Actuarial Science as a Career Actuaries are individuals who apply mathematical techniques to solve problems in insurance, finance and other related fields. They come into contact with every aspect of the insurance industry and must possess strong mathematical skills and solid practical and theoretical business backgrounds to apply their technical knowledge. They are responsible for determining rates and premiums on insurance policies and forecasting future events affecting the soundness of insurance programs. Some actuaries work with consulting firms as advisors to corporations regarding their insurance and pension programs. Government agencies, such as the Social Security Administration, employ actuaries.
Most actuaries specialize in either life and health insurance, or property and liability insurance.
A large number specialize in pension plans. About one half of all actuaries work for insurance companies, one third in independent consulting firms, and the rest in federal and state government, corporations, and universities. The table below shows the required courses and their relationship to the professional requirements and actuarial exams offered by the actuarial societies. Today's business environment places an ever-higher premium on people with the mathematical training and computer skills to solve complex analytical problems. This major, designed in collaboration with business leaders, and jointly sponsored by the School of Business and the Department of Mathematics and Actuarial Science, prepares students to be valuable contributors in a wide range of areas.