Study actuarial science abroad

Actuarial science is a discipline that uses mathematical and statistical concepts to calculate, quantify, and manage risk. Actuaries predict and manage the financial impact of uncertainty across various sectors, including insurance, commerce, and government.

You’ll study the theories, models, and methods behind actuarial science and apply them to real-world situations. Alongside sharpening your mathematical and statistical skills, you’ll take classes in economics, finance, and accounting to develop a broader understanding of actuarial contexts.

Studying overseas is a fantastic opportunity to grow both professionally and personally. Immersing yourself in entirely new surroundings means that you’ll have to communicate clearly, identify risks, make important decisions, and think on your feet. Not only will these traits help you navigate everyday life, but they’ll also prepare you for a successful career in actuarial science.

You can study actuarial science as a BSc over a minimum of three years. Most programs will have an integrated sandwich year between the second and final years of study so that students can gain hands-on industry experience. Therefore, bachelor’s degrees lasting four years are common.

Studying actuarial science in combination with a related subject, like mathematics, statistics, computer science, finance, or economics, is also popular. These joint-honors courses are a useful way of tailoring your degree to reflect your interests and strengths.

If you’ve set your sights on studying in the US, you’ll probably opt to major in actuarial science. In line with the US liberal arts model, you’ll spend the first two years of your degree studying general education classes, before focusing on actuarial-specific modules for the remaining two years.

After you’ve finished your bachelor’s program, you can pursue a postgraduate qualification. A master’s degree usually requires one year of full-time study, or two years of part-time learning.

If you’re still hungry to discover more, you could enroll in a research-based doctorate program. A PhD is the highest formal qualification achievable and can take anywhere between four and seven years to complete.

Actuarial science programs are taught through a combination of lectures, seminars, practical workshops, problem-solving classes, and tutorials. Assessment methods include exams, essays, presentations, and research projects.

It’s important to look closely at the modules offered as part of each program because they will differ between universities. Nevertheless, most universities will cover these core areas:

• Introduction to probability and statistics
• Financial accounting
• Finance and financial analysis
• Business economics
• Actuarial modeling
• Probability and statistics
• Mathematical methods
• Management accounting

Businesses and organizations across the world are always looking to minimize financial risk and maximize financial gain. Your ability to anticipate, control, and respond to financial uncertainty will be highly attractive to employers across a range of industries and sectors.

Actuarial science graduates go on to find success in an array of professions, including:

• Actuary
• Insurance underwriter
• Investment banker
• Financial manager
• Accountant
• Stockbroker
• Economist
• Financial advisor

Securing work experience or internships during your free time can prove invaluable when you’re on the hunt for a graduate job. Participating in a voluntary placement will demonstrate your commitment and passion for the field to potential employers.