Did you know – only about 1 in 5 actuaries hold a degree in Actuarial Science? This is because many future actuaries discover this career option while in college, and the exam path makes the career possible, as long as you take the needed courses.
The most common majors include Actuarial Science, Mathematics, or Applied Mathematics. While not as common, many other actuaries have degrees in Economics, Statistics, or Finance. If you are currently pursuing an undergraduate degree and are interested in an actuarial career, your equation for success should include the following courses:
- Calculus 1, 2, and 3
- Linear Algebra (at least one semester)
- Accounting and Corporate Finance*
- Microeconomics and Macroeconomics*
- Calculus-based probability and statistics*
- Actuarial Science courses, if available at your school
- Computer Science courses
- Business courses, such as marketing
- Communication courses, such as speech, business writing and technical writing
- Literature, history, art, political science, the humanities, and other liberal arts classes
*These courses can satisfy some of the Actuarial Exam Requirements.
If this curriculum gives you the idea that actuaries need a well-rounded education, you’re right. What sets actuaries apart from other professionals is their ability to learn and assimilate a wide range of information and communicate it effectively. As their careers move beyond the traditional insurance industry boundaries, actuaries are finding that a versatile storehouse of knowledge pays off.
Check to see if your school has an Actuarial Science Program
Actuarial science programs bring concepts like math, finance, business, and risk management into one major, minor, or concentration, and can help you earn a credential by preparing you for actuarial exams. There are many actuarial science programs to choose from at a variety of colleges and universities.
To find out if your school offers actuarial science programs, check out Universities & Colleges with Actuarial Programs from the Society of Actuaries and the University Recognition Program from the Casualty Actuarial Society. Schools on these lists must meet certain requirements for their respective categories. If your school does not have any actuarial science programs, you can still become an actuary by pursuing any of the related majors or coursework mentioned above!
Don’t forget to explore the scholarships, internships, and summer programs that are available to help you achieve your goals.