Actuarial Science is a study area that utilizes Math, Statistics, and Probability, to assess financial risks. This field is exceptionally useful in the insurance and investment industries, as both consider past data to predict future outcomes.
Being an actuary may not be as exciting as, say being an astronaut, nor as adrenaline-inducing as working in healthcare. However, this particular field is crucial in maintaining global financial standing and does well in preventing debilitating economic crises. Actuaries work to ensure that organizations have financial safety nets in case of financial calamities.
As they work in the backbone of large insurance and financial corporations, actuaries also receive one of the highest salaries, more so, if they acquired better certifications and training. Considering this, studying abroad can be beneficial to gain wider experience and more extensive skills in the industry. Here are the best countries to study Actuarial Science.
Top Countries to Study Actuarial Science
1. Australia
Australia is among the top countries where you can study Actuarial Science. There are many universities here that offer the program and you can take an undergraduate or graduate degree. This means you have many options to apply and have a better chance of getting accepted into a university in Australia. Here are some of the top universities that offer Actuarial Science programs: University of Melbourne, Australian National University, Monash University, University of New South Wales, and Macquarie University
Besides these universities, Australia is an excellent study destination because of its excellent student environment. You’ll have numerous learning opportunities inside and outside the classrooms. As it has over 270,000 international students, most universities offer exclusive support through student centers and offices. These can provide academic help, living and accommodation assistance, even job-seeking.
And if you’re a bit exhausted with the analytical aspects of being an Actuarial Science student, Australia offers its great outdoors for you to destress. The massive country is popular for its nature and wildlife, with over 2,700 national parks and 20 World Heritage Sites. After exploring such breath-taking sights, you can easily go back to your studies all refreshed and energized.
See Also: Best Actuarial Science Schools in the World
2. Belgium
- Best School/s: KU Leuven | UCLouvain
- Reasons: Top university, international opportunities, affordable tuition fee, and vibrant city life
Unlike Australia where you can select from different universities to pursue your degree, Belgium has quite limited places for those looking to study Actuarial Science. However, it places great emphasis on academic excellence, with the Catholic University of Leuven, also known as KU Leuven, being one of the top universities worldwide. Additionally, the university is also one of the oldest, having been established in the 1400s.
Universities in the country offer international opportunities to their students, and in turn, are more accommodating to international students. Tuition fees here are also more affordable compared to other European countries, ranging between $1,000 to $10,000 per year, depending on the university. You can consider the same range if you’re planning to take graduate studies in Belgium.
Finally, becoming an international student in Belgium also means you get to enjoy its vibrant city life. There are many cultural attractions here that you can easily explore through the cheapest travel option in the city: bicycles. Additionally, students look forward to an exciting and lively nightlife after a whole day of studying.
3. United States of America
The United States has always been popular for its world-class universities and academic programs. It is a typical dream destination of international students looking to finish a degree they can take anywhere. Here are some of the top universities for Actuarial Science in the United States: Brigham Young University, University of Illinois, Ohio State University, Florida State University, and University of Minnesota
These universities offer undergraduate programs up to postgraduate degrees, letting you explore various career options.
Besides working as an actuary, you can be a financial analyst, insurance underwriter, or business analyst. Salaries in these jobs range between $71,000 to $85,000, while actuaries earn around $110,000 annually.
Top universities in the United States also offer advanced curriculum so students, local and international, have better preparation for licensing examinations; thus, the United States is the best country to study Actuarial Science.
4. Portugal
Portugal, a country located in Southern Europe, is home to one of the world’s top universities offering Actuarial Science degree programs, the ISEG Lisbon School of Economics at the University of Lisbon. It received accreditation from the Association to Advance Collegiate Schools of Business or AACSB, and the Association of MBA or AMBA. About only 5% of business schools worldwide received these two accreditations, proving Portugal’s ISEG is an excellent choice for international students for academic excellence.
The curriculum training in Portugal also provides students the opportunity to get practical experience before their graduation. Through a Master’s program in a Portugal university, you can start either training at an insurance company or writing your thesis by the fourth semester.
Portugal has also one of the most affordable costs of living in Europe. You can set a monthly budget of $600 to $900 to cover everything from accommodation to extracurricular activities.
Check Also: Actuarial Science Schools With No Tuition
5. Hong Kong
Joining this list of the best places to study Actuarial Science is Hong Kong. One of its top universities, the University of Hong Kong received the VEE or Validation by Educational Experience approval from the Canadian Institute of Actuaries (CIA), the Society of Actuaries (SOA), and the Casualty Actuarial Society (CAS). This means that if you have completed your Actuarial Science here and received at least a B- grade, you can apply for VEE credit without having to pass the professional examinations from CIA, SOA, or CAS. Through this process, you can get closer to your target career.
Speaking of career, Hong Kong also offers vast opportunities for Actuarial Science graduates. It is a metropolitan area known for its financial centers and commercial ports. As such, you can find jobs in various industries such as insurance firms, banks, risk management consulting firms, and investments banks. Graduates of the University of Hong Kong have a better starting point as they get access to a strong network of alumni, connecting with those already in senior management positions in the industry.
We hope this article on the best countries to study actuarial science was informative and insightful. To know more information on studying abroad, check out the Available Programs for International Students.
