Top Colleges for Actuarial Science Programs
Actuaries play a crucial role in the insurance and finance industries, assessing risk and guiding decision-making. A strong actuarial science program equips students with the mathematical and statistical skills needed to succeed in this field. This article explores some of the best colleges in the United States for actuarial science, highlighting program strengths and factors to consider when making your choice.
What is Actuarial Science?
Actuarial science is the discipline that applies mathematical and statistical methods to assess risk in insurance, finance, and other industries. Actuaries use their expertise to analyze the probability of future events, such as death, illness, accidents, or natural disasters, and to calculate the financial impact of these events. They play a vital role in designing and pricing insurance policies, managing pension funds, and developing investment strategies.
Actuaries calculate the probability of certain events occurring, and they also quantify ways in which certain decisions or actions can decrease the likelihood of an unwanted event. Fundamentally, the daily work of an actuary focuses on risk management.
Top Colleges for Actuarial Science
Here are some of the top colleges in the United States known for their strong actuarial science programs:
University of Pennsylvania: The Department of Statistics at UPenn's Wharton School offers an actuarial science track that's designed to prepare its students to become an actuary. The university boasts an exceptional 27% of courses with an enrollment under ten and 58% with an enrollment under twenty. The university publishes 12 distinct journals featuring original undergraduate research. 76% of Class of 2023 grads were employed within six months of graduating, and 16% were in graduate school. The median starting salary for all graduates is $100,000.
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University of Wisconsin-Madison: UW-Madison's business school has an Actuarial Science, Risk Management and Insurance department that offers both undergraduate and graduate degrees, with an emphasis on both theory and practical application. In 2023, 72% of job-seeking grads graduated with an offer. Top employers included UW-Madison, Epic, UW Health, the State of Wisconsin, Kohl’s, and Deloitte.
University of California, Los Angeles (UCLA): UCLA has a strong offering, with a Financial Actuarial Mathematics program within its Mathematics Department. This program places a strong emphasis on mathematical skills that are crucial to the actuarial field.
University of Nebraska-Lincoln: UNL is home to one of the oldest actuarial science programs in the country, which is consistently ranked as one of the best. Its Actuarial Science program is designated as a Center of Actuarial Excellence by the Society of Actuaries. The University of Nebraska-Lincoln has an Actuarial Science Major and Master’s program within the finance department in the College of Business. For both programs, University of Nebraska-Lincoln offers courses that have been approved for the actuarial profession’s Validation by Educational Experience (VEE) program for the topics of Economics.
New York University (NYU): NYU's Stern School of Business offers an Actuarial Science major that's designed to provide students with a solid foundation in mathematics and skills to succeed in the actuarial profession. NYU is divided into a number of smaller colleges organized by discipline; in sum, there are 270 areas of undergraduate study across nine schools and colleges. Within six months of exiting, 94% of Class of 2023 grads had landed at their next destination, with 71% employed and 26% in graduate school. The mean starting salary is $76,011.
University of Illinois at Urbana-Champaign: The University of Illinois offers award winning Bachelor’s, Master’s, and PhD programs within the Department of Mathematics. There is a heavy emphasis on experiential learning within these programs. In addition, the Master’s and PhD programs offer courses in Risk Analytics to broaden the experience of students within the program. The PhD program is in Mathematics, with a concentration in Actuarial Science and Risk Analytics. 91% of recent UIUC grads landed at their next destination within six months of graduation, with 35% matriculating directly into an advanced degree program and 56% employed full-time. The average salary across all majors was $76,000.
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University of Iowa: The Actuarial Science Bachelor’s, Master’s, and PhD at the University of Iowa exists in the Department of Statistics and Actuarial Science with companion programs such as statistics and Data Science. The program is over 100 years old and has maintained its status as a certified Center of Actuarial Excellence (CAE) by the Society of Actuaries (SOA) since 2010. In addition to actuarial science courses, students may take courses dealing with the business side of the actuarial profession such as accounting, law, finance, insurance, and economics. The PhD program is in Statistics with a concentration in Actuarial Science.
Georgia State University: Georgia State University’s Bachelor’s and Master’s program in Actuarial Science are offered by the Robinson’s Department of Risk Management & Insurance.
Illinois State University: Illinois State University offers both a Bachelor’s and Master’s program in the Katie School of Risk Management and Insurance. The programs emphasize knowledge of finance, insurance and investments, excellent communication skills, and a mastery of computing and computer modeling.
