Actuarial Science

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Actuarial Science

Actuarial science is the discipline that applies mathematical and statistical methods to assess risk in the insurance and finance industries. Actuaries are professionals who are qualified in this field through education and experience. In many countries, actuaries must demonstrate their competence by passing a series of rigorous professional examinations.

Actuarial science includes a number of interrelating subjects, including probability, mathematics, statistics, finance, economics, financial economics and computer programming. Historically, actuarial science used deterministic models in the construction of tables and premiums. The science has gone through revolutionary changes during the last 30 years due to the proliferation of high speed computers and the union of stochastic actuarial models with modern financial theory (Frees 1990).

Many universities have undergraduate and graduate degree programs in actuarial science. In 2010, a study published by job search website CareerCast ranked actuary as the #1 job in the United States (Needleman 2010). The study used five key criteria to rank jobs: environment, income, employment outlook, physical demands and stress. A similar study by U.S. News & World Report in 2006 included actuaries among the 25 Best Professions that it expects will be in great demand in the future (Nemko 2006).

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Matching Actuarial Science Colleges

Name
University of Illinois at Urbana-Champaign
Four or more years; Public; $27,219 average out-state tuition; $11,847 average in-state tuition
Carnegie Mellon University
Four or more years; Private not for profit; $43,160 average out-state tuition; $43,160 average in-state tuition
Georgia State University
Four or more years; Public; $20,393 average out-state tuition; $5,826 average in-state tuition
Ohio State University-Main Campus
Four or more years; Public; $23,751 average out-state tuition; $8,856 average in-state tuition
Temple University
Four or more years; Public; $22,832 average out-state tuition; $13,006 average in-state tuition
University of Nebraska-Lincoln
Four or more years; Public; $18,533 average out-state tuition; $6,248 average in-state tuition
University of Connecticut
Four or more years; Public; $25,152 average out-state tuition; $8,256 average in-state tuition

Actuarial Science Scholarships

Name Amount Deadline
Sharon Rose Miller Scholarship $3,000 March 10, 2017
Executive Council Outstanding Student Award - CSUF Up to $2,500 March 04, 2017
Naum Scholarship $2,500 February 18, 2017
Robert Hoag Rawlings Foundation Scholarship $2,000 March 03, 2017
Dr. George Lennox Endowed Scholarship $2,000 April 15, 2017
Accounting Alumni Scholarship Endowment $1,869 January 15, 2017
Smith-Bacus Scholarship $1,850 March 03, 2017
Dan Fleury Construction/Stockman Bank Scholarship $1,500 February 01, 2017
Trinidad - Las Animas County Chamber of Commerce Scholarship $1,200 March 03, 2017
Visalia Community Bank Outstanding Business Scholarship $1,000 December 04, 2016