Master of Science [M.S] [Actuarial Science] From University of Iowa

Probability and statistics is an important scientific discipline essential to all fields of study that rely on information obtained from data. In a world bombarded with numerical information, informed decisions rely on the ability to separate fact from fiction by applying valid statistical analyses and visualizations. Statisticians can provide crucial guidance in determining what information is reliable and which predictions may be trusted. They often help search for clues to the solution of a scientific mystery and sometimes keep investigators from being misled by false impressions.

The work of a statistician may range from the theoretical (developing new methodologies and statistical theory) to the applied (working with scientists and decision makers to collect, analyze, and interpret data). Regardless of the areas in which they work, statisticians need strong mathematical, computational, and communication skills. Because uncertainty and data arise in many settings, statisticians have the opportunity to work on a variety of projects in industry, education, government, and research. Thousands of statisticians work in medicine, law, agriculture, public policy, marketing, manufacturing, engineering, and other fields in the social and natural sciences. The diversity of applications is an exciting aspect of the field and is one reason why the demand for well-trained statisticians continues to be strong.

An actuary is a business executive, professionally trained in the mathematical sciences. Actuaries specialize in the evaluation of financial risk—most often in the context of life, health, and casualty insurance, where they design, analyze, and refine varied programs to meet the insurance needs of society. Many actuaries are employed by insurance companies, where they have responsibilities for all phases of the development and maintenance of their company's products. They have considerable influence on the financial soundness of their company through work in pricing insurance policies and in compiling data for financial statements.