Question about the mathematics in actuarial studies I tried Google but there isn't much information on this and I would really like some insights into actuarial studies, the mathematics involved and how it compars to the mathematics in a bachelor of mathematics for example.
I read that it is a very challenging degree and less than 50% of initial students make it to 3rd year and only about 40% graduate. Is this because most students are in it for the money and can't handle the mathematics or is it just a very challenging degree?
I also read that it is basically studying combinatorics and statistics at a very high level. Is that actually challenging?
What do you think is a good way to learn the maths required to do well in such degree? What textbooks and topics do you recommend to prepare for it?
Hopefully this isn't an off topic question but I am asking specifically about the mathematics involved in actuarial studies.
 A: My undergraduate degree is in business, though I had a very heavy mathematics and statistics course load. I took a couple graduate courses in statistics, and I have completed the first two actuarial exams in the US (P/1 & FM/2). 
First, to address the high failure rate you speak of. I am unfamiliar with these high failure rates in actuarial science degrees. Without more information, it is difficult to speak on that. Many universities do not offer an actuarial science program. While dedicated programs and courses appear to be increasingly common, it is not uncommon for actuaries to have degrees in related fields such as mathematics, statistics, economics, finance, etc. 
Personally, I have not found the material to be very challenging (thus far). Just like anything, you need to have a strong foundation in the prerequisite material and you need to spend a lot of time learning the new material. I think what some may find challenging is the scope of the material. Many topics are covered across all of the exams and specializations. The material is not all statistics, it encompasses finance and economics too. FM/2 exam is essentially precalculus meets finance. 
Your question is very subjective so it is hard to give a definitive answer. However, I would say your focus should be on the exams. Exams and experience are far more important than your major. I have heard of people with music degrees becoming actuaries. As long as you can demonstrate proficiency in the tested material, you career pursuits shouldn't be too difficult.
A: I majored in Actuarial Science and Statistics when I was still in college, and to give you an idea of the flavor of mathematics that actuaries study, I have listed some of my major courses below.  (I have included relevant hyperlinks.)
Theory of Interest (otherwise known as Mathematics of Investment)
Life Contingencies
Survival Models
Graduation and Risk Theory
You can check out the Be an Actuary website for more information about actuarial mathematics, beginning and continuing actuarial education, and the actuarial profession in general.
