The structure or level of an actuarial science degree depends on the institution offering it. This field is unique because undergrad and graduate students must still complete exams and internships to gain entry-level employment; some employers allow hires to work toward certification while learning on the job, and many employers accept applicants with degrees in other fields if they have passed the exams.
Bachelor's degrees in the field are typically in Mathematics (BS) with an emphasis in Actuarial Science. Those with bachelor's degrees in math, business and finance, statistics, economics or specializations in operational research, engineering and physics are likely to be well received by employers if they pass the exams. Graduate programs in actuarial science are fewer and farther between and prepare students to be actuarial executives, technical actuaries, chief actuaries and health care actuaries. According to BeAnActuary.org, "Most actuaries earn a bachelor`s degree, but do not pursue advanced degrees."
Actuarial science degree tracks usually fall under the umbrella of a college's Department of Mathematics, Mathematical Sciences or College of Business Administration. The University of Central Florida, University of Iowa, Southern Illinois University, Maryville University, the University of Nebraska-Lincoln, University of Hartford, Boston University and Temple University have departments specifically for the actuarial sciences, including the Department of Statistics and Actuarial Science and the Department of Statistics and Applied Probability.
Coursework in actuarial degree programs prepare graduates to take the actuarial exams proctored by the Casualty Actuarial Society (CAS) or the Society of Actuaries (SOA.) These include Probability, Financial Mathematics, Financial Economics, Life Contingencies and Construction and Evaluation of Actuarial Models Exams. In addition to these exams, candidates must take Validation by Educational Experience (VEE) tests in the subjects of Economics, Corporate Finance and Applied Statistical Methods. After passing these exams, graduates can obtain an Associateship or Fellowship with an employer.
Core credit requirements for actuarial science degrees include several levels of calculus, linear algebra, probability, mathematical statistics, investments, macroeconomics and microeconomics. Various schools offer actuarial seminars and require classes in the mathematical theory of interest, problem-solving with algorithms and programming and marketing. Students at all levels of actuarial science will learn skills such as insurance maintenance, quantitative and non-quantitative risk measurement methodologies, business management problem identification and prevention, forecasting theory, secondary data analysis, risk table development and computer application research techniques. Proficiency with verbal and written communication is important in the profession so programs require lessons in subjects such as technical writing, literature and history.