Actuarial science is a study that uses combination of mathematics, statistics, economics and finance to analyse and determine future financial risk. Thus, actuaries may assess, evaluate and manage a long term financial planning and management in finance industries such as banking, insurance, or investment.
What will you study?
You will study a number of subjects that may include: probability, mathematical statistics, risk theory, financial economics, financial mathematics, credibility theory, income systems and data analysis.
Why study Actuarial studies?
There is a great deal of demand in Actuaries that makes Actuarial Studies as one of the top 10 college major with the lowest unemployment rate at 0%. Thus, Actuarial Studies provide you with strong job security. Also, the skill of actuaries is easily transferrable across numerous industries. Actuarial Studies may also lead you to lucrative career path as it is very well paid and yet challenging. UNSW noted that salary for Actuaries may vary from 45k - 65k per year for freshly graduated to 150k per year for actuaries with 5 years experience. So, if you love mathematics, and looking for a well paid career, why not?
Career prospects
There are many opportunities for graduates of actuarial studies. It range from financial management, insurance companies, wealth management, project management, risk management, funds management, consultancy, investment management, etc.
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