What is Actuarial Science?
Actuarial science is a discipline that involves maths and stats methodology to assess risk in insurance, finance, and other industries as well as professions.
What type of person would be interested in Actuarial Science?
This field is a good fit for anyone who loves maths, analysing data and using the well-thought-out methodology to find conclusions. Actuarial Science is also a fantastic field for anyone who likes evaluating risks and maintaining the economic stability of insurance or financial organisations.
What could you do with an organisational Actuarial Science degree?
Actuaries use statistical techniques to solve financial and business problems. They evaluate uncertain future events and various other financial risks. Being able to quantify uncertainty and risk helps individuals and companies concentrate on proactively managing their risk and ensuring that they can withstand future adverse events. Actuaries operate within a strict professional and ethical framework. It is important to note that actuaries cannot predict the future, but by using statistical techniques given past events and the current environment, they can help to optimise decision-making for future uncertain events. While it is true that most actuaries work in the finance and insurance industry it worth noting that within this general industry there are numerous specialised career fields For instance as a health insurance actuary, you would calculate the costs of providing healthcare services to determine how much an insurance company should charge policyholders for premiums. Life insurance companies, too, use actuaries to determine likely life expectancy and premium rates based on an individual’s risk factors. Other actuaries work in property and casualty insurance, again compiling and analysing data used to write insurance policies.