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What is Actuarial Science?

Actuarial Science is a field of study focused on fusing statistics and mathematics to assess risk.  As an interdisciplinary course of study, Actuarial Science includes disciplines from the following disciplines:

  • Mathematics
  • Probability
  • Finance
  • Statistics
  • Computer Science
  • Economics
  • Insurance
  • Data Mining
  • Criminal Justice

During the nascent years of this discipline, actuaries used various scientific models to construct tables, matrices, and premiums for financial institutions and insurance companies.  In fact, Actuary.org recently published a white paper about actuarial science career which included a section on stochastic and deterministic modeling used in the actuary job.

A stochastic modeling is a scientific tool utilized to estimate probability distributions of various outcomes via random variations in one or more inputs through time.  Deterministic models possess an if-then component where actuaries predict an outcome with 'certainty' based on uncertain assumptions like timing, occurrence, scope, intensity, and size.  In other words, if assumptions made in the deterministic model are realized in real life and real events match the predicted model then the outcome of a deterministic model will occur.

Career Summary

MEDIAN SALARY

$114,120

PERCENT ABOVE NATIONAL
INCOME AVERAGE

67.52%

TOTAL SECTOR EMPLOYMENT

19,940

Degree Median Salary vs Adjacent Degree Types

Source: BLS, US Census, and IPEDS

2024 Best Actuarial Science Degree

Columbia University in the City of New York is the fifth oldest institute of higher learning in the U.S., founded before the American Revolution, and is an "Ivy League" university.  Columbia offers degrees at the bachelors, masters, and doctoral levels, as well as professional degrees, in a comprehensive range of academic fields. It is ranked number one as a research university by the Center for Measuring University Performance. The first recipient of the Nobel Prizes from the Columbia University in the City of New York was granted to Theodore Roosevelt in 1901 (Peace), and the most recent was President Barack Obama in 2009 (Peace). The Master of Science in Actuarial Science program at Columbia University is internationally renowned for its breakthrough curriculum. The program equips students with the tools, skills, and knowledge to excel in today’s rapidly evolving actuarial and related workplaces. Students are prepared to assume leadership positions as soon as they graduate. 

Acceptance Rate

5.45

Student to Faculty Ratio

6:1

When Benjamin Franklin founded Penn, America’s first university, he launched a tradition of firsts that has distinguished the University for nearly three centuries and continues to advance higher education around the world. According to the Wall Street Journal in 32 years Actuaries have never ranked below fourth in all editions of this Jobs Rated Almanac. University of Pennsylvania offers an interdisciplinary approach to learning through many different programs including its on and off-campus study opportunities for cross-disciplinary or joint-major degrees at the undergraduate, graduate and professional levels.  

Acceptance Rate

7.66

Student to Faculty Ratio

6:1

The University of California- Los Angeles (UCLA) is a public research university and is considered among the best public institutions in the country, offering an excellent undergraduate program along with a large number of graduate opportunities, serving nearly 40,000 students annually. More than 300 programs are offered by several undergraduate departments ranging from Professional Schools of Architecture to Law.  At UCLA, The Bruin Actuarial Society offers mentors for students interested in an actuarial career. Your mentor will serve as a resource for you to learn more about the steps you should be taking as a UCLA student to pursue an actuarial career.  

Acceptance Rate

12.32

Student to Faculty Ratio

18:1

Carnegie Mellon University, a private institution, offers a variety of program options, allowing students to choose which major is right for them. Located in Pittsburgh, PA and has around 11,000 students enrolled at Carnegie Mellon University yearly.  Students applying for admission are usually asked to submit an application, transcripts, records, standardized test scores and any requested personal statements. Carnegie Mellon is breaking down walls between disciplines and producing truly innovative results with applications in a variety of fields. They work with you to build strategic partnerships with the university in areas such as sponsored research, recruitment, technology transfer, continuing education and philanthropy. 

Acceptance Rate

15.44

Student to Faculty Ratio

10:1

The University of California Berkeley is often cited as the best Public University worldwide.  The University has a yearly enrollment of around 43,000 students. The annual cost of attending Berkeley is around sixty-five thousand dollars. Once graduated the average salary earned for UC Berkeley students is approximately $131,800 yearly.  While only 17% of students are accepted into the university the school has an exceptionally high graduation rate. The school has a top ranked actuarial science degree program for qualifying students. The program provides its students with a look into different fields within the actuarial industry through technical workshops, hands-on projects, and presentations. 

