The degree of Master of Actuarial Practice is mainly designed for non-actuarial graduates, who want to learn actuarial science, and get an accredited qualification. Actuarial science deals with collecting numerical data for forming an assessment of uncertainty or risk. A qualified actuary will mathematically evaluate the possibility of certain outcomes, to minimize losses. Actuary professionals are needed in the insurance, fund management, and banking sectors.
All candidates having an accredited bachelor\’s degree are eligible to join this course. However, they should have a strong background in mathematics, statistics, finance, economics, accounting, and an acceptable overall credit average. Students who do not have this background will have to take additional courses formulated for entry into the main course. The duration and type of these entry-level courses will differ in various colleges.
Duration and Course Structure
The duration of the main course is around two years in UK, and you can choose between a full-time and part-time course. The full-time campus course can be completed in about a year. The accreditation is provided by the Actuaries Institute of Australia.
Among all the professions, actuarial practice ranks the third in the world as being the best. Qualified professionals are quite few, in high demand all over the world, and they command a high pay scale. In UK, there are about nine thousand qualified actuaries, and those with a master\’s degree can start earning £35,000, and experienced professionals earn more than £100,000 per year. In the US, actuaries with a bachelor degree, who are self-employed or working for a government organization earn on an average $88,000 in a year, whereas candidates with Master\’s degree can earn on an average $116,000 a year. However, experienced actuaries working in private companies are earning in the range of $129,000 to $257,000 a year. This job is considered the sixth highest paying job in the US, but demographics also play a part in the salary structure. The salaries in the cities and metros are much higher compared to other places.
A candidate having a Master of Actuarial Science degree can find job in diverse industries including general, life, and health insurance companies, fund management companies, banks, consulting firms, accounting firms, stock brokers, management firms, and in the public sector. The demand for these professionals keep growing around the world as companies realize the importance of risk assessment, estimating financial risks of various endeavors, and having correct amount of cash reserves.