Actuaries are business professionals who use mathematics, statistics and finance to help companies determine, quantify and manage risks and financial uncertainty. This increasingly popular career has landed on U.S. News & World Report's ranking of the Top 25 Best Jobs for 2016.
For students seeking to gain the skills to enter this highly desirable field, DePaul University's Driehaus College of Business offers a business degree with a major in actuarial science.
"This degree empowers students to learn elements of all the business disciplines, as well as the financial aspects of risk management," says Carl Luft, associate professor of finance. "More and more corporations, not just insurance companies, are looking for business graduates with mathematical skills to serve in risk management roles."
Explore DePaul's actuarial science program.
Actuaries In High Demand
"What makes DePaul's actuarial degree great is that we are in the heart of Chicago," says Thomas Edwalds, actuary and assistant professor in the program. "We have direct connections to most of the insurance companies in the city and they turn to us for our pool of talent for internships and direct hires. We also are located near the Society of Actuaries and will use that connection to enhance our program."
In order to progress in an actuarial career, students must pass exams that lead to professional certification by the Society of Actuaries or the Casualty Actuarial Society.
DePaul's actuarial science degree equips business students with the skills needed to pass at least two actuarial exams, which are the industry's standard of gauging readiness for internships and employment. It is expected that students pass these exams before graduation to give them a jump-start on internships and full-time employment.
"To become credentialed as an associate of the Society of Actuaries, you have to pass five exams and meet other requirements," says Luft. "Our program is structured so that the students will have the best possible opportunity to pass the first two to three exams while in school and be prepared to successfully pass the remaining associateship exams soon after graduation."
Vast Job Opportunities
Most actuaries are employed by insurance companies, but actuarial science majors have increasingly been hired in the financial, government and corporate sectors. Students graduating with an actuarial science business degree also can find opportunities in consulting firms; professional, scientific, and technical services; management of companies and enterprises; and funds, trusts, and other financial firms.
Find out more about DePaul's business major in actuarial science.