Best Actuarial Science Programs
2024With the help of a degree in actuarial science, you can earn a strong salary, see above average job growth, and employ your analytical and data science skills. If you’re looking to go into the finance or the insurance industries, you should consider applying to the best schools for actuarial science.
Actuaries use math and statistics to analyze the financial cost of risk and uncertainty and use financial theory to assess the risk of potential events. They then inform clients and companies of ways or policies they can implement to mitigate those risks.
You should look for actuarial science programs that offer classes in math, finance, statistics, data analytics, computer skills, and communication skills.
You should also consider seeking out supplemental professional development support — the best schools for actuarial science can include internships and professional networking services to prepare students.
Featured Online Programs
Learn about start dates, transferring credits, availability of financial aid, and more by contacting the universities below.
Best Actuarial Science Programs
New York University
New York, NY- 4 year
- Campus + Online
- In-State$50,684
- Out-of-state$50,684
- In-State$33,408
- Out-of-state$33,408
- Retention Rate94%
- Acceptance Rate16%
- Students Enrolled52,885
- Institution TypePrivate
- Percent Online Enrollment10%
- AccreditationYes
Brigham Young University
- Provo, UT
- 4 year
- Campus
- In-State$5,790
- Out-of-state$5,790
- In-State$7,290
- Out-of-state$7,290
- Retention Rate90%
- Acceptance Rate67%
- Students Enrolled34,318
- Institution TypePrivate
- Percent Online Enrollment12%
- AccreditationYes
CUNY Bernard M Baruch College
- New York, NY
- 4 year
- Campus
- In-State$6,930
- Out-of-state$14,880
- In-State$11,090
- Out-of-state$20,520
- Retention Rate89%
- Acceptance Rate43%
- Students Enrolled18,679
- Institution TypePublic
- Percent Online Enrollment7%
- AccreditationYes
University of Wisconsin-Madison
- Madison, WI
- 4 year
- Campus + Online
- In-State$9,273
- Out-of-state$36,333
- In-State$10,728
- Out-of-state$24,054
- Retention Rate95%
- Acceptance Rate54%
- Students Enrolled44,257
- Institution TypePublic
- Percent Online Enrollment18%
- AccreditationYes
University of California-Santa Barbara
- Santa Barbara, CA
- 4 year
- Campus
- In-State$11,442
- Out-of-state$41,196
- In-State$11,442
- Out-of-state$26,544
- Retention Rate92%
- Acceptance Rate30%
- Students Enrolled26,314
- Institution TypePublic
- Percent Online Enrollment2%
- AccreditationYes
University of Central Florida
- Orlando, FL
- 4 year
- Campus + Online
- In-State$4,478
- Out-of-state$19,810
- In-State$6,916
- Out-of-state$25,759
- Retention Rate91%
- Acceptance Rate44%
- Students Enrolled69,402
- Institution TypePublic
- Percent Online Enrollment59%
- AccreditationYes
University of Illinois at Urbana-Champaign
- Champaign, IL
- 4 year
- Campus + Online
- In-State$14,188
- Out-of-state$33,127
- In-State$14,997
- Out-of-state$28,404
- Retention Rate93%
- Acceptance Rate59%
- Students Enrolled51,605
- Institution TypePublic
- Percent Online Enrollment39%
- AccreditationYes
Purdue University
- West Lafayette, IN
- 4 year
- Campus + Online
- In-State$9,208
- Out-of-state$28,010
- In-State$9,208
- Out-of-state$28,010
- Retention Rate91%
- Acceptance Rate60%
- Students Enrolled45,500
- Institution TypePublic
- Percent Online Enrollment22%
- AccreditationYes
Ohio State University
- Columbus, OH
- 4 year
- Campus + Online
- In-State$10,197
- Out-of-state$31,174
- In-State$11,560
- Out-of-state$35,144
- Retention Rate94%
- Acceptance Rate54%
- Students Enrolled61,391
- Institution TypePublic
- Percent Online Enrollment34%
- AccreditationYes
CUNY Queens College
- Queens, NY
- 4 year
- Campus + Online
- In-State$6,930
- Out-of-state$14,880
- In-State$11,090
- Out-of-state$20,520
- Retention Rate82%
- Acceptance Rate49%
- Students Enrolled19,923
- Institution TypePublic
- Percent Online Enrollment3%
- AccreditationYes
Popular Coursework for a Bachelor’s in Actuarial Science Program
The typical entry-level education requirement to become an actuary is to obtain your bachelor’s degree. To earn your degree and become an actuary, you will need a strong background in math, statistics, and business. Keep in mind — you’ll likely also need to pass a series of exams to be certified as an actuary.
Classes may vary by college or university, but the best schools for actuarial science generally include the following.
Mathematics of Investment
This course will discuss topics such as debt instruments, mortgages, bonds, debt immunization, and yield rates on leasing. Students may look at case studies that exemplify these terms.
Theory of Interest
In this course, you will learn about the time value of money. This includes topics such as loans, interest rate term structure, compounding interest, annuity and bond valuation, and more.
Risk Analytics
Students will receive an introduction to methods for analyzing and modeling risks. Topics will include linear and nonlinear models of assessment, predictive models, and model selection. It will likely build on statistics and math courses.
Intro to Statistics
Most colleges and universities will require you to take an introduction to statistics course (often referred to as stats 101) in order to earn your degree in actuarial science. This foundational course will introduce concepts of probability, variables, and statistics.
Calculus
You will likely have to take certain math classes to fulfill the prerequisites for more advanced actuarial science classes. This can include calculus, which covers variables, functions, curves, and various theorems.
What Can You Do With a Degree in Actuarial Science?
Most actuaries work for insurance companies, or in an office setting. However, some actuaries work as consultants – traveling to meet their clients.
Actuaries can specialize in the following fields of insurance: health insurance, life insurance, or property and casualty insurance. Outside the insurance industry, some actuaries focus on enterprise risk management, pension and retirement benefits, and the public sector.
What industry you work in can determine your salary as an actuary. For example, if you were to become an actuary in the finance or insurance industry, the median annual wage for that occupation is $120,800. According to the BLS, that’s the highest-paying industry for actuaries as of May 2023.
The average median annual wage for actuaries is $120,000. The top-paying states in the U.S. for actuaries are New York, Connecticut, and Kansas. In New York, the annual mean wage is $160,770.
According to BLS data, the states with the highest employment levels of actuaries are New York, Pennsylvania, Illinois, New Jersey, and Ohio.
| Job Title | Median Annual Salary (2023) | Projected Job Growth (2023-2033) |
|---|---|---|
| Accountants and Auditors | $79,888 | 6% |
| Actuaries | $120,000 | 22% |
| Cost Estimators | $74,740 | -4% |
| Financial Analysts | $99,890 | 9% |
| Financial Risk Specialists | $106,090 | 8% |
| Investment Analysts | $99,010 | 10% |
| Insurance Underwriters | $77,860 | -4% |
| Market Research Analysts | $74,680 | 8% |
| Operations Research Analysts | $83,640 | 23% |
| Personal Financial Advisors | $99,580 | 17% |
Frequently Asked Questions About Actuarial Science Programs
The actuary science job market is both in demand and growing. The BLS projects actuary careers to grow 22% from 2023-2033, which is much faster than the national average growth rate of 4%.
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