Majors at the University of Connecticut

Actuarial Science

UConn offers a Bachelor's Degree in Actuarial Science through the Department of Mathematics and also in conjunction with the School of Business. The major is intended to help students prepare for the design, financing, and operation of all types of insurance plans, pension plans and benefit plans. Students receive a strong background in mathematics, statistics and insurance in addition to relevant concepts from actuarial science and business. This program is designed to prepare students for an actuarial career, as well as providing a strong background for the exams set by the Society of Actuaries and the Casualty Actuarial Society. In order to maximize career opportunities and seek advancement in the actuarial profession, it is important to pass the sequence of exams given by the actuarial societies.

Academic Department

• Department of Mathematics, Actuarial Science

Nature of Work

Actuaries have very often been referred to as financial architects and social mathematicians because of their unique combination of analytical and business skills, which help to solve a growing variety of financial and social problems. In addition, they determine premium rates, calculate financial liabilities and estimate probable future claims. Actuaries make financial sense of the future by improving financial decision making through the development of models that help evaluate current financial implications of uncertain future events. The calculations and projections that are completed by actuaries are the backbone of the insurance and financial security industries and are important for a company's management team.

Sample Job Titles

Potential Employers

Approximately 50% of actuaries are employed in the insurance industry, while others work for firms providing services such as management, or public relations. Some actuaries work in general business corporations such as banks and investment firms. A small number of actuaries work for security and commodity brokers, government agencies, computer software developers, and colleges/universities.

Useful Skills

Actuarial work involves lots of math, but actuaries must also be up-to-date on business issues and trends, the field of social science and law, as well as economics. Actuaries need to have a well-rounded business approach to problem solving. In addition, other skills that are needed to be an actuary include: analytical and project management skills, strong computer and technical skills, and solid written and oral communication skills, as expressing information to non-actuaries is essential in this field.

Getting Experience

Taking part in an actuarial internship is the best opportunity to determine your specific area of interest as well as helping develop networking opportunities. Since it is difficult to determine from the classroom setting what an actuary actually does, it is especially important to gain hands-on experience to understand the intricacies of the profession. Another way to get involved in actuarial science on campus is to become a part of the UConn Actuarial Fraternity, where there are guest lectures by actuaries on a regular basis. This is a great way to gain knowledge about the field and ask any questions from a working professional.

Employment Opportunities

Employment of all actuaries is expected to grow more slowly due to expected slower growth in the insurance industry because of the downsizing and even merging to reduce expenditures. However, there is expected growth in managed health plans in the health services industry, which should provide good prospects for actuaries. In addition, there has been a whole new set of risks and business problems that have developed in other countries due to the growth and private economies in Europe. This has increased opportunities in employment for actuaries on a global basis.

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