Actuarial Science can be described as the analysis, using mathematical and statistical methods, of the financial consequences of future events. As a consequence, actuaries are extremely important contributors to the economic and financial state of our society. They are involved in almost all situations where the likely costs or benefits of a certain activity need to be computed. For example, a government agency may wish to know want the effect of a major outbreak of a strain of influenza will be on hospitalization costs in the next decade. Or, in the private sector, an insurance company may want to know how to adjust insurance rates for certain automobiles (e.g., convertibles) to take into account the increased risk of serious injuries in accidents. Actuaries also play major roles in corporate and labor union financial decisions; for instance, determining the future value of companies in merger negotiations or evaluating the future values of labor contracts and pension funds.
Actuaries, like engineers, lawyers, etc., are accredited by a professional society, in this case either by the Society of Actuaries, SOA or the Casualty Actuarial Society, CAS. To become a full-fledged actuary, one must pass a series of examinations covering the mathematical, statistical, and financial foundations of the subject as well as more specialized topics. Actuaries who have passed all of these examinations are among the most highly paid of all professionals; it is not uncommon to find them as top executives in insurance and other financial institutions. However, even those who do not pass all of the exams can find rewarding careers in insurance, investment, and accounting firms, consulting companies, and government agencies. In recent publications that rate jobs, the actuarial profession has always ranked in the top five in terms of overall satisfaction. For more information on the actuarial profession, visit the professional society websites of SOA and CAS given above.
The University of North Carolina has an established tradition of graduating students well-prepared for entering the actuarial profession. Courses can be taken within the MDS major that will enable the serious student to pass two or more exams before graduation. In particular, the two-course sequence OR 161-162 (see Courses
) taught by a professional actuary, is a fundamental requisite for future actuaries. The fact that so many of the program's graduates have succeeded in this field assures that a steady stream of companies seeking future actuaries visit or contact UNC each year --- current openings for graduates as well as some opportunities for summer internships are posted on the program's bulletin boards outside Smith 102B. The program office also has information on the actuarial exams, including applications, schedules, and practice materials.
MDS students interested in pursuing a career in the actuarial sciences should be sure to inform the program office so that they can be assigned an appropriate adviser.
Actuarial Science Student Group
Actuarial science students who are studying for the actuarial exams
and would be interested in forming an student organization should sign up on the bulletin board outside the MDS office. While the organization would be student directed, the MDS Program will assist you by placing announcements of
your activities on the bulletin boards, by supplying study materials, and by helping you find a
meeting/study site.