What's a good school for Acturial Science?

drusba
Fri, 28 Jul 2006 10:03:50 +0000

For those who do not know what actuarial science is, it is essentially a combination of math, statistics, computer science, and finance, and be aware: (a) there are currently only about 19,000 actuaries in the country; (b) insurance companies hire a large percentage but investment, banking and other financial industries, including the gambling industry, also hire a large percentage; (c) it is an ideal job for someone who loves math, statistics, and playing on a computer most of the day; (d) college graduates are generally in high demand and get starting salaries comparable to engineering; (e) there is a series of exams that begins toward end of college and then you take more over a period of several years to become a “fellow” in one of the two recognized actuary societies; (f) experienced actuaries who have reached that stage average in the six figure salary range and many make over $200,000 a year; moreover many move on to management and you will find them in senior positions in insurance and other companies; (g) actuaries are held somewhat in awe in insurance and other companies by many in the company who are not one.

In other words, it is one of those “sleeper” majors that most students know nothing about, only a small number get into, and most really like their jobs.

There are not many colleges that actually offer an actuarial science program that is sufficient to prepare for the first four exams. Thus, there is also no specific ranking list that I am aware; however, I am aware that Purdue, Indiana, UIUC, Wis, Columbia, NYU, Penn are well regarded.