Choosing the Right Degree for Actuarial Science: BA in Business Economics or BSc in Statistics?

When aspiring to become an actuary, students often face the decision of selecting a degree program that aligns with their goals. Two popular options include BA in Business Economics and BSc in Statistics. Both courses offer valuable insights, but which one is more advantageous? Let's explore the benefits and drawbacks of each.

BA in Business Economics

BA in Business Economics is a versatile degree that combines a strong understanding of economics with business principles. This interdisciplinary approach can be particularly beneficial for those interested in pursuing a career in actuarial science. Here are some considerations when choosing a BA in Business Economics:

Complementary Knowledge: The course provides a solid foundation in economics, a discipline that is essential for actuaries. However, it is critical to recognize that economics can be grasped through various means such as reading books, blogs, magazines, articles, and news. The extensive time spent on economics might not be the most efficient use of your academic years. Subject Coverage: It is often noted that business economics can significantly help in the CT7 exam of the Core Technical (CT) series. While it covers the required topics, it might not be as mathematically robust for other exams.

Given these points, it's important to assess whether the years dedicated to business economics are justifiable when considering the demands of actuarial science.

BSc in Statistics

On the other hand, BSc in Statistics is a more mathematically inclined degree that directly addresses the quantitative skills required for actuarial science. Here’s why it might be a more fitting choice:

Strong Mathematical Foundation: Statistics is a discipline that emphasizes mathematical and statistical knowledge. Actuaries benefit tremendously from a robust foundation in mathematics and statistics, making this degree a strategic choice for those serious about actuarial science. Narrow Focus on Relevant Topics: BSc in Statistics can be tailored to cover specific areas crucial for actuarial science, such as risk assessment, statistical models, and data analysis, which are fundamental to the profession.

Moreover, the structure of a BSc in Statistics can be more adaptable, allowing students to focus on the areas most relevant to actuarial science.

Are There Other Options?

While both BA in Business Economics and BSc in Statistics have their merits, it's important to note that there might be other suitable alternatives. For instance, many universities offer specialized programs in actuarial science that combine elements of both economics and statistics. These programs are designed to give students the comprehensive skill set required for a successful career in the field.

Additionally, students might consider taking specific courses or obtaining certifications outside of their degree programs. Actuarial exams, such as those offered by the Society of Actuaries (SOA) or the Casualty Actuarial Society (CAS), can be crucial for building the necessary expertise. Participating in internships and gaining practical experience through projects or extracurricular activities also provides valuable insights and skills.

Conclusion

Ultimately, whether to choose BA in Business Economics or BSc in Statistics for a career in actuarial science depends on your specific interests, strengths, and career goals. Both degrees have their advantages, but a BSc in Statistics is generally more aligned with the quantitative demands of the actuarial profession. Consider the following steps:

Assess your mathematical and statistical aptitude. Evaluate the structure of the programs and their focus on relevant topics. Consider your long-term career aspirations and the skills you need to develop. Explore additional options such as specialized programs or additional certifications.

A well-informed decision will help you lay a strong foundation for a successful career in actuarial science.

Note: This article is intended to provide general guidance on choosing a degree for a career in actuarial science. For personalized advice, consult with academic advisors or professionals in the field.