<p>What exactly is Actuarial Sciences?
I know it has something to do with assessing risks for insurance and financial companies but what are some careers one might go into? And what are they like?</p>
<p>Perhaps you should try googling it.</p>
<p>thanks wiseass. bc i didn't already think of that?
for anyone else, im looking for someone's perception of actuary science who plans on studying it.</p>
<p>I am a senior this year and will be majoring in actuarial science next year at college. I've looked through quite a bit of information about it, but I still don't have the ins and outs of everything. Here's what I do know.</p>
<p>Actuarial Science is the assessment and application of risk. It is essentially a combination of hardcore math and business. About half of all actuaries work in the insurance industry. They essentially crunch the numbers in order to find what a company should set insurance rates at in order to make a profit. One can major in anything and become an actuary as long as they pass the a series of rigorous exams designated by one of two professional organizations (Society of Actuaries or Casualty Actuary Society). Although most major in Math, Stats, or obviously Actuarial Science. I believe there are 8-9 exams depending on which series of exams you are taking and it can take many years to complete. Typically, one wants to complete 1-2 exams before they leave college in order to get a starting job. Companies then will give you time to study for the rest of the exams along with time spent outside the job. The exams get to be very difficult, but there are typically pay raises as you complete them. Actuaries are in high demand and those with many exams completed are paid very well. Those who don't work in the insurance industry can work in other areas such as consulting. There is other stuff I could explain, but that is all I can think of now. Post again if you have any other or more specific questions. I know a lot about the general topic but I don't guarantee I will be able to answer everything.</p>
<p>so here's my question</p>
<p>Is majoring in actuarial science an advantage over majoring in math/statistics??</p>
<p>Or is there no difference really?</p>
<p>It shows that you're more commited to that career in my opinion but I'd ratehr major in math/stats because if you decide that career is not for you you can get another job in no time. Actuaries work 40-50 hour weeks, some travel but the big brawback is that you have to take A LOT of tests to progress in that career.</p>
<p>Majoring in actuarial science vs. math/stats has its pros and cons. On the one had, a career as an actuary is merit based. Progress depends mostly on how many exams one has passed. Majoring in actuarial science gives you the advantage of getting taught material on the first few exams while in college so it is easier to pass more exams before you leave college. Majoring in math/stats would force you to do a lot of that studying on your own and one would typically have less exams passed when leaving college. This would narrow down ones choices for jobs because it it a merit based career. The con is that if one decides not to be an actuary at some point, the degree is not as transferrable to other careers. It seems logical that it would be more difficult to find a different career with an actuarial science degree, but I'm not sure to what extent. One learns a lot about business/accounting/finance as well as going through a lot of math so I can't see it being so incredibly difficult to find a different job.</p>
<p>I plan on being an actuary as well
I am sure you have visited Be</a> An Actuary
What I suggest is that you try to find local actuaries to discuss a possible career or even shadow them</p>
<p>I was blessed to find the International Association of Black Actuaries, and I have attended the last two conferences during the summer</p>
<p>Talking and interacting with actual actuaries is what I consider the best way to get informed</p>
<p>BTW Most actuaries I have met did not major in ActSci
My mentor majored in ActSci at UIUC--a great school esp. if you want to get into biz/act sci
There are pros/cons as mention above, but just make sure the school you choose has a good track to help you learn the material on the exam as well as provide a good support-base i.e. clubs, exam prep, study material, alumni who are actuaries or started as actuaries, etc...</p>
<p>Something else to think about is whether you want to be in a biz school or not
Some schools such as Penn offer a concentration in ActSci in their biz school while the UIUC does not
VEE credit is another thing to ask about</p>
<p>My plans are to major in Finance/Math or Finance/ActSci depending on my school</p>