Acceptance Rate

16.25

Student to Faculty Ratio

20:1

Boston University (BU) is a top-ranked, private institution of higher education located in Boston, Massachusetts.  BU offers undergraduate, graduate and professional degree programs in more than 250 fields of study and Despite its physical size, BU strives to have smaller class sizes, with a ratio of one teacher per 13 students.  The average class size at Boston University is around twenty-seven students for the typical undergraduate class. Courses in BU MET’s Actuarial Science master’s degree program is designed to not only help you have a deep understanding of the subject matter, but to assist you in preparing for examinations. BU Actuarial Science courses ensure that you gain practical skills solving real problems alongside actuaries who work in the industry.

Acceptance Rate

18.94

Student to Faculty Ratio

10:1

Arts & Science is the academic heart of the University as the founding school of New York University. Today, that spirit makes NYU one of the most prominent and respected research universities in the world, featuring top-ranked academic programs and accepting fewer than one-in-five undergraduates. NYU is a leader in global education, with more international students and more students studying abroad than any other US university.  In the actuarial science degree pathway, students with a concentration in actuarial science will take courses in probability, statistics, financial mathematics and actuarial mathematics within the Department of Statistics and Actuarial Science at the Stern School of Business. 

Acceptance Rate

16.2

Student to Faculty Ratio

9:1

 Bentley University is a nonprofit private college that has a large number of programs available for students to choose from. Enrollment at Bentley University is nearly five thousand annually. Actuaries must understand a range of subjects, from math and statistics to economics and computer science—and how they work together. The Actuarial program will teach you how to turn data and business information into solid business decisions. At Bentley College they have a 100% job placement rate and the median salary is around $70,000 per year.  Plus, the industry job growth has increased by 17.9% according to the BLS. 

Acceptance Rate

46.72

Student to Faculty Ratio

11:1

The University of Georgia (UGA) is a highly diversified research university located in Athens, Georgia. The UGA offers bachelor's, master's, doctoral and professional degrees in a broad range of majors including the arts, humanities, social sciences, biological sciences, physical sciences, agricultural and environmental sciences, ecology, business management, environmental design, consumer sciences, forest resources, mass communication, education, law, journalism, pharmacy, social work, public health, and veterinary medicine. The Risk Management and Insurance Program is conferred as a certificate program in actuarial science.  The program is open to qualified regardless of academic concentration. The Actuarial Science Certificate was specifically created to help prepare individuals for a future career as an actuary.  You must have a minimum overall GPA of 2.6 and a minimum grade of C in MATH 2250 and MATH 2260 (or equivalent courses) in order to apply. At UGA 98% of their undergraduates are employed within 3 months of graduation. 

Acceptance Rate

45.3

Student to Faculty Ratio

17:1

University of California - Santa Barbara (UCSB) is a public research university known for its pioneering research and renowned faculty. The Actuarial Science program takes over the course of five years, some students are able to complete it in as little as 4 years.  This program at UCSB prepares students for a career in the actuarial industry by combining advanced mathematics and computational techniques.  students will also gain experience by working on an actuarial project in partnership with a local company.   Inside the actuarial science program, data-driven decisions are a typical way of life which is why the school enacted the data science initiative.  

Acceptance Rate

29.56

Student to Faculty Ratio

22:1

Florida State University is a public school that sits on 487 acres of land. The University has around 33,000 students enrolled each year.  The was first opened their doors in 1851 but their traditions and strong emphasis on liberal arts has not changed. Today the school has hundreds of programs to choose from. They have a high rated Actuarial Science Program.  At Florida University you will learn more than finance, microeconomics, calculus, algebra and probability and statistics. You will graduate with life experience in the program that you can take with you to your new career.

Acceptance Rate

35.97

Student to Faculty Ratio

21:1

The University of Connecticut (UConn) is a public research university and  is considered one of the best universities in the nation. The University offers degrees in more than 100 majors. The school opened their doors in 1881 with three faculty members and 12 students. The school has come a long way since then but still holds their traditions and education strong. Today the University of Connecticut currently has 32,000 students. The University of Connecticut’s actuarial program has over 450 undergraduates. In this program you will take Math, finance, microeconomics, algebra, computer science courses and probability and statistics.

Acceptance Rate

49.42

Student to Faculty Ratio

16:1

Ohio State University Main Campus was established and built in a farming community. The university welcomed around two dozen students when it opened its doors. Today the school has over 61,170 students enrolled. Ohio State University has many programs to choose from. Their Actuarial Science program covers more than courses in probability and statistics, interest theory, financial economics, life contingencies and loss models.  Once graduated students will leave with real life experience and exposure to real life scenarios. The Ohio State University has their own Actuarial Club that meets up  each semester to hold group study sessions, hear local employers speak about opportunities in their company, and to learn as a group.

