Studies & Degrees in Actuarial Science
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In the days before Actuarial Science was established, the majority of those who were then considered as “actuaries” belonged to the insurance industry. Up to this day, actuaries are still much engaged in, but are no longer limited to, the pre-need companies. Among these entities are real estate and property corporations, health insurances, educational plans, and the like.
The modern-day actuarial venture has evolved into a formal and complex science. Just like other professional disciplines, it has become a specialized field of study.
The roots of Actuarial Science trace back to the period where societies realized that there was a rapidly growing necessity of considering the significant influence of “risks” in their everyday activities. At about that same time, Actuarial Science was conceived, putting this idea of the “risk factor” on a more scientific basis and a relevant position.
Actuarial Science is centered in the assumption that the frequency with which events took place in the past may be used to predict or measure the probability of their occurring in the future. Hence, actuaries are simply inseparable with probability tables dealing with mortality, accidents, sickness, fires, industrial losses, natural disasters, and still others more. On the basis of these tables, the amount of money reserve required to settle expected claims are established. These data collection is then used to compute for rates for the various types of insurance plans, project proposals, investment offers, and asset evaluation, among others.
Actuarial Science has paved the way to make insurance schemes possible. The combination of interest computations and theories of probability, integrated in Actuarial Science, have made life insurance for individuals or health benefit plans for employees available and accessible.
The Actuarial Science program is fit for students who aim to gain specialized knowledge of mathematical approaches to solving real-life finance problems and various issues in business environments. As what has been already mentioned, graduates of this program are commonly found in insurance companies, banking and accounting firms, and property and other investment companies, and the like.
Other than serving in the insurance domain, actuaries are widely employed in various government agencies that deal with regulating not only the insurance agency industry but also its subsequent influence in the operations of the government social security, health, and pension programs.
The relatively new field of operations research employs a large number of actuaries. Modern management and manufacturing paradigms, such as Risk Management, cultivate knowledge from Actuarial Science to further improve or maximize the use of resources and hence, minimize production costs, and prevent possible loss.
Graduates of this program are mostly involved in employee benefits and pensions, life and health insurance, finance, economics, and investments, property and casualty insurance. Recent developments have even linked Actuarial Science with fields like criminology, and psychology, among others. This simply shows that Actuarial Science is continuously finding its way to establishing its applications in different industries. Since actuaries acquire sufficient knowledge of a diverse pool of fields – as Statistics, Economics, and Accounting – this flexibility gives them an advantage when it comes to employment opportunities