Actuarial science programs prepare people to use statistics to measure insurance risk. Students learn to forecast, analyze data, and create risk tables. They also learn to use computers to conduct research.

Life is full of risks, some of them big, some small. For example, there is a risk that you will need to have a tooth filled. A trucking company risks losing packages, and a grocery store risks that a jug of milk will go sour before it is sold.

People and businesses purchase insurance to protect themselves against these risks. That means that insurance companies need to put a price tag on every risk that they cover. This is so that they know how much to charge for coverage.

Actuarial science programs teach students how to calculate those risks and determine those price tags. In this program you evaluate a lot of data gathered from accidents that happen or fail to happen in the real world. You use complex math to help analyze the data. Fortunately you use computers to help analyze and manipulate the data. So in this program you can expect to learn how to use statistical software and do some programming.

About 80 colleges in the U.S. offer bachelor's degrees in actuarial science. Sometimes the program is offered as a specialization within the field of applied math or statistics. Typically you need four years of full-time study after high school to earn your bachelor's degree. A bachelor's degree in actuarial science is good preparation for an entry-level job as an actuary. But the learning does not stop there.

After you are hired, you continue to learn for many years after college. Only then can you take special courses offered only to professionals. Upon completion of special courses, you take an exam to certify that you have attained a higher level of expertise. You can expect a raise or promotion with your higher certification. After that, it's time to study for the next highest level.

One of the attractions of this field is that your advancement is based on merit. So you can advance as far as your abilities can take you.

It is also possible to earn a graduate degree in this field. Typically, your master's degree in actuarial science can be obtained through an MBA program or a graduate program in statistics or risk management. Doctorate degrees are less common.