I’ve started looking at careers (still in high school) and becoming an actuary seems to be like a decision that would suit me well. Subsequently, I’ve heard of the actuarial science major. I’ve heard from other forum’s that their is a risk to this as it is super specific and doesn’t leave you open to other careers which I would like. Also, many schools don’t have this program although I’ve heard one of the flagship schools in my state has a great program for this. I guess I’m wondering if any of these majors would allow me to look at other careers and leave me open to choose them, but still be able to come back to a career as an actuary:
-economics
-computer science
-mathematics, general
-marketing (possibly a reach)
-finance
I understand that this given I can pass the actuarial exams which it would be nice to know if the careers will give me any basis leading into them.
P.S. If there is in your opinion a mistake in my belief of this major’s risk, please correct me first.
I don’t think it’s any more true that an actuarial science major doesn’t leave you open to other careers than it is true that an English major can’t do anything besides write or read literature for a living, or an engineering major has to become an engineer, or an art major has to become an artist. None of those are true. An actuarial science major learns lots of business, finance, economics, and math and statistics.
However, as you mentioned, most schools don’t have actuarial science majors. You can be an actuary with a lot of different majors though. Mathematics, applied math, and/or statistics are ideal majors for actuary hopefuls - but you have to be sure to take enough business and economics classes as well.
Economics is a good major for a future actuary, but you’ll have to take significant amounts of math not offered by the normal economics curriculum at most schools. Similarly with finance - that usually offers a good bit of math, but there still may be some classes you’d want to take in addition.
Computer science is a bit of a harder foundation - there’s some math, but likely not enough and not the same kind of math; and you’d have to supplement with the business and economics classes. It’s not a bad choice, and gives you lots of good back-up options to explore from. Future actuaries are also counseled to take some computer science classes. You just have to choose your coursework carefully.
I think marketing would be a bit of a harder sell.
If you want to pursue an Actuarial Science major, then look into universities accredited by the Society of Actuaries and whose program prepares you for the SOA accreditation exams. Universities with the Centers for Actuarial Excellence (CAE) designation prepare you for the most exams, followed by UCAP-AC, and UCAP-IC schools whose currriculums only cover 2-4 exam topics. SOA accredited Universities are listed on the SOA website here:
My school (GA State U.) had specific actuarial science Undergraduate and Graduate majors (which were a combo of Applied Math, Stat, and Business courses): BBA in Actuarial Science and Masters in Actuarial Science.
Since the actuarial curriculum is multidisciplinary (math, stat, finance, etc.), I’ve had employees go on to pursue different careers with their degrees and actuarial experience (Planning/Distribution for retail, software programmers, university math teachers, data science, etc.), so don’t think it is limiting at all.
BTW, I favor Pension and Health actuarial careers (vs Insurance) due to the subject matter and consulting business model aspects.
Pretty much any Math or Stats major will cover the basics. You do need to be strategic in taking electives that will help you pass the first few exams and make progress on the VEE requirements. One nice thing about a school with an AS degree or concentration is they will probably have exam review classes and an Actuary club.