If you are someone who loves analyzing graphs or computing financial probabilities, the Actuarial Science degree might be something that you need to consider taking up.
Actuarial Science deals with maintaining the economic stability of financial or insurance organizations and evaluating risks. Actuaries are well-informed about how to use statistics, mathematics, and probability concepts to anticipate and prepare for future events, which is the key to planning preventive measures. Unlike the common misconception, the Actuarial Science program does not solely focus on predicting financial risks and uncertainties. Actuaries also design and administer insurance policies, investments, pension plans, and other business strategies to maximize profitability.
The goal of actuarial studies is to widen your thinking and keep you updated on the policy changes. Doing so will aid you in efficiently predicting and estimating certain events, especially that various industries, even the government, rely heavily on the data that actuaries provide. Being an actuary is also not an easy journey since you must pass a series of exams before you become a certified professional. Hence, refer to this guide on free actuarial science schools below to help you decide where you can experience excellent Actuarial Science education without spending anything on tuition fees.
Is Becoming an Actuary Worth It?
Becoming an actuary is actually one of the jobs you should consider if you’re looking to cash in your time and energy (and money!) spent as an international student. In the US, actuaries earn between $150,000 to $250,000 yearly, while the average salary in Canada is around $115,000. Some countries in Europe also pay well to actuaries, like in Ireland where actuaries earn a $205,000 annual average. Check out our Open Courses Page to look for the related courses you can study abroad. We currently have no Actuarial Science courses, but feel free to check out other courses available in Europe and Canada.
Free Actuarial Science Schools
1. Masaryk University
Masaryk University is the first free actuarial science school we will talk about in this guide. It is the second-largest university in the Czech Republic. Since 1919, it has actively participated in different research opportunities and is dedicated to creating a smarter world for the people to live in.
Given that the Actuarial Science degree requires utmost data comprehension, the university ensures that its students are prepared to use data-driven approaches to the decision-making process. Students will also be exposed to the advanced quantitative techniques and tools utilized in economics to read and predict the current trends in society. More than theoretical knowledge, students are also given the privilege to have practical experience in various organizations and enterprises to prepare them for real-life economic problems.
Graduates at the university will have a wide choice of occupations, especially since Masaryk has strong alliances with different sectors in the industry. With the training you will gain during your stay here, you are guaranteed to become one of the finest professionals in your specific field of interest.
2. University of Vienna
The University of Vienna is a public research university situated in Austria. Founded in 1365, it is considered the oldest university in the German-speaking world. Currently, the university already offers 179 programs, with over 90,000 students.
Its Actuarial Science programs aim to familiarize students with instruments and methods in prescriptive and predictive analytics for decision support. Students will independently interpret and solve economic problems and make recommendations using extensive data sets. With these profoundly technical programs, students must have a high level of analytical thinking to pursue this career.
Although tuition fees are free for all EU/EEA citizens, keep in mind that this exemption will be renounced if you go beyond the standard duration of your program of choice.
3. University of Akureyri
The University of Akureyri is located in the northeastern part of Iceland. The school has built an excellent reputation among students when it comes to its humanities, health sciences, and business departments.
Its Business and Science Department focuses on preparing students for management career positions and shaping them to become responsible for handling the financial aspects of companies. Students are taught subjects related to strategy formation, financial management, econometrics, applied mathematics, and many more. The university makes sure that students will receive a rigorous mathematical background in order for them to reach their fullest potential as future actuaries. Upon completing the program, students can opt to work in the actual industry immediately or expand their education by pursuing graduate studies related to Actuarial Science.
More than its excellent education, international students flock to this free actuarial science school because it offers free tuition regardless of your nationality. All you have to pay is the registration fee every academic year to cover the school’s administrative expenses.
4. University of Oulu
The University of Oulu is one of the biggest universities in Finland. It already has around 13,000 students with 2,900 academic staff.
The university promotes practical learning and carries out science-based solutions to build a more sustainable, humane, and intelligent world. Future experts in the Actuarial Science field are trained to combine economics and technology in a productive way to provide data-driven analytics. The programs are designed to equip students with adequate information to confront the changing world and take on its challenges and opportunities. Using the available tools and methods they have acquired during their studies, graduates are expected to solve real-world problems in business and industrial contexts efficiently.
The University of Oulu belongs to the top three percent of all the 17,000 universities around the world. This impressive recognition just proves the quality of learning that you can experience when you enroll in the university.
5. Free University of Berlin
The last free actuarial science school on our list, the Free University of Berlin is one of the eleven famous elite German research universities. It is consistently ranked among the top ten universities in Germany, particularly in degrees related to humanities and applied sciences.
Students at the university are taught to combine inferential and computational reasoning to draw conclusions based on real-world data. As future actuaries, students are encouraged to appreciate the practical use of scientific and mathematical thinking in understanding problems to create an impact in research, business, and society. Using their knowledge in statistical inference, data management strategies, and computational processes, graduates at the university will surely become one of the best in the industry.
Fortunately, acquiring excellent Actuarial Science training will not cost you that much since the university does not charge tuition fees. Students are only required to pay for the semester fee, which serves as a contribution to cover administrative costs and support local student services organization.
We hope this article on free actuarial science schools was informative and helpful. Make sure to also check out the Available Programs in Europe!
