The degree program empowers students to apply knowledge of statistics, mathematics, and probability in order to solve real life financial challenges.
*Bureau of Labor Statistics, U.S. Department of Labor, Occupational Outlook Handbook, Actuaries, on the Internet at https://www.bls.gov/ooh/math/actuaries.htm (visited March 24, 2022).
A bachelor's degree in Actuarial Science is designed to take four years to complete. The first two years are usually general requirement courses that every college student takes, such as freshman English, biology, a foreign language and physical education classes. The last two years are when you take the bulk of your major courses and complete any internships that might be required. Some students can finish in less than four years by either going to summer school or getting credit for work and life experience. On the other hand, some students need more time to finish because of work or family obligations.
Before choosing a major there are some important facts you should know about.
In general, you can begin your career as an Actuarial Science by earning a Bachelor of Science (B.S.) or a Bachelor of Arts (B.A.) degree in Actuarial Science, but in many cases for the position you are seeking you may need to obtain a master's degree in Actuarial Science. Furthermore, there are numerous specializations and subfields associated with a major in Actuarial Science. You will want to research the college or university to determine if they have the major you are considering.
This is a very important question to ask yourself. Your major should play a big part in the schools you are considering. Not every college may offer the major of your choice, so doing your homework is the first step of the selection process.
Courses required to obtain a bachelor's degree in Actuarial Science consist of general core courses that Freshman and Sophomores take and Junior and Senior level courses focus more on the major concentration classes. Associate degrees, on the other hand, normally prepare grads for entry-level with the basic skills and expertise required in a field. Affiliate's levels can likewise allow students to finish general education and learning demands with a two-year program, then later transfer right into a four-year program. There are two major titles of bachelor's levels: BA (Bachelor of Arts) and BS (Bachelor of Science). There are bachelor's degree programs in a wide range of majors, consisting of STEM subjects, social sciences, arts, and all kinds of specific subjects. You can find some sample major concentration courses that you may be required to take below:
The graduation rate is an important piece of information. It measures the performance of the entire student body, and it is a good predictor of the experience each applicant can expect. Time is money when it comes to an education in Actuarial Science. The longer time for completion means more tuition and fee payments. Each year in addition to the expected four years, adds about 25% to the total costs of an Actuarial Science degree. The longer it takes to graduate also means the less time a student is in the workforce earning an income from their Bachelor of Science in Actuarial Science investment.
National statistics measure on-time degree completion using four-year and six-year marks. Private schools across the US and for all majors have a range of 53% on-time graduation and 65.6% within six years. In these schools, students can expect to finish on time if they attend full time and within six years with some part-time attendance. Public schools show a 35% on-time rate at four years and 59% at the six-year mark. Students at these schools must plan carefully to ensure that they can complete the requirements for on-time graduation.
Accreditation is an important part of selecting a school for Actuarial Science education. Much depends on accreditation and the type of accreditation. There are two main types of accreditation; regional and national. Regional accreditation agencies work with research-based schools, private schools, public schools, and some for-profit schools. National accreditation works primarily with for-profit and career-related education.
Regional Accreditation
There are two types of regional accreditation; they are Actuarial Science program accreditation and institutional accreditation. Institutional accreditation uses a group of states as the base to compare the school with other colleges and universities; the group of states comprises the region assigned by the Department of Education.
Programmatic Accreditation looks at specific programs or parts of a college or university. This type of accreditation has the same type of respect and acceptance as regional accreditation for institutions. Regional employers and other educational institutions regard regional accreditation as proof of high-quality education.
National Accreditation
National accreditation has a Faith-based branch and a career- related education branch. Faith-based institutions have a different set of standards that recognize the role of faith in instruction. The for-profit branch of national accreditation covers the special purpose and non-traditional schools such as vocational schools. The career-related education requires standards that place appropriate weight on general knowledge and education. Some regionally accredited schools do not accept credits from career-related schools.
Did you know that your salary is not always just based on what level of degree you received, but it also could be based on what school you attended? Many employers actually have their own rankings and rating systems of schools. That is to say, if you received your degree from a college that was accredited by a low rated agency, your salary may actually be decreased by a certain percentage where a high-ranked, well-known, accredited school, can raise that mark significantly.
A four-year degree in Actuarial Science is an investment into your future. The cost of tuition can vary widely depending on the academic excellence of the university and the specific field of study chosen. You can expect tuition for a bachelor's degree in Actuarial Science to cost anywhere from $8,000-$72,000 per year. The cost of tuition for online degrees is typically the same cost as on-campus. When talking about costs, it is important to factor in textbooks, technology, as well as room and board, as those costs are separate from tuition. These are average college tuition costs and does not include financial aid. It is important for each and every student to seek out financial aid options to help pay for their college tuition.
The cost of your education is worth every penny, because it is an investment in your future. You may feel that you are investing too much money in a degree but remember that it will all come back to you. Once you get the career that you've been aiming for, you will be to pay off your student loans and live a better life.
If your university offers career and/or placement services, you'll be able to take advantage of both as a student or graduate. You can receive career counseling, career assessments, and resume reviews, where you'll learn how to spruce your resume up. It is important to research if your potential college has post career placement assistance. This demonstrates that the college or university Actuarial Science program is with you from start to finish.