Acceptance Rate

53.74

Student to Faculty Ratio

19:1

Texas Christian University, a nonprofit private institution, offers a large number of program options, allowing students to choose which major is right for them.  The school maintains a Christian Church (Disciples of Christ) affiliation, which is evident in the role it plays in program curriculums and daily life at the school. Around 9,100 students enroll at Texas Christian University yearly. Texas Christian University has two undergraduate majors offered in the Department of Mathematics. This degree is appropriate for students planning to go on to graduate school in mathematics and related fields, and for anyone who wants a more challenging mathematical experience at TCU. The actuarial concentration is specifically designed to prepare students for careers in insurance, risk analysis, pension management, financial planning and other related areas. 

Acceptance Rate

47.12

Student to Faculty Ratio

N.A

The University of Illinois at Urbana is the largest and oldest campus in the University is a public research facility. The doors to the school opened in 1868. On the beautiful day in March there were only two faculty members. Today the University has over 100 faculty members. The Universities programs are ranked as some of the best in the world and the University itself is ranked top in the nation.  The University of Illinois at Urbana has a very prestigious Actuarial Science program. Their Actuarial science program teaches students to use tools from statistics, economics and finance to measure and quantify risk.  This program is one of just a couple that provides  training on both casualty actuarial science and life insurance mathematics.

Acceptance Rate

59.03

Student to Faculty Ratio

20:1

Purdue University is among the best research universities in the country.  Each year NASA gives Purdue research grants to provide students with research to better their education. Purdue University has About 270 programs that include their Actuarial Science program. Purdue has a well-known Mathematics program that is known worldwide. The department has 65 professors that help provide students with active involvement in major areas of mathematics. The school has many programs to choose from. Because of their highly rated mathematics department the actuarial science program is also well known. Their Actuarial Science program is a combination of Mathematics and Statistics. Once you have completed the program you will have a strong emphasis on Economics and Management.

Acceptance Rate

59.83

Student to Faculty Ratio

13:1

DePauw University is known for more than just its Methodist heritage. DePauw is ranked 17th in the US for best Actuarial science program.  The University currently has around 2,000 students enrolled. The school has an excellent actuarial science program.  Students will learn mathematical principles and techniques to solve problems in finance, insurance and related fields. Once you have graduated you will be involved with every aspect of the insurance industry. students who will do well must possess strong mathematical skills and a solid business background.

Acceptance Rate

64.36

Student to Faculty Ratio

9:1

The University of Central Florida has one of the largest student bodies in the United States with nearly 70,000 students enrolled yearly. The school has 23 undergraduate, 16 master’s and 12 doctoral degree programs. The University has an outstanding gradation rate of 72%. They are known for their actuarial science program.  As an Actuary you will be trained in mathematics, statistics and economic techniques that allow you to quantify risk. Once graduated you will use your skills to analyze and solve business and social problems related to insurance, pensions, Social Security, employee benefits and related fields.

Acceptance Rate

44.36

Student to Faculty Ratio

30:1

Geneva College is a Christian liberal arts college and has been  #3 ranking of Best Value Regional Universities (North) in the U.S. They have around 1,430 enrolled yearly.  Smaller yearly enrollments means small class sizes are 13:1. with this students are able to get the one on one attention they may need. Geneva College has many outstanding programs. one of their top programs is their actuarial science program. Students will learn to assess risk and conduct risk analysis in the financial world as well as determine rates for insurance premiums, annuities and other retirement and investment funds. Once graduated 93% of Geneva students will be employed.

Acceptance Rate

53.23

Student to Faculty Ratio

12:1

Baruch College is ranked among the nation's top colleges and is within an easy reach of Wall Street. The College has more than 18,000 students who are enrolled each year. The students who attend speak more than 110 languages and come from more than 160 different countries. The undergraduate actuarial science major is offered through the Weissman School of Arts and Sciences’ Department of Mathematics. According to College Choice, students are provided with a broad curriculum and can also enroll in courses at the Zicklin School of Business. Baruch’s actuarial science program strongly specializes in the insurance industry. Students are trained in mathematical foundations, computational techniques, applied mathematics, and financial modeling.

