Actuarial Science
Actuaries are the analytical backbone of our society's financial security programs. They are the brains behind the financial safeguards we have implemented in our personal lives, so we can go about our daily lives without worrying too much about what the future may hold for us. These are the safeguards that protect us from life's catastrophes. The insight into risk that actuaries have also helps to ensure that our savings are working hard for us, so that everything we love and cherish can grow and flourish. The work of actuaries benefits all of us.
Actuaries love what they do. Their work is intellectually challenging and they are very well-paid. Actuaries are key players in the management team of the companies that employ them. In a fast-changing world, with new risks and the need for ever-more creative ways to tackle them, there are constant opportunities for personal and professional growth in an actuarial career, and the pleasure of lifelong learning. Most actuaries work in a pleasant environment, alongside other professionals, and enjoy the respect of their peers.
Found in all sectors of the economy, actuaries are more heavily represented in the financial services sector, including insurance companies, commercial banks, investment banks, and retirement funds. They are employed by corporations as well as the state and federal government. Many work for consulting firms. Some are self-employed, enjoying financially rewarding careers that also come with the great flexibility of being one's own boss.
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A blend of mathematics, economics, statistics and finance, this major positions graduates to become experts in evaluating the likelihood of undesirable events and decreasing their impact. The program prepares students for jobs in the field, as well as provides the educational background to pursue an advanced degree in economics, mathematics, statistics or business administration.
Actuarial science is a discipline in which complex data sets are used to analyze risk probabilities and their associated costs. Corporations rely on actuarial risk evaluation to frame their strategic management decisions. Actuaries are employed by the insurance industry, corporations, the government and/or individuals. To become an actuary, a strong background in mathematics, statistics, economics and finance is required.
Actuaries are experts in many aspects:
- Evaluating the likelihood of future events
- Designing creative ways to reduce the likelihood of undesirable events
- Decreasing the impact of undesirable events that do occur
There are multiple Actuarial Science degrees available to students:
- Business Actuarial Science, B.S. (Major)
- Actuarial Science, B.S. (Major) (Joint program between the School of Business Economics Department and the College of Arts and Science Math Department)
SKILLS AND ABILITIES
Students are taught to think analytically and to develop models appropriate to the process being analyzed. Students develop many useful skills including the ability to:
- Understand concrete and abstract topics
- Think logically and critically
- Identify the essence of a problem
- Gather/organize/evaluate data
- Solve quantitative problems
- Manage complex projects
- Work independently and as part of a team
- Apply fundamental business principles
- Communicate by preparing and presenting facts and ideas clearly, effectively and by listening
- Make sound judgments and decisions
- Use computers (spreadsheets, statistical programs, databases,
and programming)
CAREER OPPORTUNITIES
Actuaries work anywhere risk is present. Actuaries are employed by colleges and universities, banks and investment firms, public accounting firms, labor unions, rating bureaus and fraternal organizations. Since actuarial judgment is highly valued, career paths often lead to upper management and executive positions. Many resources, including the Jobs Related Almanac, have consistently rated the actuarial profession as a top-ranked career based upon factors including physical demands, job security, compensation, advancement, and stress, among other criteria.
A career in accounting can be exciting, dynamic and demanding. The rewards for hard work are significant and afford ambitious professionals unlimited career possibilities. For more information on careers please visit the Bureau of Labor Statistics or O*Net.
CAREER CHOICES
- Actuary
- Insurance Underwriter
- Cost Estimator
- Budget Analyst
- Statistician
- Economist
- Personal Financial Advisor
ORGANIZATIONS THAT COMMONLY EMPLOY ACTUARIAL SCIENCE MAJORS
- Ally Financial
- Blue Cross Blue Shield of Michigan
- Deloitte
- Towers Watson
- WellPoint
JOB OPENINGS
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ACTUARIAL SCIENCE ORGANIZATIONS AT OU
SAS (Society of Actuarial Sciences)
Student Organizations
PROFESSIONAL ORGANIZATIONS
- International Actuarial Association
- American Academy of Actuaries
- Society of Actuaries
- International Association of Black Actuaries
CAREER OUTLOOK*
Wage Range | $43,210 - $196,010
Median Annual Wage | $71,790 - $111,030, depending
on exams passed
National Growth | 12 - 24% from 2020 to 2030
*Data from the National Bureau of Labor and Statistics. Passing exams could add $5,000 to $10,000 to starting salary.
School of Business Administration
School of Business Administration