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Actuarial Science at the University of Illinois at Urbana-Champaign: Home

Actuarial Science

"The Actuarial Science Program at Illinois, housed in the Department of Mathematics, curriculum reflects the interdisciplinary nature of actuarial science, allowing students to receive not only essential actuarial training, but also to take a variety of courses in mathematics, statistics, economics, finance and computer science."  from Actuarial Science, Department of Mathematics, University of Illinois at Urbana-Champaign

Books on actuarial science can be found in the Mathemathics Library Stacks on the upper level shelved under call number 368 and in other locations.

What Is Actuarial Science?

"Actuarial science is the discipline that applies mathematical and statistical methods to assess risk in insurance, finance and other industries and professions. Actuaries are professionals who are qualified in this field through education and experience. In many countries, actuaries must demonstrate their competence by passing a series of rigorous professional examinations.

Actuarial science includes a number of interrelated subjects, including probability, mathematics, statistics, finance, economics, financial economics, and computer programming. Historically, actuarial science used deterministic models in the construction of tables and premiums. The science has gone through revolutionary changes during the last 30 years due to the proliferation of high speed computers and the union of stochastic actuarial models with modern financial theory (Frees 1990).

Many universities have undergraduate and graduate degree programs in actuarial science. In 2010, a study published by job search website CareerCast ranked actuary as the #1 job in the United States (Needleman 2010). The study used five key criteria to rank jobs: environment, income, employment outlook, physical demands, and stress. A similar study by U.S. News & World Report in 2006 included actuaries among the 25 Best Professions that it expects will be in great demand in the future (Nemko 2006)." From Wikipedia contributors. "Actuarial Science.Wikipedia, The Free Encyclopedia. Web. 10 June 2015.

What Is an Actuary?

"An actuary is a combination of business executive, mathematician, financier, sociologist, and investment manager. Actuaries are problem solvers who use actuarial science to define, analyze, and solve the financial, economic, and other business applications of future events. . . .

Trained to analyze uncertainty, risk, and probabilities, actuaries create and manage programs which will reduce the adverse financial impact of the expected and unexpected things that happen to people and businesses. These programs focus on areas such as life, health, property, casualty, and investment possibilities. . . .

While actuaries work on all sorts of projects in diverse business environments, they have one thing in common: they use quantitative skills to analyze and plan for future financial situations. This broad involvement in business has taken actuaries well beyond the traditional mathematician's role and placed them in an environment where they must be aware of economic, legislative, and social developments which will affect their company and clients. Their comprehensive understanding of both financial and technical intricacies makes them the most influential of professionals, whose work affects virtually every industry in existence." from "What is an Actuary?" Department of Mathematics, University of Illinois.  Wed. 10 June 2015.

For more information, check out the Occupational Outlook Handbook: Actuaries page.

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