What’s the different from Actuarial Mathematics and Actuarial Science?
PLEASE, tell me, I’m so confused as to why they have different names… is it just the courses you take? Would a company still hire an actuary (even if they have an actuarial mathematics major instead of actuarial science)?
Thanks so much
MathTech
Here is a fun little secret of the actuary field (which I don’t know much about but I have had known people who are actuaries).
The name of the degree does not matter. In fact, most actuaries I know (all but one in fact) were simply math majors who decided to go the actuarial route instead of the grad school route.
In fact, I will even go a step further to state that it’s better to graduate as a math/stats/cs/physics major than an actuarial science/math major since a math major does not seem as specialized on paper (by others) while having all the “checkmarks” of an actuarial science/math degree.
(I’m to this day confused why actuarial science/math is even a degree since to become an actuary, the name of the degree is not important: it is the exams you pass as an actuary).
To start a career as an actuary:
Anyways, my wholehearted recommendation is: don’t major in actuarial science/math. If you like math, major in math. If you like economics, major in economics. Actuarial science/math while not a “scam” technically honestly does seem to feel like one (at least to me) since you become an actuary by passing the actuary exam tests, not by degree.
That stated, there is the CAS route and then there’s the SOA route. Do you find property and casualty more interesting or life, health, and retirement more interesting? From there, study hard and pass those exams.
Honestly, to be an actuary, you are going to have to consistently grind for those exams. http://www.beanactuary.org/exams/
Just know that as an actuary, you are going to have to keep studying for exams for possibly 5 to 20 years while in the workforce. That stated, I think it’s a phenomenal career for someone who is good at math so if you are interested, give it a go.
So ya, this is one field in which passing exams >>>>>>> name of degree. Exams here are what the industries want, not the name of the degree.
I don’t have the answer but I think if you look up the curriculum for the two majors online then you should be able to isolate if there is a difference between the programs and what it is.
Agree.
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It may be that many high school students and their parents mistakenly believe that certain post-graduation goals must be associated with specific majors, rather than being doable with other majors.
Other examples are those who seem to believe that one has to major in biology to do pre-med, or major in political science or English to do pre-law. Some schools even have pre-med majors.
http://preprofessional.nd.edu/preprofessional-major/
I’m a parent doing some research for my son who is applying to college this fall and I came across this thread. It caught my eye because I’m an actuary. To answer the original question, there’s really no difference between Actuarial Science and Actuarial Mathematics where the name of the degree is concerned. However, when I think Actuarial Mathematics I think of the unique nomenclature that one would find in a course in Life Contingencies. It’s a sea of subscripts and superscripts to denote the type of insurance premium you’re calculating.
Now, to the first responder’s points, I largely agree. You’re not an actuary until you pass the exams. You’re just a kid with a degree, even if it’s in Actuarial Science. Me, I have a degree in Finance/Economics, but I also did extra study in math, stats, and very specific actuarial topics after I completed my degree. You can literally have a degree in English with a Dance minor, and become an actuary. HOWEVER, if you want the path of least resistance to passing the myriad exams required for qualification, it’s a hell of a lot easier to learn the material in a classroom setting than to self-study it. Actuarial programs such as those at UConn, University of Western Ontario, Waterloo, Toronto, Bryant, Bentley and others provide a rock solid foundation for passing the first four or five exams. In the absence of that academic setting, you’re left to buy the textbooks, read them, understand them, do the problems (thousands of them), and only then are you in a position to take a crack at an SOA or CAS exam. By the way, think of the hardest calc exam you ever had and then multiply it by three. The professional actuarial exams are no joke. There are easier ways to make a million dollars.
Hope this helps, and good luck.
My son is currently in the actuary program at Bryant and I agree with much of what was said. In researching the occupation we found the same to be true. It all comes down to exams. One has to pass the exams. @Omegadoug explained it nicely. It would be much easier to study the required financial and mathematics courses during undergrad. Many of the concepts on the exam are business focused and require one to take the math side (calc and stats) and apply it using business knowledge to solve the problem.
Frankly after seeing some of the sample exams, I wonder why more employers don’t want these types of employees. The overall mastery of the concepts tested on these exams ensures that that candidate is very knowledgeable. It would seem to me that such an individual would be employable as a mega data analysis, financial analysts, stats, etc.
Moral of the story is to pass the exams!!!