What is an Actuarial Science Major?
Actuaries, sometimes called “risk architects,” specialize in the evaluation of risk and are a vital part of the insurance and financial industries. Their work is intellectually challenging and they are very well-paid. In a fast-changing world, with new risks and the need for ever-more creative ways to tackle them, there are constant opportunities for personal and professional growth in an actuarial career. Most actuaries work in a pleasant environment, alongside other professionals and they are key players in the management team of the companies that employ them. Using their broad knowledge of statistics, mathematics and finance, actuaries help design insurance policies, pension plans, and other financial strategies in a manner that will help ensure that the plans are maintained on a sound financial basis and risks are minimized.
From the Department page: In the Department of Statistics and Applied Probability, we offer B.S. in Actuarial Science which will prepare you for a career in the actuarial profession. Multiple actuarial designations are available nowadays, including Fellow of the Society of Actuaries, Fellow of the Casualty Actuarial Society, Certified Enterprise Risk Analyst and Registered Professional Liability Underwriter. Our degree will help you pass the actuarial exams which are necessary to obtain these certifications and future career advancement. You can also join the Actuarial Association to meet other students who share your interests and aspirations.
All actuarial science majors will be assigned a faculty advisor. Their advice is crucial in designing a coherent undergraduate program.
In the course sequence PSTAT 296AB, Research for Actuaries, students will complete research projects in the area of actuarial science. Each project will be supervised by at least one ladder faculty member and approved by a project committee that includes at least two members of the department's ladder faculty.
Major, General, and Career Information
- Analyzing insurance rates, such as for cars, homes or life insurance.
- Estimating the money to be set-aside for future pension/retirement benefits.
- Participating in corporate planning, such as assessing the value of a company about to merge with another business.
- Calculating a fair price for a new insurance product.
- Forecasting the potential impact of catastrophes.
- Analyzing investment programs.
While most actuaries are employed in the insurance sector, many also work as independent consultants, in banks and investment firms, at public accounting firms and in government. Actuarial research in universities is another thriving career path. See beanactuary.org for more information. If you want to know more about our program, talk to the Undergraduate Program Assistant in the Statistics Department, South Hall 5607.
Check out Career Service's Get Experience Page: http://career.sa.ucsb.edu/internships/opportunities/business-finance-ent...
Resources and Professional Associations
Society of Actuaries
The Society of Actuaries’ (SOA) vision is for actuaries to be the leading professionals in the measurement and management of risk.
American Academy of Actuaries
The American Academy of Actuaries serves the public on behalf of the U.S. actuarial profession. Uniting actuaries from all practice areas, the Academy is the voice of the profession on public policy and professionalism issues.
International Actuarial Association
The International Actuarial Association (IAA) is the worldwide association of professional actuarial associations, with a number of special interest sections for individual actuaries.