Have you considered a degree in actuarial science?

By Nicassia Williams 

Director of the actuarial science program and lecturer in the Department of Mathematics at   Morgan State University

The actuary profession topped the list of 200 best jobs in the U.S. for 2010 in a survey published by Careercast and The Wall Street Journal.

      What defined “best?” The survey findings were based on mean income, stress, environment, employment outlook and physical demands. The Bureau of Labor Statistics reported that actuaries held 19,700 jobs in 2008, and that number is expected to increase by more than 21 percentover the next few years. Minority populations represent less than 1 percent of the actuarial community, even in locations where underrepresented minorities (URMs) make up more than 15 percent of the general population.

      Numerous academic degree programs have been developed in actuarial science in the last few years, and many have been somewhat successful with regard to their retention of students, the percentage of students earning degrees and job placement rates. Quite startlingly, none of those programs exist at historically black institutions (HBIs), or are composed primarily of the populations HBIs serve.

      Recognizing the growth of the field, its inevitable impact on the U.S. economy and the deficiencies in representation of minority populations, Morgan State University developed and implemented the only formalized actuarial science program offered in Maryland and approved by the Maryland Higher Education Commission. It is the only program offered at a historically black college or university in the country.

      So what is actuarial science? Actuarial science uniquely incorporates the disciplines of mathematics, finance, accounting and economics to enable individuals to predict value and mitigate risk. Credentialed actuaries must pass a series of exams to become an associate fellow or a fellow of the two main governing bodies of the actuarial science profession, the Society of Actuaries and the Casualty Actuarial Society. Traditionally, both credentialed actuaries and entry-level individuals can find employment with insurance companies, government agencies, human resources departments within large corporations, hospitals, accounting and consulting firms, as well as with banks and investment firms. Newly discovered applications of actuarial models also are allowing actuaries to find employment in computer science and public health sectors. According