The actuarial major in the United States has become very popular in recent years. The actuarial major in the United States has a very high teaching level in the world. What are the requirements for applying for a graduate degree in actuarial science in the United States? Just look at the compiled content and you will know.

1. Application requirements for actuarial majors in the United States

Graduate students applying for actuarial majors need to have GRE or GMAT scores and strong mathematical and scientific abilities. It is best to have taken relevant mathematical and scientific courses, such as commercial Mathematics, calculus, probability distribution. In addition, some schools also require work experience in insurance, finance, investment and other related industries, or participation in mathematical modeling competitions and winning awards. If the applicant has experience in a stock index futures simulation competition, etc., it will also be helpful to the application.

The Society of Actuaries of North America (SOA) is the largest and most influential actuarial association in the world. The North American Actuaries it organizes is also the most authoritative actuarial certification in the world. Therefore, actuarial education, led by the United States and Canada, is also in a leading position in the world.

2. Abilities required for actuarial majors

1. Be interested in mathematics, have excellent grades, be able to endure hardships and have good perseverance. Because in Canada, you have to pass the Level 9 actuary exam, while in the United States, you have to pass the Level 10 exam. This requires going to university and going through eight to ten years, which is not something that ordinary modern young people can endure.

2. Internship experience is extremely important. To gain this experience, it is also important to improve English and expressive communication skills. Some people say that studying actuarial science means "bed" and "computer" to describe the hard work. That is not accurate. It requires dealing with people. Therefore, people who study actuarial science also need to have strong physical and mental health.

3. The first few levels of actuarial exams basically test mathematics, and the later levels are completely related to work experience. After passing level 10, you still need to submit a written thesis related to work experience in the United States. Only after passing the exam can you become a formal certified actuary.

4. This major must not only be able to use mathematics freely, but also learn finance and other related courses. It can be said that a person needs to be able to be both literary and military.

3. Future employment salary

The first is the actuarial department of a traditional life insurance company;

The second is working in insurance companies and non-life insurance companies;

The third is certain positions in commercial banks, such as credit card floating credit design, etc.;

The fourth is HR consulting and actuarial consulting companies;

The fifth is the investment banking research department.

The first one is the traditional actuarial market demand, and the market has gradually become saturated and the competition is very fierce. The demands of the latter several industries are still in the process of development and will form a large market in the future.

The salary of an actuary is good. Generally, the annual salary of senior members with 10 years of work experience can be more than 150,000 US dollars. It is common for senior members with 20 years of experience to have annual salaries of more than 500,000 US dollars. According to statistics, those with 15 to 20 years of experience become the actuaries of company executives and CFOs. About 10% of the division's employees earn an annual salary of more than $1 million.

Experienced practitioners can earn between $150,000 and $250,000 per year. Of course, income may vary greatly depending on working age, industry, region and position.

IV. Evaluation Standards for Actuary Ranks

The evaluation standards for Actuary Ranks and their salaries do not vary based on degree, but based on: work experience, The number of students who have taken and passed the American Society of Actuaries exams depends on whether they are associates or fellows of the Society of Actuaries.

Members and senior members are not determined by degree. Members and senior members must pass 7 exams and 10 exams held by the Actuaries Society respectively. Actuaries with a bachelor's degree, plus the above-mentioned national actuarial examination, plus working years, form a quasi-linear growth chart for the salary of this profession.

5. School Recommendation

University of Wisconsin-Madison

Although the overall ranking is not very high, the school’s actuarial program is absolutely first-rate and is one of the leading SOA global schools. Designated one of 24 universities with outstanding actuarial science programs. This year, more than 50 actuarial companies came to the school to recruit!

The Ohio State University

The Ohio State University Master of Actuarial & Quantitative Risk Management (MAQRM) is located under the Department of Mathematics and is the department’s 2016 New Master's Program.

University of Iowa

Actuarial Science at the University of Iowa is located under the Department of Statistics & Actuarial Science. Only MS students are admitted to the graduate program. , applicants are required to submit GRE scores, but there are no GRE score requirements. This major provides international students with scholarships in the form of TA, RA, etc., covering full tuition plus a living allowance of RMB 16,908/year.

Temple University

The school has rich alumni resources, both in the United States and at home. The school recruits many companies. Many Philadelphia companies from TW PC, ACE, CIGNA, and ING come directly to the school to take people away. Other opportunities include Fidelity Life, Prudential, and the like. Chinese people are generally employed, and they have no worries if they have a green card. ABC is half Chinese and half Taiwanese. There are few TA opportunities in this school.

Georgia State University

GSU’s overall ranking is not very high, but its actuarial science and risk management program is among the top three in the country. The GSU program is a better choice for children who want to stay in the United States.