23 April 2018
In this blog, Chloe Hung, Amazon best-selling author discusses in her opinion, degrees which can complement actuarial science if you are looking at completing joint-honours at university.
Actuarial science is a study that does not only revolve around mathematics and numbers. It is a combination of mathematics, economics, insurance, finance, statistics and programming. Hence, there are a few academic degrees that can complement your actuarial science degree if you are looking to do a joint honours degree in university.
Many students choose to do a joint honours in actuarial science and finance. I personally chose this option as these two degrees are very much related to each other. The actuarial exams and the actuarial studies cover most of the subjects in a finance degree. Therefore, you will only need to take a few more additional subjects to qualify for a joint honours in actuarial science and finance.
Besides finance, computer science is an academic degree in which you can pursue in addition to your actuarial science degree. If you are someone who is very interested in programming, you may consider doing a dual or joint honours in actuarial science and computer science. This is provided that the university in which you are currently attending offers this option to you.
Even though actuarial science and computer science is not related to each other, pursuing an academic degree in computer science helps build up your programming skills. Having good programming skills will come in handy during your actuarial career. Plus, actuarial employers are always looking to hire candidates who have proficient programming skills.
For those of you who are more interested in the theoretical side of mathematics, a pure mathematics degree would be a nice addition to your actuarial science degree. Actuarial science may be very number based but the actuarial studies do not cover much of the theoretical side of mathematics such as proving a particular formula or deriving a complex equation. This additional degree would also be helpful if you plan to become an educator in your career.
If probabilities and statistics are your cup of tea, then, choosing a statistics degree to complement your actuarial science degree would work in your favor. Pursuing a statistics degree will definitely help you in your actuarial probability exams. Plus, you can choose to work as a statistician if you decide that becoming an actuary is no longer for you in the future. Your actuarial science degree will give you a competitive edge over the other students who may have graduated with a single honours degree in statistics during an interview.
There are also a few students who choose to pursue a degree in insurance or economics in addition to their actuarial degree. This is not a very common option but it may be possible if you really want to do it. I personally do not see much benefits in this option because these two degrees typically cover only the theoretical aspects of insurance and economics which is not very necessary in your actuarial studies or career.
If you are a student looking to pursue this option out of pure curiosity, I would highly suggest you take some online courses in economics or insurance instead of pursuing an academic degree in these subjects. I believe your time as an actuarial student is better spent developing your programming, problem solving or analytical skills because these are essential skills you need to become an actuary.
Don’t feel pressured about getting a joint honours degree if none of these options sound appealing to you. It is perfectly fine for you to graduate university with a single honours degree in actuarial science if that is where your interest lies. Pursuing an additional degree is only suitable for students who may have an interest in another field or are unsure if becoming an actuary is what they want for their career in the future.