The University of Johannesburg is one of South Africa’s top-ranked universities, with more than 26,000 students from around the world. Founded in 2005 as an independent institution with six campuses across the country and an international branch in Mauritius, UJ has emerged as a leading tertiary institution offering courses in law, medicine and engineering. It was named one of Times Higher Education’s “100 Under 50” world university rankings in 2017 and 2018.
Actuarial Science University Of Johannesburg
Actuarial Science is the application of mathematical and statistical methods to assess financial risks.
Actuarial science is the application of mathematical and statistical methods to assess financial risks. It encompasses a wide variety of disciplines, including: applied statistics, economics, business, finance and insurance. Actuaries are involved in every aspect of insurance from risk management to pricing decisions. The Society of Actuaries defines an actuary as “someone who deals with the measurement and effects of uncertainty involving future events”.
According to Robert A Massaioli in his article published on Forbes Magazine titled “What Do Actuaries Do?” (February 2014), there are several career opportunities for actuaries such as:
- Pricing models – This involves developing pricing models for products such as life insurance policies or retirement plans etc., which requires knowledge about mortality rates among different age groups.
- Risk management – This involves analyzing financial data to predict disasters or other major losses that may occur in future so that appropriate precautions can be taken beforehand by businesses or individuals respectively; this also includes calculating premium payments based on these estimates so that companies have enough funds available when disaster strikes unexpectedly.
Actuaries use their knowledge of business, finance, economics, and statistics to advise clients on managing their financial risk.
Actuaries are the people who calculate things like premiums and reserves for insurance policies. They use their knowledge of business, finance, economics, and statistics to advise clients on managing their financial risk.
Because actuaries deal with complicated mathematical formulas most of the time (which can seem intimidating!), it is important that you have a strong foundation in math when you start your studies. If you need help improving your math skills before starting university, consider taking a bridge course or summer school prior to enrolling at UJ!
Clients include major insurance companies, banks, pension funds, and other businesses and organizations with significant financial assets.
Actuaries typically work for insurance companies, banks, pension funds and other businesses or organizations with significant financial assets. The role of an actuary is to manage the risk associated with those financial assets. Actuaries are involved in all aspects of the financial services industry including pricing products; evaluating risks; setting premiums, reserves and benefits; measuring relevant statistical data; developing financial models; overseeing operations such as underwriting and claims management.
The nature of actuarial work requires you to be highly analytical, logical and creative due to its complex nature.
The main function of actuaries is to calculate premiums and reserves for insurance policies.
As an actuarial science student, you will gain skills to manage the financial risk of insurance policies and to advise clients on how their business can be affected by risks. As a result, actuaries are in high demand.
In your studies at UJ, you will learn how to calculate premiums and reserves for insurance policies as well as how to manage risk in a variety of different areas. You will also gain knowledge in business administration; economics; mathematics; statistics; accounting; finance theory and practice; computer systems and applications management (IT); information technology law and ethics (ITLE).
An actuary must ensure that an insurance company has enough money in reserve to meet its obligations; this process involves evaluating the probability of a claim and its potential cost.
An actuary must ensure that an insurance company has enough money in reserve to meet its obligations; this process involves evaluating the probability of a claim and its potential cost. Actuaries also calculate premiums and reserves for insurance policies, which are used to pay future claims.
Both Life Insurance and General Insurance have applications in the actuarial field.
Both Life Insurance and General Insurance have applications in the actuarial field. Life insurance deals with the risk of death, which is a risk that can be calculated based on statistics. On the other hand, general insurance deals with loss or damage to property or goods and material things that may occur due to fire, theft, accident etc., which are also risks that can be calculated based on statistics.
Actuarial science is the application of mathematical and statistical methods to assess financial risks
Actuarial sciences students can learn all about the work that helps insurance companies stay afloat.
Actuarial sciences students can learn all about the work that helps insurance companies stay afloat. Actuaries are in charge of evaluating and quantifying risk, which is used to set prices for different insurance products. They also assess the actuarial value of pension funds and other investments, including mortgages and loans.
Actuary jobs are extremely varied, with opportunities in both the private sector and public service (like government). The Bureau of Labor Statistics reports that there will be an estimated 22% job growth for these positions over the next decade or so. That’s compared to a 14% growth rate for all careers combined!
Actuarial science is a challenging degree program that requires a lot of hard work and dedication. The field can be rewarding, but it is also competitive and difficult to break into without the right education. Students who are considering studying actuarial sciences should research the program thoroughly before enrolling in classes or taking on debt to pay for tuition costs associated with earning this degree.