To become actuaries, students must take courses in actuary mathematics and statistics, and they also must pass the Actuarial Science Associate and Fellows exam. Actuaries can work with insurance companies, universities, labor unions and government agencies.
Students who study actuarial science learn how to calculate bond interest and insurance premiums, assess risk, distribute payments and create survival models. These classes are typically offered in actuarial science degree programs, so students will be required to complete general education requirements for science majors, as well as specific courses in this field.
Here are some of the core concepts you'll encounter while studying to become an actuary:
- Counting techniques
- Insurance policies
- Risk analysis
- Interest theory
List of Actuary Classes
Through the examination of life, social and casualty insurance, students prepare themselves for the Actuarial Science Associate and Fellows exam. Students learn about counting techniques, moment-generating functions and insurance medicine. Students prepare for careers in insurance by learning about mortality, health outcomes and insurance policies. There is also discussion of current developments in the actuary field.
In the mathematics course, students begin to create survival models and learn to calculate insurance premiums. Many special topics are covered, including multiple life functions, Poisson distribution, benefit reserves and life annuities. Students prepare for the actuary exams while learning the calculus-based theories of actuarial science.
While both mathematics and statistics are interchangeable in the training outline, statistics focuses on assessing risk, analyzing collected data and researches the distribution of insurance claims. The continuation of learning counting techniques and models takes place in this course, along with new study of expected values, Bayes' theorem and random variables.
This course is taken after the other three core courses. Through this course, students familiarize themselves with the basics of interest on insurance policies. Simple and compound interest, annuities, depreciation and reinvestment are examined. Students are trained in calculating present and future values of insurance claims, stocks and bonds. This course is also a preparation for the Actuarial Science Associate and Fellows exam.
Many colleges offer degrees in actuarial science, and it falls as a concentration under a science degree. The Actuarial Science Associate and Fellow exam opens up many more opportunities for graduates in the actuary field. The Society of Actuaries and the Casual Actuarial Society both offer the actuarial examinations.