What is a Master in Actuarial Science?

part of Business & Management

Actuarial Science focuses on identifying and evaluating risks using principles from Mathematics, Probability, and Statistics. The work of an actuary is very important for the financial health and stability of insurance firms and other financial institutions.

During a Bachelor's or Master's in Actuarial Science, you can expect to take courses on financial accounting, principles of micro and macroeconomics, econometrics, calculus, probability and stochastic processes, risk models, multivariate statistics, insurance law and regulation, and others.

Actuaries use their knowledge and digital skills to research past data and look for relevant trends or inconsistencies. Based on what they find, actuaries can then determine how much money should be paid for different types of insurance plans. They can also use their conclusions to make suggestions or come up with plans that improve the financial health of the organisation for which they work.

To become a professional actuary, you need to develop advanced Mathematics skills, analysis and problem-solving abilities, oral and written communication, and digital skills. Actuaries also need to have a solid understanding of how businesses work and what are the biggest risks to an organisation's financial stability.

To work as an actuary, you need to pass the actuarial exams. These exams require intense preparation, and you need between 7-10 years to pass all of them. An Actuarial Science degree helps you develop the knowledge needed to pass these exams but isn't the only degree that can do that. Actuarial Science graduates who don't want to pass the actuarial exams can find work as financial planners, business analysts, risk analysts, and others.

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Check out our list of Master's degrees in Actuarial Science. Keep in mind you can also study an online Masters in Actuarial Science.


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