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Friday, May 03, 2019

What is actuarial science and what jobs can you get with the degree? | Education -

What is actuarial science and what jobs can you get with the degree?, continues

Actuarial Science has been one of the top professions to enter into for many years. 
Although it is a high-level profession, the industry itself is small. The number of students undertaking the program has been increasing in recent times. For this reason, the competition for actuarial jobs is stiffer every year. But what is Actuarial Science and what does it entail?

Actuarial Science is a field of study that handles the prediction and control of risks based on economics, mathematics, and statistics. An actuary uses statistical models to determine the possibility of an event occurring. For example, they predict whether a death, accident or natural disaster will occur based on current or previous events.

Actuaries are professionals who can determine the best ways of covering the costs of a company while making profits at the same time. They help insurance firms to calculate how much an individual should pay for a policy. The actuary will determine the amount based on the risks the individual possesses.

What does actuarial science entail? 
Actuarial Science is a discipline that deals with the management of risk. For the most part, the future is full of risk and uncertainties. A risk is a slight chance that an unwanted event will occur. But at the same time, it can be an opportunity. That is where actuaries come in...

Education information 
To become an actuary in Kenya, you must complete a degree program at an accredited university. In some cases, you must have a degree in actuarial science to work in the field. But it is also possible to become a professional in the area by pursuing a bachelor’s degree in mathematics, finance, statistics, economics, and general business. 

Actuaries come from various educational backgrounds. Some may have majors in operations research, fine arts, physics, and engineering. Majoring in the course itself or math can benefit anybody that wants to be an actuary. However, it is not always necessary. It is your ability to pass the standard actuarial exams that will determine if you are eligible to enter the profession.