- What is an actuary?
- What skills does an actuary need?
- What does it take to become an actuary?
- Why study Actuarial Science at Lindenwood University?
Actuaries are business professionals who use mathematical and statistical problem-solving skills to study the financial impact of risk and uncertainty. Actuaries primarily work for insurance companies, consulting firms, and government organizations. However, they also work for universities, banks and investment firms, hospitals, and many other types of organizations. Actuaries tend to earn high incomes and are always in high demand. Studies consistently rank actuary among the top jobs in the US (often as the number 1 job).
An actuary needs to be knowledgeable in calculus, probability, and statistics, and should have strong problem-solving and analytical skills. They need to be familiar with concepts from fields of business such as finance, economics, and accounting. It is also beneficial to have strong computer skills, particularly with spreadsheet, database, and statistical software.
If you are pursuing a career as an actuary, you should complete a Bachelor's Degree in Mathematics, Actuarial Science, or a related field. While working on your degree, you should complete 1-3 preliminary actuarial exams. It is strongly recommended that you pass at least the first two exams (Exam P and Exam FM) by the time you graduate. In additional to completing a few of the preliminary exams, it can also be very beneficial to participate in a summer internship program while you are still in college.
The BA in Mathematics with Actuarial Studies Emphasis and BS in Mathematics with Actuarial Studies Emphasis degree programs include coursework that will provide students with all the tools they need to be successful on the first two actuarial exams (Exam P and Exam FM). There are also opportunities for motivated students to take courses to prepare for the third exam (Exam MFE). We also offer many courses in Applied Statistics and Data Science, which will help students develop valuable statistical and technical skills.
The actuarial program at Lindenwood also includes courses in economics, accounting, and finance. The courses provide students with a general business background that will benefit them in their actuarial careers. Students interested in enhancing their knowledge of business concepts may opt to pursue a minor in Finance or Economics.