Actuarial Science

An actuary uses mathematical and other skills to solve problems related to insurance and pensions. Most actuaries work for insurance companies; others work for government agencies, for unions or as consultants. For example, actuaries:

  • Design insurance plans and decide what the premiums should be so that the plan will be financially sound.
  • Design pension plans and decide how much needs to be paid in each year to obtain a desired retirement income.
  • Evaluate and compare investment options.
  • Evaluate insurance policies to see if they are fair and sound.

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Mathematics is an exciting and intellectually stimulating field whose frontiers are rapidly expanding. Mathematics provides the foundation for much of the natural and social sciences, as well as many other fields where quantitative reasoning is essential. The study of mathematics offers opportunities for creative effort and accomplishment, both within mathematics and through its application.

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Statistics provides a strong career path with excellent opportunities, and statisticians are in high demand. Statistics is a branch of mathematics which involves collecting and analyzing data to estimate, model or predict real world phenomena. Statisticians help to design experiments; they then collect, analyze, and test the experimental data to summarize and present the results so that they can be understood in a meaningful manner. Statistically correct experimental design produces trustworthy data, and helps researchers draw practical conclusions to evaluate trends or projections.

Data can be derived from sources such as surveys, polls and experiments. Statisticians apply their knowledge to a wide array of disciplines, such as agriculture, biology, computer science, economics, education, engineering, human resources, marketing, medicine, public health, psychology, sociology, and sports.

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