historically, actuarial science used deterministic models in the construction of tables and premiums. property and casualty insurance companies tend to specialize because of the complexity and diversity of risks. the 17th century was a period of advances in mathematics in germany, france and england. william morgan is often considered the father of modern actuarial science for his work in the field in the 1780s and 90s.
during the course you’ll hear from a wide variety of actuaries about their careers. and don’t be scared that the course will be “just a whole lot of mathematics”. the course has been carefully designed for students from a wide variety of backgrounds, with secondary/high school level being the only assumption of mathematical background.
if you are currently pursuing an undergraduate degree and are interested in an actuarial career, your equation for success should include the following courses: 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. actuarial coursework is important, but so are classes in other areas. learn how having a well-rounded education has given these recently credentialed actuaries the foundation for a successful career.
combine that with the demand for actuaries and you have the prospect of a secure and prosperous career ahead of you. starting your actuary career while you can begin your career with just one or two exams completed, you will be required to take more exams and courses as your career progresses towards the associate level. actuarial careers consistently rank as one of the best jobs in our economy, and this is likely to increase as we come to rely on data in more and more industries. accountants mostly deal with the past and their job is to represent past performance of a company in financial statements. finding efficient methods to manage risk is a critical part of management decisions and the actuary profession leads the field in this area of expertise. if you are heading for a career as an actuary, you should try to take one or two of the exams you will be required to complete before you graduate.
and see just how far you can go. like other top-ranked professions (such as law and medicine), one must pass a set of examinations to achieve professional status as an actuary. unlike other professions, in actuarial science you’ll have the opportunity to work as an actuary while completing the examination process—employers often allow study time during working hours, pay exam fees, provide internships, and even award raises for each exam passed. though, to get the best start on a rewarding career, many soon-to-be actuaries begin taking exams while still in college. of those that do, most achieve associateship in three to five years. all candidates acquire a core set of knowledge from required preliminary exams. the preliminary exams and validation by educational experience requirements are the starting points for an actuarial career. the casualty actuarial society (cas) and the society of actuaries (soa) websites contain complete descriptions of their education and examination systems, including syllabus and study materials, registration information, rules and regulations and resources of each exam.