Online Actuarial Science Programs

This article provides an overview of actuarial science programs. Actuarial Science is a study that involves risk assessments that relate to finance.

Actuary science involves a lot of calculations and is thus suited for those who are good at mathematics and are comfortable at working with figures. Information technology knowledge is also required with emphasis on database and spreadsheet management. It also requires one to be well informed on current social and economic happenings. Those who decide to pursue the course at the undergraduate degree level have a number of options including working in business, statistics, and finance. In these positions they can work in various areas that include analyzing quantitative data, estimating probabilities, and costs that are likely to be faced by a company in events like loss of property, injury and illness. Regardless of the option taken, a degree in Actuarial Science is bound to open doors to a great career in multiple industries.

Online Risk Management Degree Programs

Walden University

• M.B.A. in Risk Management

Kaplan University

• Advanced Start BSBA - Risk Management
• BS in Business Administration - Risk Management

Search for Actuarial Science Online Degree Programs

Locate Business Colleges in your area

Actuarial Science Education and Training

The actuarial science degree online is a three to four year long course where lectures, seminars and talks are the main mode of teaching. Some of the subjects that are taught in Actuarial Science classes include Time Series and Simulation, Economics for Mathematicians, Methods, Probability and Statistics, Probability and Inference, Contingencies, Stochastic Processes, Financial Mathematics, Survival Models and Pension Funds. Often, actuarial science programs are housed in departments that include mathematics, statistics, and finance, where advance actuarial science courses may include:

• Actuarial Valuation and Financial Statements
• Regression
• Multivariate Analysis
• Finance for Actuaries
• Time Series
• Mathematical Finance for Actuarial Science

Appraisals are done through course work, continuous assessment, project work and end of year examinations. Work placement is also advisable for students who are looking to increase their chances of landing a good job upon graduation.

The work experience gained during work placement will be a big plus on your resume and increase your chances of hire upon graduation from actuarial science programs. It is also a great opportunity to network and interact with those who are already working in the field.

Actuarial Science Careers

After successfully graduating with your first degree, there are opportunities to further your studies in actuarial science programs. Those interested can enroll for studies towards the Associate exam after which they could go on to study for their Fellowship qualification.

This requires determination and hard work as Associate qualifications can take between four to six years with an additional three to four years needed to complete the Fellowship. Actuarial Science is quite an expensive and lengthy undertaking which is why there are not many people who are qualified in this field. However those who are prepared to invest the time, effort and resources required in these studies will find excellent career opportunities and thus a comfortable life.

To work for the government requires registration with the United States Department of Labor for the Enrollment of Actuaries. There may be further requirements for public sector opportunities, such as enrollment with the Joint Board of the United States Treasury Department for those looking to work for the government in pension actuaries.

Estimated Income and Projected Career Growth

With these kinds of prospects it is no wonder that Actuarial Science is among the top 25 careers in the US job market. The United States Bureau of Labor Statistics (BLS) reports that the employment of actuaries is expected to grow by 21% between 2008 and 2018. This rate is much faster than the average for other occupations.

The BLS also reports that the median annual income for actuaries in 2008 was $84,810. The middle 50% earned between $62,020 and $119,110. The lowest 10% earned below $49,150, while the top 10% earned over $160,780. The pay for new graduates of actuarial science programs working in the insurance industry as actuarial scientists is likley to increase with experience and additional qualifications