Actuarial Science is a field that teaches you to analyse the financial consequences of a risk. An Actuary is a person who has successfully jumped through all the numerical barriers and passed their exams to become a proficient in this field.
After passing the necessary exams, when you start using Mathematics, Statistics, and financial theories to understand the uncertainties in different industries such as Insurance, Finance, Pension funds, Stock Markets, Mutual Funds, Government, and many more, that’s when you become a successful actuary. Actuarial Science has been in existence since 1762. It became a prescribed mathematical discipline in the late 17th Century when the demand mainly increased for long-term insurance coverage. This makes it a 258-year-old profession! Can you believe it? A career as an Actuary can be labelled as a “Business” career where the foundation is mathematics than a “Technical” Mathematical Career.
To become a professional in this field you must attain a degree in actuarial science where you get a solid foundation course in mathematics, economics, and statistics, and other disciplines.
A little bit about the subject
Now, you may think what exactly must you learn in this subject to become an actuary?
Well, firstly actuarial science deals with the assessment of financial risks on the insurance and financial grounds but that’s not it, it doesn’t revolve only around insurance like it used to before, today you are able to become a professional and work in data science, risk management, mutual funds, stocks, other markets where money is involved. Usage of Mathematics and Statistics are a core of Actuarial Science. An actuaries’ main job is to comprehend and solve the financial implications of a company. And that’s what you will be doing.
Why shall you choose
this subject?
Now once you have understood the main concept of actuarial science and what it does. There are a lot of essential reasons why you would choose this subject. Actuarial Science is a career where you use your problem-solving skills to crack real time difficulties. It is a field which you can take anywhere in the world and use it in all kind of businesses where finance is involved. It rewards you with the abilities to lead and provides you with an opportunity for great intellectual stimulation. It will make you stand out from the rest of the crowd and allow you to have an upper hand where no one can mislead you while talking money. Because, you are an expert indeed.
When chosen, how
does it work?
Do you think Actuarial Science is a difficult course to study?
Yes, initially when you start studying this subject, it is difficult to grasp and understand since you have to learn several concept and material in-depth. But let us tell you, it is not impossible. If you are quick and good with numbers then it is a career for you!
That’s what we are here for. Just know your numbers and S. MONK will push you to become a great Actuary that will not only make you intellectually smart but a confident and ambitious expert and serve like an asset for any company.