Actuarial science — it sounds like a handful, but what is it exactly? Not to be confused with mathematics or accounting, a degree in actuarial science teaches you to assess risk by leveraging statistics and analytics. Actuaries need to have a solid grasp of mathematics, but also need to develop an understanding of the business world and the complexities of human behavior. Actuaries use these skills to help companies, private corporations, and even the government make crucial decisions about how to manage risk.
So what do actuaries actually do? Well, actuaries are instrumental in industries like insurance, where the entire business is built on an understanding of risk. Actuaries are tasked with helping businesses understand the likelihood of future events, how to reduce the likelihood of undesirable events — and how to minimize the impact if they do occur. Their work is instrumental in decision-making and long-term planning, making them indispensable members of management teams in every industry.
Silver Lake College is proud of its unique Actuarial Science program, which provides students a wide-ranging education and professional development designed to tee-up post-grad success.
Here are four reasons to consider Silver Lake College’s Actuarial Science program:
1. Actuarial Science majors develop interdisciplinary math skills.
As opposed to a degree in mathematics, which sticks mainly to the realm of theory and academia, an actuary must possess knowledge of the business world and human behavior. If you have a passion for mathematics but that passion isn’t limited to mathematics, the actuarial science program curriculum includes courses in the fields of accounting, finance, computer science, and economics. As an actuarial science major, you will learn about the real-world applications of mathematics, taking statistical analysis off the page and learning how to apply it to important business decisions.
As a result of the comprehensive curriculum, graduates of Silver Lake College’s actuarial science program leave with an education applicable to careers in a range of different industries.
2. Actuaries have one of the best jobs in America.
The actuarial profession is hot. Major publications like U.S. News and World Report, The Jobs Rated Almanac, and CNN Money have all written about the benefits of a career as an actuary. Whether we are talking about employment outlook, job security or salary, a job as an actuary is hard to beat — in fact, actuaries are consistently ranked among the best jobs in America.
According to the Bureau of Labor Statistics, an actuary’s median pay is $97,070 per year, and with job outlook growing by as much as 24 percent by 2024, getting into the field is a pretty good bet.
3. Get real-world preparation and results by studying actuarial science.
One of the main goals of Silver Lake College’s Actuarial Science program is to prepare students for their actuarial exams, a series of tests through which actuaries become certified by the Society of Actuaries. However, we also realize that many students are interested in furthering their education at a graduate school, which is why SLC offers upper-level courses to prepare students for advanced degree work.
Perhaps more importantly, the interdisciplinary nature of SLC’s Actuarial Science degree means lots of opportunities for work. A major in actuarial science opens the door to actuary jobs in the insurance industry, private corporations, the government, colleges and universities, banks and investment firms public accounting firms, and more!
4. SLC can help you combine your passions with a degree in actuarial science.
Whether you are interested in math, statistics, accounting or business, a degree in actuarial science grants you the opportunity to explore a range of passions and interests. Most of us have a range of disparate interests and skills, and being forced to pick just one can be difficult.
At Silver Lake College, students are encouraged to engage with faculty members conducting research in a variety of mathematical and statistical areas. For example, Steven Kuehl, assistant professor and department chair of the actuarial science program, has combined his statistical research with his love of baseball, recently publishing two books on baseball (with a decidedly statistical slant) about the Detroit Tigers and Milwaukee County Stadium.
Rather than pushing students to single out a specific field of interest, a degree in actuarial science pushes students to tie together a bunch of interests under the umbrella of a single comprehensive major. Just as Professor Kuehl combined his passion for statistics and baseball, an actuarial science major offers students the chance to combine multiple passions.
Are you interested in learning more about the actuarial science program at Silver Lake College? We invite you to learn about the program on our website and our friendly admissions team is always happy to talk with prospective students.