To be able to manage risk, the actuary needs to have an understanding of finance, business and statistics. An actuary will first analyze the data of a company in order to identify any potential costs and problems; afterwards they’ll devise a plan to minimize both the identified risks and costs.
Actuary job descriptions can include things like the design of financial strategies, insurance policies and scientific management and consulting. Before pursuing an actuarial career you’ll need to have a degree from college. If you’re interested in further pursuing your education and get a masters there are several universities that will offer you this program type. Some of your options are as follows:
The actuarial science master’s program at Temple University is planned to cover the topics that students are going to find on their actuarial designs. The Temple master’s degree necessitates ten courses to be able to graduate:
- 9 actuarial courses
- 1 elective from insurance and risk management courses
Your courses will include the following, actuarial economics, theory of interest, derivatives, financial analysis and strategy, regression time series, probability theory and forecasting. In addition to that the students are required to take three classes in actuarial modeling:
- Random variables that will measure the lifetime of a person
- Introduction of multiple life functions
- Compound distribution models, survival, credibility methods and estimation of severity and frequency
In order to graduate from the Temple University master’s program they’ll have to maintain at least a 3.0 GPA.
Saint Louis, Missouri is home to Maryville University who also has an actuarial science master’s degree program that can be completed in 3-4 semesters. All students must pass one professional actuary exam after completion of all of the classes.
Your course work is going to include 12 elective credit hours and 24 core degree credit hours. The elective classes are going to include the following, math statistics, risk theory, theory of interest and actuarial seminar. The core credit hours are going to include the following, credibility and simulation along with 2 courses in the entire subsequent subject:
- Asset and investment management
- Actuarial modeling
- Statistical modeling
This program is going to prepare the students for eventually receiving the Fellow title from the Society of Actuaries by preparing them for all of the exams they’ll need to pass.
Illinois State University
There is a master’s program in the field of actuarial science is available at Illinois State University. University students are able to pursue their masters with or without a thesis. Those that wish to do a thesis will need to do courses totaling 30 credit hours. Those that don’t do the thesis will need to complete 2 more credit hours, totaling 32. In addition to the 32 credit hours they’ll need to complete one of three additional options:
Your actuarial graduate classes are going to include the following, applications of actuarial principals, reversion, actuarial modeling, investment models, time-series analysis and mathematical finance. Additional master’s courses are going to include, fundamentals of econometrics, finite sampling, finance law and insurance and multivariate statistics.
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