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Course: Actuarial Science
Insurance may not seem like an action-packed field, but countless big-screen murders have been committed in the hopes of big insurance payoffs. The classic 1944 movie Double Indemnity gets its name from a type of insurance policy that pays double the usual rate if the policyholder dies. The murderous pair in Double Indemnity almost gets away with their plot. But an actuary suspects that something's up -- and uses statistics to solve the crime.
While actuarial students don’t learn to solve crime, they do learn to use statistics to create insurance policies. Classes in this major cover such topics as forecasting (predicting) theory and computer-assisted research methods.
Actuarial science majors learn how to analyze risk using math and statistics. They also learn how to use their findings to solve management problems in insurance and other businesses.
Did You Know?
In order to be certified as an actuary, you must pass a series of tests. Actuarial science programs help you prepare for those tests.
Are You Ready To...?
- Study hard for actuarial exams
- Use computers to solve problems
- Solve complicated problems in math and statistics
It Helps To Be...
Someone who loves the idea of using math and statistics to solve various social and business problems. You'll need to be a self-motivated, goal-oriented communicator. Finally, you should feel right at home in front of a computer.
College Checklist
- What requirements do you have to fulfill before declaring the major?
- Do the professors have experience and contacts in the business and insurance worlds?
- Does the program offer a tutoring center for help with difficult assignments?
- Are there campus clubs related to actuarial science, business, math, or statistics?
- Will the program help you find work after graduation?
- What are recent grads doing now?
- What do they have to say about the program?
Did You Know?
Barton Keyes, the actuary in Double Indemnity, loves his work. "The job I'm talking about takes brains and integrity," he says. "It's the hottest job in the business."
Course Spotlight
Calculus is the basic mathematical tool for studying rates of change and is a crucial tool for actuaries. Let's say you've put some money into a savings account with an interest rate of five percent. If you want to know how much money you've earned, all you need to do is multiply the amount you've deposited by five percent.
However, most savings accounts have interest rates that rise and fall over time. That’s when calculus comes in handy: you can use it to figure out how much interest you’re money is earning even though the interest rate is variable.