Acceptance Rate

43.47

Student to Faculty Ratio

18:1

Temple University is a large university with more than 17 schools,  130 majors for undergraduates programs and 121 master's degrees to choose from. They have one of the top Actuarial Science Degrees. Their Actuarial Science program is a combination of general education, actuarial science, mathematics and statistics courses.  The University offers students the opportunity to work closely with faculty in a state of the art research facilities. Students will learn to  tackle some of the industry’s biggest challenges. As an Actuarial Science student faculty members will work with you and teach you:  Crisis risk management and public reaction to crises, Corporate governance in the insurance industry, Enterprise risk management, and Financing of catastrophic risk.  

Acceptance Rate

60.04

Student to Faculty Ratio

14:1

Drake University is a nonprofit private college that enrolls more than 3,000 undergraduates and 1,900 graduate students from 45 states and more than 42 countries. Drake has one of the best actuarial science programs in the nation and is one of the few private programs in the Midwest where students will be taught by actuaries.  Because students are taught by Actuaries, students  will learn from the highest caliber faculty, receive an outstanding education, and graduate prepared to start your career. Companies from across the nation regularly recruit Drake students and recent graduates for internships and jobs. Drake has a high employment rate.

Acceptance Rate

67.64

Student to Faculty Ratio

10:1

Brigham Young University Provo is a large Mormon college offering numerous mathematics programs. This college first opened their doors  in 1875. Today the Church of Jesus Christ Latter-day Saints sponsors Brigham Young University Provo.  The university  has an excellent actuarial science degree program. The Faculty members want to make sure that all Students are involved in statistical analysis and data analysis starting in their first semester.  Once graduated the students are consistently placed with prominent organizations such as Goldman Sachs, Oracle, Adobe, Overstock.com, and Pacific Northwest National Laboratory.   

Acceptance Rate

67.49

Student to Faculty Ratio

N.A

North Central College is ranked #10 in Regional Universities Midwest.  North Central works with the United Methodist Church and has nearly 70 areas of study in undergraduate majors, minors, and programs available. North Central College has a full actuarial science major offered by two departments, mathematics and finance. Being able to learn from the mathematics departments and finance department you will vastly expand your job options after graduation. The College purposely keeps the class sizes smaller so they can give the students time that they will need to ask questions and be able to understand the material and prepare themselves for the exams. 

Acceptance Rate

53.64

Student to Faculty Ratio

14:1

Loyola University of Chicago has one of the largest Catholic universities in the United States. Each year more than 17,000 students enroll. That doesn't mean that class sizes are large. The University has 4,000 faculty and staff members. Class sizes are 14:1 so students are still able to get the help that they deserve. Loyola University has many highly sought-after degrees like their actuarial science program. As a student you will learn mathematics and statistics. you will also take courses in regression, economics, and finance. 

Acceptance Rate

67.22

Student to Faculty Ratio

14:1

What are the Most Popular Actuarial Science Jobs?

With the immense advances in technology, actuaries of today utilize computing power coupled with deterministic and stochastic actuarial models to align with modern financial theories. After completing an actuary degree, the most common industries requiring this specialty are life insurance, investment, pension, healthcare, long-term care, finance, property insurance, big data, liability insurance, machine learning, GIS, data visualization, casualty insurance, and research.

Actuary Career Overview

Simply put, actuaries manage and analyze risk. From a personal and corporate standpoint, risk is the probability of an undesirable outcome that can occur. However, with any risk there is also opportunity. Balancing risk and reward provides actuaries the challenge to make sense of data and trends to manage risk. Actuaries are experts in:

  1. Analyzing the probability of future events with data
  2. Assessing the impact of future events on a company or organization
  3. Developing ways to mitigate the adverse impacts of risk to a business
  4. Creatively reducing the probability of an undesirable event

To master the myriad ways to help a corporation manage risk, an actuary must be adept in a variety of skills. Core skills include deep analytical skills coupled with integrative thinking that balances business acumen with human behavior.

Top Actuarial Science Major

In order to become an actuary, students will need to successfully complete a degree program from an accredited college or university plus pass industry-specific actuary exams.  The exams are outlined by the Society of Actuaries here to help students effectively navigate the process.  In addition, the CAS and SOA have created an overview of the educational requirements, rules, and industry regulations on a path to becoming an actuary.  The most popular degree programs actuarial science include the bachelor’s degree and master’s degree.  A summary of each is listed below to help students understand the differences between the programs and educational opportunities.

Bachelor Degrees in Actuarial Science

An online bachelor degree in actuarial science is most typically conferred by a university as a Bachelor of Science or B.S. degree.  Students may be able to elect an actuarial track or a business track with an emphasis in risk mitigation.  The core of both programs is very similar with an emphasis data analysis, risk management, and decision making.  However, the actuarial science concentration is rooted deeply in actuarial mathematics and modeling while the elective business path provides students with a broad array of business tools and problem solving techniques with less math course work.

