Actuarial scientists evaluate the likelihood of future events, design creative ways to reduce the likelihood of undesirable events and decrease the impact of undesirable events. This profession finds ways to manage risk through a combination of strong analytical skills, business knowledge and understanding of human behavior to manage the complex risks facing society today.
Actuarial science is the mathematical and statistical underpinning of the design, financing and operation of all types of insurance plans, pension plans and benefit plans. Practitioners of actuarial science, called actuaries, work in the professional areas of life and health insurance, property and casualty insurance, and public and private pension and benefit plans.
Actuarial scientists play key roles on management teams of companies that deal with risk. In a fast-changing world, with emerging risks and the need for more creative ways to tackle them, there are constant opportunities for personal and professional growth.
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Actuarial Sciences and Mathematics majors can schedule appointments via OnCourse.
Future and current Ohio State students can schedule an appointment with the department on Future Students: Consider a Career in Math.
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Actuarial Science majors and Pre-Actuarial majors
Actuarial science will develop and refine a student's analytical skills while also preparing for a career in the field of risk assessment and management. To be eligible for a job in this industry, candidates must pass a series of actuarial exams. The major curriculum is specifically geared towards preparing students to take up to five exams before receiving their undergraduate degree, creating a competitive advantage in a job search.
Students majoring in Actuarial Science will receive excellent training for a career in risk assessment and management. The curriculum is specifically designed to prepare students to successfully take up to five preliminary actuarial exams, but only four preparatory classes/sequences are required for the major. Most of the majors complete all three components of the VEE’s (Validation by Educational Experience). Those include topics in micro and macroeconomics, corporate finance and investments and econometrics courses.
An actuary is likely to work for an insurance company, an actuarial or employee-benefit consulting firm, a very large accounting firm or corporation, or a government agency. Actuaries are initially employed in technical positions, but many progress into management.
In the U.S. and Canada, success on professional actuarial examinations, offered by various professional actuarial organizations, is central to career advancement. A typical actuary takes two or three examinations while still a college student and continues with the examinations through the first five to ten years of actuarial employment, all the while progressing in his or her career.
I've always had a passion for math!" Inevitably, Miller said, this led her to actuarial science. “It was everything I loved about math — and rated pretty high by the Wall Street Journal too!” Miller, now a retirement consulting actuarial analyst at Mercer Consulting in Columbus, said, “Ohio State’s actuarial science program does a terrific job of preparing students for the job market.” -Corinne Miller (actuarial science, 2012)
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