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Tuesday, October 27, 2015

Actuarial Science Growing, at Roosevelt University and in Market

"At a recent Roosevelt University career fair for actuarial science, students in suits holding freshly printed resumes walked from table to table, introducing themselves to potential employers." continues Roosevelt University.

Photo: Roosevelt University

Hands were shaken, greetings were exchanged and the words every job-hunter loves to hear were uttered:

“We’re always hiring.”

Actuarial science is growing as a field and as a program at Roosevelt, both as an undergraduate major and a concentration for graduate mathematics students. In the fall of 2009, Roosevelt had 33 undergraduate actuarial science majors; this year, that number is 41 and expected to grow. An additional 17 graduate students are studying actuarial science as well.

What is Actuarial Science? 

Roosevelt has offered actuarial science classes since 1977, but the mathematics department has revitalized the program in recent years. The University is working toward the designation of “Center of Actuarial Excellence” from the Society of Actuaries...

Actuaries use math, statistics and financial theory to assess risk and its financial consequences. They determine the likelihood of future events and how such events would affect business and consumers.

It helps to think of actuarial science as the calculations behind insurance, though that’s a bit oversimplified. Actuaries do work in all kinds of insurance, from health to property and casualty, but also in the pension industry and in financial and investment management. They study questions such as how long people are expected to live, how much it costs to provide hospital care, how likely an individual is to have a car crash and if retirement funds are sufficient for the population they serve. 

Source: Roosevelt University and Roosevelt University Channel (YouTube)

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