Actuarial Sciences

Actuarial Sciences

What is an Actuary?

Actuaries are mathematical professionals who evaluate and manage risk. Their primary objective is to design plans for corporations and individuals that minimize risk or control the magnitude of potential losses such as those that arise from adverse events such as illness, death, loss of income, unsuccessful financial transactions, or destruction of property. In addition, Actuaries assist with the pricing, financing, and operation of such plans. Actuaries work in the insurance industry in various aspects of business operations including management, marketing, investments, accounting, and act as consultants to corporations, unions, government agencies, and financial institutions.

Why Become an Actuary?

High pay, excellent employment prospects, job security, and multiple opportunities for advancement are characteristics that keep the actuary profession regularly on the best job lists. A potential actuarial sciences candidate should ideally possess aptitude in both mathematics and business. An Actuarial position will provide the challenge associated with analyzing large sets of data and interpreting the results, as well as determining and influencing financial decisions.

The current demand for Actuaries is high and job opportunities exist throughout the country and world. Entry-level actuaries generally earn above average incomes among college graduates -- an income edge that is maintained throughout the actuary's career. In fact, the need for well-qualified actuaries, combined with the scope of Actuarial job descriptions, are both expected to grow immensely.

Where does an Actuary Work?

Actuaries work all over the world in risk management fields, primarily for insurance corporations and government organizations. In addition, many actuaries work as consultants. The following links contain resources for information from median salary to what are the responsibilities of actuaries:

For further information, current students can contact Prof Yu-Juan Jien or
Prof Yizao Wang, prospective students can contact Prof Joanna Mitro, and
everyone can read Prof Wang's quick tips.