Academic highlight: Actuarial Science

by · September 20, 2017

Last week, we heard from Francisco Mojica about his experiences with summer research, where he mentioned that he is pursuing Actuarial Science at the Mount. This week, he agreed to tell us a little more about one of the Mount’s newest concentrations:

Francisco Mojica

“Actuarial science is a new concentration at the Mount; I’m actually the first person to have declared the concentration. Dr. Alvey in the Division of Mathematics and Information Technology helped begin the concentration and is very interested in actuarial science (she actually considered going into the field herself when she was an undergrad), so she’s a great help in pursuing this path.

Taking on the actuarial science concentration is great because it combines both mathematics and business courses. The critical thinking skills required for the math major, plus the business prospective provided from business classes, gives you a holistic approach to the topic. For example, I am able to find actuarial elements in the economy, such as what people should pay for insurance, because of my knowledge of both math and business economics. And actuarial science is a growing field – actuarial jobs will be up by over 20% in the next few years, and New York is considered to have some of the highest-paid actuaries.

There are two paths in actuarial science – life and health insurance or home and auto insurance. I am personally interested in home and auto insurance, but insurance companies look for their actuary candidates to have a background in both aspects of actuarial science, which is why the combination of math and business prepares me for this duality of knowledge (as did my research project this summer on the healthcare industry). Plus, the business courses required for the concentration can be applied towards an MBA later on, an acceleration towards a degree which will only aid in my marketability as a job candidate.

If you’re thinking about becoming an actuary, definitely be ready to study for exams. Getting an internship related to the field will also help you obtain the skills you need prior to entering the workforce. Plus, anything you know about finances will help you in the future to manage your own.”

Are you interested in Actuarial Science at the Mount? Visit us at science to learn more!

Francisco Mojica, Class of 2019, is a mathematics major with a concentration in actuarial science from New Windsor, N.Y.