<p>Is it tough to break into the actuarial field? According to the BLS, they predict that there'll be saturation in that market. The same goes for finance majors.</p>
<p>This sort of makes me feel like I should stray away from the field, although I know people will say that if it's something I enjoy and succeed in, then that shouldn't matter as much. However, what's the reality?</p>
<p>Lastly, since I go to Baruch College, would it be smarter to major in finance vs actuarial science for versatility?</p>
<p>If you want to study to become an actuary I think you will be in good shape. You will probably be a math major in school to attempt to become an actuary, even if you don’t make it as an actuary, you will have a lot of options after undergrad.</p>
<p>You can make it as an actuary, but be prepared to work because it’s getting more and more competitive every year. A finance major would be a good option as long as you pair it with a minor in math or statistics.</p>
<p>I believe that it’s getting more competitive every year, and that should be the reality. Does that fact still remain standing during a good, economic year? Supposedly, the economy will be much better by the time I graduate, which should be in three years, max. Of course everyone wants that job straight out of college, but I guess I’m asking about the outlook for finance majors/actuaries in about three years.</p>
<p>jay,</p>
<p>I do plan on minoring in math, but I’m not sure which courses I should take. I know I need probability (my school has statistics as a separate department), but what else? I think I’m going to take financial mathematics. If I take these, then under my belt, I will have up to intermediate calculus, intro to probability (for some reason, it’s a 4000 class), and financial mathematics. I feel as though that’s insufficient.</p>
<p>If you don’t mind, since you know what you’re talking about, could you make sure the courses match those that you listed?</p>
<p>It seems I need:</p>
<p>3020 (Intermediate Calc, pre-req)
4100 (LINEAR ALGEBRA AND MATRIX METHODS)
4120 (Probability)
4130 (Mathematics of Statistics)
4145 (Mathematical Modeling)
4110 (Ordinary Differential Equations, pre-req for 4145)
4500 (Financial Mathematics)</p>
<p>It looks like I’m far behind on my math coursework due to all of those pre-requisites. Oh well. You can tell me if I should change any of that by looking at what my school offers:</p>
<p>I’m not sure how much room you have for classes, but I’ll try to rank them from most to least important.</p>
<ol>
<li>Calculus I</li>
<li>Calculus II</li>
<li>Micro-Economics</li>
<li>Macro-Economics</li>
<li>Intermediate Calculus</li>
<li>Introduction to Probability</li>
<li>Theory of Interest (not listed in the financial math electives but this is a crucial class especially if you end up working in the life insurance or pension industries. It is also the topic of the second exam)</li>
<li>Introductory Financial Mathematics</li>
<li>Principles of Finance</li>
<li>Mathematics of Statistics</li>
<li>Corporate Finance</li>
<li>Actuarial Mathematics (only important if you go into the life industry)</li>
<li>Actuarial Mathematics II (same as above)</li>
<li>Introduction to Stochastic Processes</li>
<li>Risk Theory</li>
<li>Methods of Monte Carlo Simulation</li>
<li>Ordinary Differential Equations</li>
</ol>
<p>Unfortunately, ODEs are not very useful for actuaries, but if you need it as a prerequisite for other classes, there’s not much you can do. In terms of MTH 4125 or 4135 being useful, Stochastic Processes could be in some areas while Monte Carlo Simulations aren’t likely to be helpful.</p>
<p>I’m not sure if you can substitute stats classes for math electives, but instead of MTH 4125 and 4135, you should take STA 3155: Regression and Forecasting Models for Business Applications and STA 4158: Analysis of Time Series.</p>
<p>I have a friend who is entering his senior year of high school and is looking very strongly at becoming an actuary (or at least making an attempt). He seems to be leaning toward selecting a school that offers a distinct “actuarial science” major, but I can’t shake the feeling that that would greatly limit his career options if being an actuary doesn’t work out. Any advice on areas of study?</p>
<p>You are correct that an actuarial science major limits your career options (which is why I added a major in econ). I would advise your friend to major in anything that combines a decent amount of math, statistics, and finance. Here are some good options:</p>
<p>Financial mathematics major
Math major/finance or econ minor
Stats major/finance or econ minor
Finance major/math minor
Econ major/math or stats minor</p>