Actuarial Science and Statistics
A master’s degree in Actuarial Science and Statistics is designed to fit the needs of students in actuarial science, statistics or related fields. You have an option to take a wide range of courses in statistics, actuarial science, data analysis, as well as computer science. The curriculum is designed to provide a strong training in quantitative and statistical reasoning as well as skills using statistical software including R and SAS. The program is flexible enough to allow students to concentrate courses in either actuarial science or statistics, and can provide a combination of course in Statistics and Computer Science for those interested in the field of Data Science.
Into Data-Driven World
Through the Actuarial Science and Statistics program at the University of Central Missouri, students will be prepared to expand their knowledge in mathematics, statistics, actuarial modeling, finance and economics. Students have access to a modern computer laboratory, equipped with a wide range of statistical software.
Admission Criteria and Application
- To be accepted into this program, a student must have an undergraduate major in mathematics, or coursework equivalent to a UCM major in mathematics, actuarial science or statistics with a minimum grade point average of 3.00 in upper-level mathematics, actuarial science, or statistics courses. A student not meeting these minimum standards may consult the School of Computer Science and Mathematics for possible acceptance on a conditional basis.
- Career Satisfaction and Outlook
- Studies have shown that actuaries and statisticians are consistently ranked as one of the best jobs to have. The ranking is based on criteria such as working environment, income, employment outlook, physical demand, and stress level.
Employment of actuaries and statisticians is much faster than the average for all occupations. Growth is resulted from widespread use of statistical analysis to make informed business, healthcare, and policy decisions. In addition, the large increase in available data from the Internet has opened up new areas for statisticians. The occupation also sees growth in research and development in the physical, engineering, and life sciences.
Becoming an Actuary
- To pursue the actuarial career, you will study interrelated subjects, including probability, statistics, mathematics of investment and finances, economics, and computer science. The majority of actuaries work for insurance companies, but there are also positions in government, consulting, and corporations.
- To earn an actuarial credential, you must complete a series of actuarial examinations, e-Learning components and other requirements through an actuarial membership organization such as the Society of Actuaries (SOA) or the Casualty Actuarial Society (CAS).
Careers in Statistics
- There is a big demand of statisticians in many fields that require the collection and analysis of data such as business, healthcare, government, sports, academics, insurance and finance companies.
- Statisticians use statistical software to analyze data and identify trends and relationships within the data. The findings from their analyses and the data’s limitations can prevent incorrect conclusions being drawn.
- Statisticians in some professions may be known as quantitative analysts, market research analysts, data analysts, or data scientists.
- The Actuarial Organization has numerous opportunities for guest speakers at their monthly meetings and a network of area insurance companies to visit.
- UCM Statistics Club provides students with experiences outside of classroom and statistics projects through consulting, and networking opportunities with alumni and statistical practitioners.
- Kansas-Western Missouri Chapter of the American Statistical Association holds annual chapter meetings and STAT-KC: A Career Day in Statistics, and sponsors short courses.
- Students Meeting the academic requirements also have the opportunity of joining Mu Sigma Rho, a statistics honor society of the American Statistics Association.
- Students are involved in the American Statistical Association, the Society of Actuaries and the Casualty Actuarial Society.