Study information to help advise strategic decision making.
To turn a profit and help others at the same time, insurance companies hire Actuaries to calculate the health risks of a patient applying for health insurance, or the estimated cost of treatment over a pet’s lifetime when helping companies provide pet insurance. With Actuaries in high demand, Actuarial Science Professors are also in demand from universities wishing to teach others the complex mathematics and problem-solving skills required to work in this field.
When you’re an Actuarial Science Professor, most of your week is spent teaching. Lecturing, grading exams, and studying developments in your area of expertise form a basic day’s work. You may work a side job as an Actuary in addition to teaching at a university.
As an Actuarial Science Professor, your lessons focus on detailed equations and how they apply to the real world. It’s not enough to understand the numbers. Your students should be able to look at real-world events, and apply the statistics and probability principles to each situation to create insurance estimates.
If gas prices rise, people drive less and the cost of car insurance drops. If prices lower, the price of insurance rises. Teaching students to be aware of how current events affect pricing will help them secure high-paying jobs.
Actuarial science covers several different subjects, and at times, it seems that apart from being an Actuarial Science Professor, you’re a Statistics Professor and a Calculus Professor as well. On top of all the math, you incorporate exercises to teach critical thinking, problem solving, and risk assessment so your students are well equipped for their future careers.