Program spotlight: How a career in Actuarial Mathematics can help you build your future - Geneva College, a Christian College in Pennsylvania (PA)

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Program Spotlight
August 27, 2019

Program spotlight: How a career in Actuarial Mathematics can help you build your future

What is Geneva College’s Bachelor of Science in Actuarial Mathematics? It’s a Christ-centered program designed to challenge you academically and spiritually while giving you the tools you need to explore the world through math. That’s the short answer. For details on how this program can help you chart a brighter future, read on.

What is actuarial science?

The term actuarial science relates to the use of math and probability within the scope of business functions. In short, students who study this science learn how to assess risks through math. There are many ways this skill can work for you, including working in some of the most desirable financial and insurance industry jobs. Because these careers require a solid understanding of risk, you’ll focus on learning the mathematics behind estimating such risks.

What is a Bachelor of Actuarial Mathematics?

A degree in Actuarial Mathematics is a combination of advanced theory in mathematics and statistics that also blends in general business skill development. This unique combination can set you up for a number of diverse and exciting careers. Some of the courses you may take in this degree program include:

  •     Linear algebra
  •     Principles of accounting
  •     Managerial accounting
  •     Differential equations
  •     Microeconomics
  •     Risk management
  •     Investments

The Bachelor of Actuarial Mathematics at Geneva College requires 29 credits in math-related courses. In addition, you’ll complete 33 credits in areas of business, economics, and computer sciences, along with additional, required courses. For those who want to major in Applied Mathematics, Geneva also offers a minor in actuarial science.

Once coursework is completed, you should have a number of desirable skills that employers look for, including a solid business sense in areas such as economics, accounting, and finance. You will also have analytical and project management skills. And you’ll have a unique skillset that combines math skills along with computer-savvy tools, just the kind of mathematically based business smarts employers need.

What type of career can you have with a Bachelor of Actuarial Mathematics?

Individuals who successfully complete this bachelor program will be able to embrace a wide range of career paths. This includes jobs in actuarial sciences, such as life insurance, health insurance, pensions planning, and enterprise risk. Here’s a look at some of the career paths you may wish to take.

ACTUARY

Those who work as an actuary—a professional highly prized in the insurance industry—have the ability to focus their career on things like assessing potential risk and helping businesses to minimize the cost of that risk. The U.S. Bureau of Labor Statistics (BLS) reports that actuaries earned a median pay of $102,880 per year or $49.46 per hour. The job outlook for this career path is very good with an expected growth of 22 percent by 2026, much faster than the average.

FINANCIAL ANALYST

A financial analyst is a valuable resource for many businesses. These individuals work with both businesses and individuals to access financial decisions. They often focus on areas such as bonds, stocks, and financial portfolios. In 2018, the median pay for a financial analyst was $85,660 per year, or $41.18 per hour, according to the BLS. And, job growth in this field is also good with jobs in this area estimated to grow 11 percent by 2026.

ECONOMIST

For those with a focus in economics, a career working as an economist is also possible. Here, individuals will work in the production of resources and services related to data. Often we see this as it relates to the health of the economy as a whole, but it also gauges the health of industry fields or even an individual business. Economists will research and analyze trends and data to evaluate the economic issues impacting organizations. In 2018, the median pay for an economist, according to the BLS, was $104,340 per year or $50.16 per hour.

AUDITOR or ACCOUNTANT

A Bachelor of Actuarial Mathematics can also help graduates work in the areas of accounting and auditing. In these positions, professionals gather data based on financial records to make key decisions for companies. They are responsible for creating accurate information as well as accessing financial operations for accuracy. Many of them work within organizations that are financially organized, but every business needs an accountant. The 2018 median pay for either of these positions was $70,500 per year, or $33.89 per hour, according to the BLS, estimated to grow 10 percent by 2026.

Is this program right for you?

If you are thinking of becoming an actuary or you love math and statistics, this could be the right career path for you. At Geneva College, we offer both a major and a minor in Actuarial Science at our main campus. For those who are looking for a core curriculum that offers comprehensive study and a strong framework for developing statistical skills, our bachelor’s in Actuarial Mathematics could be the ideal choice for you.

Students will also gain skills in creative thinking, self-motivation, collaboration, and both written and oral communication. This, along with our well-designed course curriculum, can help you to land entry-level of higher careers in the actuary field. Geneva College also places a strong focus on developing these skills alongside a Christian perspective, giving you a unique view on the life and world around you within the scope of this field.

Learn more about your future at Geneva College

If you’d like to learn more about professions that enable you to serve wholeheartedly and faithfully in your life’s work or want to learn more about a biblically-based, Christ-centered education at Geneva, we’d love to chat with you. For more information on how Geneva College can help you pursue your education goals, please phone us at 855-979-5563 or email web@geneva.edu.