Actuarial Science Course Overview
Actuarial science is a study that analyses and predicts risks in investments, and evaluates the uncertainty in the finance and commerce industry. Actuarial science courses include mathematics and statistics to help students understand how to handle finances and maintain stability in the economy. The degree teaches skills that are required to understand and provide resourceful inputs and solutions for potential financial complications and uncertainties. Actuarial studies also include probability to understand the patterns of organisations and industries with respect to the investments they make and their other financial activities – to draw conclusions or to predict the possibility of a future event.
An actuary would closely work with past data to study the recurring trends and numbers to anticipate future outcomes. Actuaries are and will always be in high demand as they help organisations become cautious of the predicted events and move forward accordingly with handling investments, insurance and their finances. Quantifying risks and studying financial figures to make sound investment decisions are two of the most important aspects for any business; which makes this course relevant for anyone and everyone interested in applying their analytical skills to make businesses grow. This course will help you master the right set of skills required to enter different industries and will also provide you the industry knowledge needed to succeed in your career.
Why Study Actuarial Science Courses Abroad
Actuarial science courses abroad are primarily preferred by students nowadays for the curriculum that universities are adopting to make students industry ready. Most universities abroad teach different models, concepts and theories to help you understand the possibilities and outcomes in finance, commerce, or any other industry for that matter. Opting for an actuarial science course abroad will give you an upper hand in this cutthroat industry as it will provide you with tailor-made skills to climb up the ladder of your career. Studying abroad will force you to challenge your ideas and critically judge your own work for the better, as you will be exposed to new thoughts, new perspectives and new cultures. The fresh perspective would make you contemplate and reflect on your thoughts to unlock your untapped potential and grow exponentially, both on the personal and professional front.
An actuarial science course abroad will not only strengthen your statistical, mathematical and problem-solving skills – it will also deepen your understanding of various financial concepts to measure the intensity of future uncertainties and manage them accordingly. The workshops, problem-solving sessions, and practical assignments provided under this course will boost your confidence as an actuary to survive in this industry. The program module is such that your decision-making skills will improve to quickly process the sudden uncertainties and come up with the best possible solutions for businesses to get through them.
Areas that will be covered in this course:
- Business economics
- Management accounting
- Mathematical methods
- Probability and statistics
- Finance and financial analysis
- Actuarial modelling
- General insurance
Requirements to Study Actuarial Science Courses Abroad
Requirements and eligibility are different for different universities, but the one common requirement for all universities abroad is to pass any one of the English proficiency exams, such as the TOEFL, IELTS, PTE, etc. English proficiency is mandatory to study actuarial science courses abroad, whether it's a bachelor’s degree or a master’s.
Check out the table below for the requirements you need to meet to be eligible for the course:
|1.||Bachelor’s in Actuarial Science course||3 to 4 years||
|2.||Master’s in Actuarial Science course||1 to 2 years||
- University of Illinois at Chicago
- Colorado State University
- Illinois Institute of Technology
- New Jersey Institute of Technology
- Suffolk University
- Kent State University
- University of Mississippi
Career Prospects and Scope of Actuarial Science Abroad
The scope for an actuarial science degree is huge and wide. As finance is a prominent aspect of any organisation, it wouldn’t be wrong to say that the demand for actuaries would never die down. With the advent of the internet and technology, the need for those who can study data and analyse trends to make predictions for future investments and quantify risks is constantly growing among businesses. Industries are demanding actuaries who can efficiently use technology to manage, handle and help their finances grow.
Actuaries are well versed in statistics and probability, with which they make predictions on the possibilities and outcomes of the finances. They also help develop policies to avoid or cut down risks for the company. Their mathematical skills come in handy to provide inputs on insurance, investment and pensions. These critical thinking and analysing skills of actuaries keep them in demand across businesses and industries. With their apt skills and knowledge of the industry, actuaries don’t only manage to climb up to higher job positions quickly, but also manage to earn a handsome amount of money.
Possible career paths with actuarial science:
- Financial adviser
- Insurance actuarial analyst
- Actuarial consultant
- Business analyst
- Insurance underwriter
- Investment analyst
- Financial planner
- Mortgage advisor
Best Study Destinations for Actuarial Science
Studying this course in the most popular study destinations will not only set you up for success in the near future in the industry – it would also shape up your thought process for the better. There are ample opportunities for you to consume knowledge and live some of the most unforgettable and meaningful experiences while studying abroad. Here is the list of top countries to study actuarial science:
Frequently Asked Questions
Here are some of the countries that offer high salary packages for actuaries:
An actuary usually deals with a lot of mathematics, statistics and probability principles to predict future events to minimise the costs and risks. They also study previous data to assess the trends and patterns to help businesses manage potential risks and financial pitfalls.
It depends on the type of program you are opting for. If it is a bachelor's degree, you can expect to complete the course in 3-4 years of time but if it is a master’s, it can take around 1-2 years.
Nothing comes easy, but that doesn’t mean what’s not easy can never be possible. With a number of practical sessions, assignments and opportunities to apply the complex concepts and theories that you study into practice, you will be able to understand all the topics and areas under actuarial science. Actuarial science courses are primarily about mathematics and statistics – if you are someone interested in maths, economics and data, it will not be hard for you.
We see your potential and help you to study Actuarial Science Abroad that adds significant value to your future.
Our international education counsellors proactively guide and support the international students in choosing the top-ranking universities and the best courses to achieve their career goal. We make sure our students are provided with personalised support when applying to study Actuarial Science