Classroom-based degree programs and online bachelor degrees will generally take 4-years to complete based on full-time study.  Bachelor degrees fuse general education courses with core classes to provide students with essential integrative thinking skills.  Liberal arts classes generally include psychology, creative writing, sociology, history, communications, and philosophy with core classes.

Curriculum found in the core program will vary from school to school with core principles overlapping greatly.  Essential classes in actuarial science at the bachelor’s level include property insurance actuarial science, differential equations, applied statistics, interest theory, risk theory, survival models, derivatives, risk management, life contingencies, investment principles, credibility, simulation, data smoothing, stochastic modeling, futures, options, financial economics, and linear algebra.

Master Degree in Actuarial Science

A Master degree in the actuarial science concentration is generally a 2-year program for full-time students after meeting all lower-level degree requirements.  Master degrees are conferred as an MS or Master of Science degree given the heavy math and science courses required by most institutions.   A student’s academic advisor will work closely with them to determine the best path through graduate school.  Choices include the course emphasis of the degree and whether a thesis option is best to pursue for a given actuarial career.

Courses at most universities can be customized at the graduate level to provide a series of targeted classes given the school’s resources and student’s proclivities.  Common paths for students to pursue a masters in actuarial science degree include finance, insurance, statistics, mathematics, economics, computer science, and data modeling.  Near the conclusion of an MS degree, students will need to complete an approved thesis project or bypass the thesis by taking additional courses.  The thesis is intended to extend learning in the field of actuarial science with key research and substantive evidence to support a theory or research model.

Traditional Actuarial Science Requirements

In terms of educational requirements, Actuarial Science degree holders will have typically studied the following courses while in college:

Actuarial Science Program Requirements

  • Speaking
  • Instructing
  • Reading Comprehension
  • Active Listening
  • Writing
  • Speech Clarity
  • Oral Expression
  • Oral Comprehension
  • Speech Recognition
  • Written Comprehension
Online Colleges Offering Degrees in Actuarial Science

Employment Information & Salaries for Actuaries

For students that earn an Actuarial Sciences degree, there are several fields of specialization that one can pursue. The options range from analyst, broker, underwriter, management, banking, advisor, finance, leadership, public relations, budgeting, and sales training in the public or private domain to name a few possible career tracks.

The median annual income in actuary science is $100,610 with the top 10% averaging $186,250 a year. The bottom ten percent of professionals in the field of actuarial science average salary is $58,910 a year. The industry is poised to grow by 18% according to the BLS adding some 11,700 jobs in the coming decade. The actual science Albion program is a top notch pathway for students to consider. The growth of this nature will provide opportunities to enter the field and create upward mobility for those with experience.

Where Do Actuaries Work?

Traditional actuary science majors remain in academia; however, actuaries can work in a variety of industries plying their trade. Every business in every sector manages risk and may need the services of a trained actuary directly or indirectly. In fact, actuaries can be found in a variety of corporations that include banking, statistics computer science, investing, insurance, research, accounting, and consulting. The most popular industries you will find an actuary working include:

  • Insurance Life, Property, Casualty, Auto, Home, Natural Disasters, Pensions
  • Finance & Banking Investments, Securities, Financial Instruments
  • Private Consultants Hire by various organizations to manage risk
  • Government Agencies Local, federal, and state agencies
  • Colleges and Universities Research specialists or risk management
  • Labor Unions Managing risk for unions of all types
  • Rating Bureaus From Moodys to AM Best to manage risk
  • Accounting Firms Analyzing data for small and large organizations alike
  • Sales & Marketing Teasing opportunities from data to gain market share and company insights

Top Paying States for Actuaries

  1. Colorado $142,940
  2. New York $142,630
  3. District of Columbia $122,700
  4. Texas $121,300
  5. Idaho $119,890

Actuarial Science Job Growth & Career Outlook

The job growth in the Actuarial Science domain are well above average. For example, the rate of job growth for actuarial scientists is expected to rise 18% through 2024 and for financial advisors a remarkable 30% growth rate is expected during the same period. Given the broad nature of the Actuarial Science degree, compensation after graduation can vary greatly from career field to career field given prior experience and geographic location. Related fields include banking, teaching, research, finance, and training. For additional research, listen to an interview with Doctor Ben Rickayzen who is a professor at Cass Business School as he discusses the role of an actuary and jobs of the future for actuary college graduates.

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