St. John’s University: St. John’s University in New York City offers a Bachelor’s and Master’s degree through the Peter J. Tobin School of Business. In addition to degrees in Actuarial Science, St. John’s Students also earn an undergraduate degree in business, which provides them with an education in accounting, finance, management, marketing, risk management and computer information systems.
Towson University: Towson University offers a Bachelor’s degree in Mathematics with a concentration in Actuarial Science and Risk Management, as well as a Master’s in Actuarial Science and Predictive Analysis. These two programs provide students with the ability to succeed in a market landscape that has increasingly adopted risk management practices and data analytics to increase efficiency.
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University of Michigan: The University of Michigan offers an Actuarial Mathematics major within the Department of Mathematics. The pace of the program is intensive and students are encouraged to work a summer internship as well. The Actuarial Mathematics Master’s is also offered through the Math Department.
Temple University: Temple University’s Actuarial Science Bachelor’s, Master’s and PhD programs are all housed within the Department of Risk, Insurance, and Healthcare Management. The department features around 700 students and 21 full time faculty, which makes the RIHM department the largest of its kind. Temple’s PhD program is in Statistics with a concentration in Actuarial Science.
University of Connecticut: Within the Department of Mathematics, UCONN’s Actuarial Science Major, Master’s and PhD programs produce graduates with a close relationship to top insurance companies and consulting firms in the Northeast. UCONN is one of a handful of schools in the Northeast that offers Actuarial Science programs. At UCONN, the PhD program consists of a doctorate in Mathematics with an Actuarial Science thesis. 91% of the Class of 2023 experienced a positive outcome (job, grad school, military, volunteer position) within six months of earning their degrees. Among the 58% who found employment, the largest numbers landed at Travelers, Hartford Healthcare, The Hartford, General Dynamics, PwC, and Lockheed Martin; the median starting salary was $60,000.
University of Wisconsin-Milwaukee: The University of Wisconsin-Milwaukee has a Bachelor’s, Master’s, and PhD program within the College of Letters and Science. These programs are designed to prepare students for later preliminary examinations (MFE/3F, MLC, C/4) and all three VEE credits. If desired, students can enhance their education beyond the basic requirements by taking additional courses on predictive modeling, finance, or economics.
University of Texas at Austin: UT Austin offers over 170 majors. Sn encouraging 36% of course sections enroll nineteen or fewer students. Graduates early in their careers earn a median salary of $77,400, with median mid-career pay reaching $141,100. Roughly one-quarter of University of Texas at Austin undergraduates go on to pursue advanced degrees after completing their bachelor’s.
Ohio State University: There are 250+ undergraduate majors and 18 schools and colleges housed within OSU. A 17-to-1 student-to-faculty ratio leads to fairly large classes as only 40% of sections enroll fewer than 20 students, so expect a fair number of courses in a large lecture hall setting. Upon receiving their diplomas, 64% of Class of 2023 graduates entered the world of employment while 14% were already accepted into graduate or professional school.
Pennsylvania State University: Penn State offers 275 majors and a number of top-ranked programs in a host of disciplines. PSU boasts a solid 15:1 student-to-faculty ratio, and 61% of classes have an enrollment below thirty students.
Bentley University: Bentley offers a business-focused curriculum with 32 majors and 35+ minors, nearly all with a commerce-oriented approach. A superb 98% of 2023 Bentley grads were employed or in graduate school six months after receiving their diplomas.
Drexel University: There are over 100 undergraduate majors to choose from at Drexel. The university offers a reasonable 9:1 student-to-faculty ratio with commensurately reasonable class sizes. One year after graduating, 97% of Dragons have arrived at their next destination.
Florida State University: Eighty-three percent of job-seeking Seminole grads receive at least one offer of employment within three months of graduation.
University of Georgia (UGA): UGA boasts seventeen distinct colleges and schools that offer 125+ majors. 95% of the Class of 2023 was employed or continuing their education six months after graduation.
Purdue University: Purdue offers over 200 majors at ten discipline-specific colleges, and 37% of course sections have an enrollment of 19 or fewer.
CUNY Bernard M Baruch College: Within six months of graduation, 81% of the Class of 2023 were already employed. The average salary for Arts & Sciences grads was $61,163 while Zicklin School of Business grads earned $73,566.
Temple University: Forty-four percent of classes have an enrollment of 19 or fewer students, and 72% of courses contain no more than 29 undergraduates.
University of Central Florida (UCF): With a very high 29:1 student-to-faculty ratio, classes at UCF are fairly large as 23% contain 50 or more students. There are 100+ undergraduate majors at this institution.
