Actuarial Degree – Typical Course Load
Contemplating the possibility of attending university, then you should be aware of how hard is an Actuarial Science Degree. This includes the course load and the subjects that will be covered in the degree.
Being more aware of the typical course load that is included and covered, you will be able to prepare in advance.
When it comes to studying and working at university level, it is never too early to begin studying or work.
With that said, what then is the typical composition of the average actuarial science degree?
Statistical Theory
One of the core modules that will be covered is statistical theory. Statistical theory is concerned with statistical theorem and principles. Some of the topics discussed include:
- Discrete and continuous probability distributions
- Conditional probability
- Expectation
- Sampling distributions
- Estimation and testing
- The linear model
The statistical theory component of the actuarial science degree course will teach how to collate statistics accurately and properly. In addition to the methods required to ensure that said statistics are processed in the most effective and appropriate manner.
Probability Theory
The next mathematic component of the actuarial science degree that will be typically covered is known as “probability theory”. Probability theory is concerned with the identification of potential outcomes and how likely/unlikely they are to arise. Some of the topics discussed include:
- Probability spaces.
- Random variables and their expectations.
- Convergence of random variables in Lp.
- Independence and conditional expectation.
- Introduction to Martingales.
- Limit theorems including Kolmogorov’s Strong Law of Large Numbers.
The statistics component of the actuarial science degree is concerned with teaching and introducing the student as to the building blocks and raw materials that they will invariably encounter and utilise within the actuarial career.
The probability theory component of the module, on the other hand, seeks to teach the methodology used to process and refine said raw materials, into useful and salient information.
All actuarial science degree courses will involve an element of economics within it. This is specifically included to provide the student with the background and context in which they will be applying the other modules.
It should be noted that beyond these core modules, different universities and higher education institutions will offer and provide different perspectives within the courses. Some will provide accountancy modules and elective as an appendage subject to the core, foundation material covered within the degree thus far.
Other faculties will seek to provide modern language facilities, and this is especially true of institutes which have a strong proportion of international students within the campus at large.
Finally, mathematical methods is the overarching module that will underpin all of the other modules; as this is the subject that will inform the student as to how to put the lesson learned into an actual, practical setting.
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