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Actuarial Science evaluates financial risk in the study of finances using mathematical and statistical methods. These methods are applied to outline, examine, and figure out financial involvement for upcoming events. It also analyses mathematical models to predict the probability of an event to occur so that companies can deal with any costs that may occur from the same event.
The two major applications of Actuarial Science are found in life insurance and pension plans. The methods of Actuarial Science are applied in the assessment of financial organizations with regard to evaluating liabilities and enhancing decision-making in funds and finance. This science has had many revolutionary changes since the availability of high-speed computers and the union of stochastic actuarial models with modernized propositions for finances.

The study program covers topics like financial accounting, macro and microeconomics, calculus, risk models, and probability. Students of Actuarial Science develop excellent mathematical, analytical, oral, and communication skills, and also problem-solving skills. They develop a deeper understanding of how businesses work and how to avoid financial risks.

Actuaries are the foretellers of the insurance industry and are very detailed in mathematics, statistics, and theories of capital and hazard. They compute and foretell the probabilities of future outcomes. All financial impacts that have the potential of both risk and development are being cautiously evaluated to divert and also, if possible, avoid any outcome that will bring forth a negative consequence. In other words, actuaries use this study to sustain and protect a company.

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Study Levels

The different types of study levels that offer Actuarial Science courses are:

Bachelor of Actuarial Science and Financial Mathematics
Bachelor of Actuarial Sciences
Bachelor of Arts in Finance
Bachelor of Business Administration
Bachelor of Commerce
Bachelor of Science in Mathematics and Physics
Bachelor of Science in Mathematics and Statistics
Bachelor of Statistical and Actuarial Sciences
Diploma in Actuarial Science
Graduate Diploma in Actuarial Science
Master of Actuarial Science and Financial Mathematics
Master of Actuarial Sciences
Master of Arts in Finance
Master of Business Administration
Master of Commerce
Master of Science in Mathematics and Statistics
Master of Statistical and Actuarial Sciences
Postgraduate Diploma in Actuarial Science
Ph.D. in Actuarial Science

Specialisations

Learning outcomes:

Throwing Caps

Students can choose to specialize in areas like:

Actuarial Methods
Actuarial Practically
Advanced Econometrics and Forecasting
Advanced Financial Economics
Alternative Investment Management
Asset-liability Management
Calculus
Climatology
Consulting
Contingencies
Corporate Risk Management
Data Analytics
Decision Analysis
Derivatives, Trading, and Hedging
E-Commerce
Economics
Extreme Event Statistics
Finance
Finance and Financial Reporting
Financial Economics
Fixed Income Portfolio Management

Fundamentals of Finance
General Insurance
Infrastructure
Insurance
Investment
Linear Algebra
Operational Research
Pension and Other Benefits
Probability
Real Estate Finance and Funding
Research
Risk Analysis and Modelling
Risk Management
Safety
Statistical Reasoning, Communication, and Ethics
Statistics
Stochastic Modelling
Superannuation
Technical Analysis
Technology

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Employability

Graduates with a degree in Actuarial Science have all the knowledge and skills required to pass Actuarial exams to qualify as an Actuary. Besides that, they also have several career options to choose from across various fields.

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    The career sectors that offer jobs for this field of work are:
    Academics
    Bank
    Commercial activities
    Consultants
    Employee Benefits
    Financial Modelling
    General Administration
    General Insurance
    Government Agencies
    Health Insurance
    Investment Consultancies
    Investment Systems
    Life Insurance
    Pension Funds
    Private Agencies
    Reinsurance Companies
    Reinsurance Companies
    Risk Management
    Software Development
    Stock Exchanges
    Technical Research
    Valuation Work

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    The job roles for graduates of Actuarial Science courses include:
    Actuary
    Actuarial Analyst
    Actuarial Manager
    Chartered Certified Accountant
    Financial Risk Analyst
    Insurance Broker
    Insurance Underwriter
    Operational Researcher
    Risk Manager
    Financial Planner
    Business Analyst
    Product Manager
    Consultant
    Intelligence Agent
    Budget Analyst