Omar
Komaiha, 22, of Parkland, FL, knows first-hand that taking on student debt is a
financial risk. However, Omar P. Komaiha also understands those who study such risks are
well positioned to pay it off after graduation.
According
to a report published this week by Bankrate.com, Actuarial Science (i.e., the
formal term for the study of insurance) is the most valuable college major.
Actuarial Science majors earn an average annual salary of $108,658 and have a
better-than-average unemployment rate of less than 3 percent. At a time when
student debt has hit an all-time record high, these graduates are less likely
to incur the added expense of additional schooling and delayed earning
potential. In fact, fewer than 1 in 4 Actuarial Science graduates go on to
pursue advanced degrees.
"The
actuarial science profession is interesting because students don't need
advanced degrees to gain liveable wages, but instead are certified through a
series of exams overseen by the industry's professional organizations,"
said a Bankrate.com analyst. "Students typically pass one to two of these
exams while in school and then go on and complete others while working, earning
raises and bonuses as they pass."
The
recently published report considered 162 majors with labor a force of at least
15,000 people. Additionally, the study was based on average annual income,
employment status, as well as whether those graduates went on to pursue a
higher degree within 12 months. Income accounted for 70 percent of the weighted
ranking, unemployment for 20 percent, and career paths that did not demand
additional education for 10 percent. Omar P. Komaiha, 22, of Parkland, FL, is
an Actuarial Science major at Florida State University.
