What is the difference between actuarial science, financial maths, operations research, management science and maths with finance, economics, business or management courses?
Courses in actuarial science and financial mathematics address problems relating to financial markets and in particular focus on issues relating to risk and uncertainty. Courses in economics, operations research, management science and finance develop skills useful in running a business. A big advantage of an actuarial science or financial mathematics course is that the finance aspects are integrated with the mathematical concepts. This is particularly important if you are looking to have a career in financial markets where some of the mathematical tools being used are new and are based on difficult concepts. At the simplest level, actuaries answer questions relating to how finances should be managed given you do not know for certain what obligations there will be in the future, for example, what premiums on an insurance policy are needed in order to ensure claims can be covered. Actuarial science has a long history, going back to the seventeenth century, and is used by pension funds,
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