Actuarial Science Books

Actuarial science is an interesting and unique field that requires analyzing risk; or in other words, exploring the unknown. How does one predict what might happen in the future? What should the reaction to any particular unexpected change be? What improvements can be made now to prevent or adapt to changes later on? Explore the answers to these questions and more through the books available in this category of Direct Knowledge.

Actuarial Science Books - Risk Management

Actuarial Science and Risk

Risk is something that humans have had to deal with since the dawn of time. Is hunting that buffalo worth the risk that it could hurt the hunters? Could sailing to the Americas be worth the risk of getting lost at sea? Is investing in Bitcoin worth the risk of the unstable market? As our risks have changed over time, so has our ability to assess and prepare for them. Actuarial science does just that, mainly in areas where money plays a large role.

Actuarial science relates to a number of subjects. Becoming skilled in the field means learning about math, statistics, probability, economics, and even computer science. The books in this category show you how these topics relate to one another and to actuarial science. At first, it might be best to keep the subjects fairly isolated. Start with understanding them one by one, and then move on to the more complex relations between them. After mastering the basics, look into specific fields and specialties.

Areas of Interest

Insurance and finance in particular hold actuarial science in high regard since such large amounts of money are at play. In insurance and healthcare, companies face the risk of needing to pay for costly accidents or health problems. In these areas, actuarial science applies to everything from property to people. And often times these large sums face large risks due to the long amount of time they sit around and changes that can happen in that time.

For example, pension plans are so long-term that actuaries try to figure out the best course of action while taking into account how certain factors can change. Bond rates, employer competitors, workforce demographics, changes in revenue code; these short- and long-term trends all affect how pensions plans end up over time. In finance, on the other hand, changes in the economy or the successes and failures of a business itself are the risks actuarial science looks at.

Get Prepared!

Having such a strong grasp on each part of the field is important because actuaries must pass tough exams to become professionals. And the standards have only risen more and more over time, especially with the rise of computers and high-level computation. So, stay up to date and prepared for exams by looking into the books in this category. The entire selection is just a click away for anyone around the world.

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