Actuarial Science, B A
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Early in the Roman empire, associations were formed to meet the expenses of burial, cremation, and monuments—precursors to burial insurance and friendly societies. A small sum was paid into a communal fund on a weekly basis, and upon the death of a member, the fund would cover the expenses of rites and burial. These societies sometimes sold shares in the building of columbāria, or burial vaults, owned by the fund—the precursor to mutual insurance companies.
Actuaries are in high demand and earn good salaries in locations all across the country, often in large metropolitan areas. Most Iowa graduates find work as actuaries, but some become financial managers and teachers. Talk more about this coursework as well as academic or professional pathways in this field.
In traditional life insurance, actuarial science focuses on the analysis of mortality, the production of life tables, and the application of compound interest to produce life insurance, annuities and endowment policies. Contemporary life insurance programs have been extended to include credit and mortgage insurance, key person insurance for small businesses, long term care insurance and health savings accounts. Lycoming College’s major in Actuarial Science is designed upon the recommendations of the Society of Actuaries. It is a challenging curriculum, but you will be supported by your professors and your fellow students. Classes are small (upper level courses typically consist of 5-15 students) and are taught by full-time, seasoned faculty members. You’ll have plenty of study buddies as you and your friends prepare for the all-important series of actuarial examinations.
If you are interested in analyzing and solving problems that affect the financial security of businesses and individuals, a major in actuarial science might be right for you. Actuaries use skills in statistics and mathematics to measure, evaluate, and plan for the future. Actuaries specialize in math knowledge and have strong computer and analytical skills. Actuaries are also great communicators, and need to be able to share their results with professionals working in government, healthcare, environmental, and construction industries. This program consists of credits consisting of financial mathematics and probability course requirements, electives, and a research component that includes a thesis. Our faculty members have participated on actuarial exam committees and will ensure that you are fully prepared to sit for professional exams given by the Society of Actuaries and the Casualty Actuary Society.