduate AS programs that you can pursue from top universities.

Best undergraduate Actuarial Science programs!

1. University of Waterloo, Canada

Bachelor of Mathematics in Actuarial Science 

• If you are seeking career opportunities in North America, then you can go for this Actuarial Science course. An important subject covered in this program includes the Mathematics of Pension. 
• Additionally, you have options from a range of different electives. The electives include Art and Computer Science. This gives you a wide range of communication and technical skills, which is crucial to employers today. 
• One of the highlights of this program is the academic support of the Actuarial Science Club. The club is student-run and allows aspirants contact with like-minded peers. Besides, mentors also provide career advice and help build a strong network of professionals. 

2. University of Central Florida, United States 

Bachelor of Science in Actuarial Science 

• The program is an excellent option as the dynamic academic life offered is at par with top universities worldwide. Here, you learn skills from renowned faculty who are industry and research experts. 
• Please note that you have to complete training in subjects such as Corporate Finance. Completing these subjects provides skills for careers such as- 
  • Insurance Actuary 
  • Health Actuary 
  • Bond Underwriter 
  • Banking and Finance Instructor 
  • Actuarial Mathematician 
  • Insurance Analyst 
  • Pricing Actuary 
  • Underwriting Account Representative 
  • Actuarial Associate 

3. Illinois State University, United States 

Bachelor of Arts in Mathematics – Actuarial Science 

In 2016, Illinois State University received the ‘Casualty Actuarial Society University’ Award. This award recognizes exemplary work in preparing aspirants for an actuary career. 

The Actuarial Program at this university is a nationally leading academic program where- 

• You learn how to calculate the various costs of social programs.
• Besides, you learn to estimate pension plans and social insurance systems. These amounts need to be regularly set aside to meet monthly obligations. 

4. Swansea University, United Kingdom 

Bachelor of Science in Actuarial Science 

• This 3-year program trains you in the skills required to analyze risk. These skills are applied in several practical business applications.
• A highlight of this program is that it is accredited by the Institute and Faculty of Actuaries (IFoA). The syllabus is aligned with the IFoA’s professional examinations. 
• Therefore, as a Swansea graduate, you will gain exemptions from several IFoA professional examinations. As a result, this can provide a significant headstart in your career in this field. 
• Some of the key modules covered in this course include- 
  • Introductory Linear Algebra 
  • Economics for Accounting and Finance 
  • Accounting for Managers 
  • Probability and Statistics 
  • Foundation of Finance 
  • Probability Theory 
  • Credibility, Liability, and Ruin 

5. City University of London, United Kingdom

Bachelor of Science in Actuarial Science 

• The BS in Actuarial Science course offered by this university is excellent. The primary subjects include Mathematics, Finance, and Statistics. 
• Here, the faculty thoroughly trains students to communicate their understanding effectively. Besides this, they also teach them to meet the daily requirements of the industry.
• This program helps future Actuaries develop an understanding of the statistical roles of judgment. 
• Some of the core subjects covered in the Actuarial Science syllabus include-
  • Excel and Statistical Packages 
  • Introduction to Actuarial Methods 
  • Economics 
  • Finance and Investment Mathematics 
  • Fundamentals of Finance 
  • Actuarial Practicality 
  • Contingencies 
  • Corporate Risk Management 
  • Probabilistic Modelling 

Key Takeaways 

• AS is a dynamic niche with significant scope for growth. This field focuses on utilizing statistical and mathematical methods to determine financial risk. 
• A stable foundation can be effective for a good career in this lucrative field and a good undergraduate program can provide that foundation.
• There are several excellent undergraduate programs available abroad. These allow aspirants to develop the relevant technical and soft skills required. 
• Ensuring the Actuarial Science syllabus is industry-oriented can help students make the right decision. 

We hope this blog gave you enough information about laying the foundation for a career in Actuarial Science. If you have any suggestions/questions, reach out to us. Also, you can drop a comment to share your thoughts! 

FAQs 

Q1. How much is an actuary paid? 

Answer – Actuaries earn between USD 150,000 to USD 250,000 annually. This figure only increases with expertise. 

Q2. Are there diplomas available in Actuarial Science? 

Answer – Yes, most aspirants opt for a postgraduate diploma in Actuarial Science after an undergraduate degree.

Q3. What is the duration of the Actuarial Science undergraduate program at the City University of London? 

Answer – City University of London’s undergraduate Actuarial Science program is 4 years in duration.