The Actuarial Science Program is no longer accepting new students.
Administered by the Department of Information Systems and Supply Chain Management, is an interdisciplinary program intended for the analytically superior student seeking a career as an actuary. Rider's program is one of only two in New Jersey, and of only 56 in the United States and Canada that are designated by the Society of Actuaries (SOA) as an "advanced undergraduate" program. Rider University has courses that have been approved to meet all three of the Validation by Educational Experience requirements of the Society of Actuaries: Corporate Finance, Economics and Applied Statistical Methods.
A career as an actuary is widely regarded as being financially rewarding, intellectually challenging and highly esteemed. Indeed, the last four editions of The Jobs Rated Almanac each ranked a career as an actuary first or second overall. About two-thirds of actuaries work for life, health, and property/casualty insurance companies, all of which rely heavily on the actuary's judgment to ensure their financial stability.
What is Actuarial Science?
According to the SOA, "Actuaries put a price tag on future risks. They have been called financial architects and social mathematicians, because their unique combination of analytical and business skills is helping to solve a growing variety of financial and social problems." There are about 20,000 actuaries in North America. It is one of the smallest, but most influential, professions. While the training is very demanding, actuaries tend to be well paid, highly respected and much sought after by employers. Actuarial calculations and projections are the basis for the insurance and financial industries. The actuary must be skilled at applying mathematical and statistical techniques to financial problems and be up-to-date on business and social issues, law, economics and health related concerns.
What Does an Actuary Do?
The American population is aging. Life insurance companies must adjust their premiums to reflect this fact. It is the life actuary who does the calculations needed to make these adjustments. In recent years the Mississippi River flooded, southern states experienced major hurricanes, and two large fires claimed hundreds of expensive homes in California. As a result, insurance companies make millions of dollars in payments to individuals and families faced with disaster. What is a fair price for disaster insurance? It is the casualty actuary who must make this decision. A pension fund must be designed so that it has adequate resources to guarantee payments to pensioners without overcharging the employer. It is the pension/benefit actuary who does the calculations needed to design the fund and to certify its health to regulatory agencies. These are but a few examples of the wide variety of complex problems an actuary may be called upon to investigate.