Additional Considerations
When choosing a college for actuarial science, consider these factors:
- Internship opportunities: Look for programs with strong industry connections and readily available internship opportunities. Internships provide valuable practical experience and can lead to full-time job offers. Bentley University, for example, sees 40% of its students find employment through internships.
- Career services: A strong career services department can help you with resume writing, interview skills, and job placement.
- Actuarial exam pass rates: Inquire about the program's track record in preparing students for actuarial exams. High pass rates indicate a rigorous and effective curriculum.
- Center of Actuarial Excellence (CAE) designation: Schools with this designation from the Society of Actuaries (SOA) meet specific requirements related to degree, curriculum, faculty, and graduate quality. The 17 schools that have attained the highest level of recognition the Society of Actuaries offers universities, the Center of Actuarial Excellence designation. These schools must maintain eight specific requirements related to degree, curriculum, graduate count, faculty composition, graduate quality, appropriate academic integration, connection to industry, and research/scholarship.
- Validation by Educational Experience (VEE) program: The University of Nebraska-Lincoln offers courses that have been approved for the actuarial profession’s Validation by Educational Experience (VEE) program for the topics of Economics.
- Location: UCONN is one of a handful of schools in the Northeast that offers Actuarial Science programs. Students from Greater New England can attend for the in- state tuition rate.
The Value of a Master's Degree
While a bachelor's degree is the minimum requirement for a career as an actuary, a master's degree can improve your earning potential and career opportunities. An advanced education in this field may qualify you for management and consulting roles in various finance, insurance, and government organizations.
Master's Degree Options
Actuarial science master’s programs explore advanced actuarial techniques and applications to determine and mitigate risk for organizations. The discipline pulls from many fields, including statistics, mathematics, finance, and economics. You learn to analyze complex data, develop predictive models, and quantify uncertainty for different industries and situations.
Most programs feature between 30-45 credits and take about 18-24 months to complete, but your timeline depends on your course load and transfer credits. Many actuarial science master’s programs prepare graduates for postgraduate credentials, like those from the Casualty Actuarial Society (CAS) and the Society of Actuaries (SOA). Some programs even offer exam preparation courses.
Online education has become increasingly popular because of the convenience and flexibility it offers students. Thanks to online learning, students can pursue an actuarial science master’s without moving or commuting.
Actuarial Science vs. Accounting Master’s
While both programs provide you with analytical and financial skills, each has a different focus and prepares you for different careers. The table below highlights some of the key differences between these programs to help you choose between them.
| Key Factor | Master’s in Actuarial Science | Master’s in Accounting |
|---|---|---|
| Program Length | 1-2 years | 1-2 years |
| Typical Course Load | 30-45 credits | 30-45 credits |
| Types of Classes | Financial mathematics, predictive analytics, probability and statistics | Taxation, auditing and assurance, financial reporting |
| Program Focus | Risk modeling and analysis for the finance and insurance industries | Advanced accounting, auditing, and taxation principles |
| Admission Requirements | A bachelor’s degree in actuarial science or related discipline with prerequisites in statistics or probability | Bachelor’s degree in a business-related discipline may be required |
| Postgraduate Goals | Postgraduate actuary credentials, actuary-related careers, or Ph.D. in actuary sciences | Postgraduate accounting certifications, accounting-related careers, or Ph.D. in accounting |
Actuarial Science Graduate Courses
Actuarial science master’s programs usually include core, elective, and capstone or thesis courses. Every school has a separate curriculum, but some of the most popular courses include:
- Finance for Actuaries: This course explores the methods for identifying, analyzing, and quantifying financial risks. You will learn the popular models and theories for probabilities, budgeting, and pricing.
- Mathematical Statistics: In this course, students learn how to develop statistical methods used in actuarial modeling, such as hypothesis testing, likelihood ratios, and regression comparisons.
- Predictive Analytics: This course teaches students how to use data science and statistical modeling to inform decisions. Students learn how to work with different data types, software, modeling approaches, and visualizations to suit their needs.
- Capstone in Actuarial Science: Capstone courses typically require students to apply their learning to authentic scenarios and manage real issues encountered in the finance and insurance sectors.
Actuarial Science Jobs and Salaries
An actuarial science master’s degree can prepare you for various risk and financial analysis careers. You can pursue positions in business and finance, insurance, and government agencies.
While the Bureau of Labor Statistics (BLS) states that actuaries require a bachelor’s degree at minimum and earn a median annual salary of $125,770, a master’s degree can improve your earnings and advancement opportunities. The top 10% earning actuaries, for example, made more than $206,430.
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