Actuarial science focuses on identifying and evaluating risks using principles of mathematics, probability and statistics. The work of an actuary is very important for the financial health and stability of insurance companies and other financial institutions.
Today’s global financial ecosystem must accept uncertainty and risk in a changing environment, characterized by numerous unpredictable events such as climate change, natural disasters and the financial crisis.
The unpredictable damage caused by the occurrence of such events can have a profound impact on the actuarial and financial industries, particularly in the area of insurance and reinsurance.
Graduates of the Master of Actuarial Sciences will gain competency in research skills in areas such as catastrophe modeling, disaster management, corporate failures, financial crisis and insurance/reinsurance product pricing.
They will also be equipped with skill sets to pursue careers in financial management, insurance/reinsurance and other risk related analyses. There are universities and institutions that offer this program free of charge that offer the possibility of a scholarship.
The Free Master of Actuarial Science program covers a broader scope of research in actuarial science and mathematics, incorporating the most urgent and current problems facing the actuarial and financial world.
The Free Master of Actuarial Science program provides students with a competitive advantage in research through in-depth training mediated by experts.
What is a Master Degree in Actuarial Science ?
This graduate program provides students with the knowledge and digital skills to research past data and look for relevant trends or inconsistencies.
Based on what they find, actuaries can determine how much money should be paid for different types of insurance plans. They can also use their findings to make suggestions or develop plans that will improve the financial health of the organization for which they work.
During a Master of Actuarial Science program, you can expect to take courses on financial accounting, principles of micro and macro economics, econometrics, calculus, stochastic and probability processes, risk models, multivariate statistics, insurance laws and regulations, and others.
To become a professional actuary, you must develop advanced mathematical skills, analysis and problem-solving skills, oral and written communication, and digital skills. Actuaries must also have a solid understanding of how businesses operate and what are the major risks to an organization’s financial stability.
Program, Subjects and Content of the Master Degree in Actuarial Science
These are some of the topics that can be included in the program content of a Master of Actuarial Studies:
- Insurance Statistics
- Time series modeling and simulation
- Probability and statistics for actuarial science
- Actuarial Mathematics
- Survival analysis
- Finance and Financial Reporting
- Financial economics and asset-liability modeling
- Stochastic processes
- Mathematics of financial derivatives
- Financial modeling
- Actuarial risk management
- Business risk management
- Life Insurance
- Finance and Investments
- Derived security
- General insurance reserves and capital modelling
- General insurance prices
- Introduction to Actuarial Research
How Long Does the Master Degree in Actuarial Science Take ?
A Master of Actuarial Science degree is a full-time course of 1 to 2 years.
Where can I Work with the Master of Actuarial Studies ?
With a Master of Actuarial Science degree, you will be well-positioned to work in a variety of traditional and non-traditional actuarial roles. Actuarial skills are valued in any field where solid skills in predictive risk analysis, mathematics and statistics are essential to developing business strategies.
Although actuaries work in a variety of areas, they are most notably integral to the insurance industry. Their analytical skills and ability to quantify risk and uncertainty make actuaries invaluable to the insurance and financial teams.
And essential to health insurance, life insurance, property and casualty insurance (auto and homeowners), and pension and health consulting firms. Actuaries are also employed by government agencies, accounting firms, banks and financial services companies.
Countries and Cities Where You Can Study the Master Degree in Actuarial Science for Free Getting a Scholarship
- United Kingdom
- United States
Institutes, Centers and Universities Where the Master Degree in Actuarial Science is Possibly Taught for Free, through Scholarships
Master’s Degree in Quantitative Finance and Actuarial Science
- Tilburg University
- Tilburg, The Netherlands.
Master of Actuarial Practice
- Macquarie University
- New South Wales, Australia.
Master of Actuarial Science
- City, University of London – Cass Business School
- England, United Kingdom.
Master of Arts in Mathematics – Actuarial Science
- Illinois State University
- Illinois, United States.
Master of Science in Insurance Actuarial Sciences
- Catholic University of the Sacred Heart
- Milan, Italy.
Master in Actuarial Sciences
- University College Dublin
- Dublin, Ireland.
Master of Science in Actuarial Sciences
- Simon Fraser University
- Burnaby, Canada.
Master Degree in Actuarial Science Reference Prices
The prices of the Master of Actuarial Sciences can be varied. The prices of these Masters are between 5,600$ and 33,000$. In some cases it can have a higher cost.
The cost of this Master’s degree will vary according to the country where it is taught, the institution or university that teaches the Master’s degree, the modality, the duration and the materials provided during the study, among other factors.
Click for Other Studies at Different Academic Levels
Other Topics of Interest in ALPHAPEDIA
Image of MASTER DEGREE