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30 Best Value Actuarial Science Programs 2021

According to the Wall Street Journal, actuaries interpret statistics and determine probabilities of accidents, death, sickness and disease, and loss of property from theft and natural disasters. While the definition is somewhat narrow and doesn’t reflect the most contemporary duties and responsibilities of actuaries, the profession does primarily evaluate statistics and risks.

College Values Online - Top Degree Programs-01Convenient Online Options

The Bureau of Labor Statistics (BLS) reports a favorable job outlook for actuaries. In fact, employment for actuaries is expected to grow 18% over the next decade, which is much faster than the average for all occupations. Since most entry-level actuary jobs require an earned bachelor’s degree in actuary science or a closely related discipline, finding a quality program is essential. Few online actuary degree programs exist, but reputable and accredited programs can be found at some of the nation’s top institutions.

30 Best Value Actuarial Science Programs Methodology

We reviewed approximately 62 colleges and universities listed by the Center for Educational Statistics (NCES) College Navigator and reputable online sources that offered actuarial science programs at the undergraduate level. We narrowed our original pool of schools by applying the following criteria: institution accreditation (regional and/or national), school and/or program rankings with at least one major publication like U.S. News and World Report, and affordability. We then listed the bachelor’s programs according to raw affordability.

Below are the resulting selections for our 30 best value actuarial science programs of 2021.

#30 – University of Pennsylvania

Bachelor’s in Statistics – Actuarial Science

Philadelphia, Pennsylvania

Website

University of Pennsylvania - 30 Best Value Actuarial Science Programs

UPenn – one of the best schools for actuarial science.

Undergraduate Tuition: $57,770

The Wharton School at University of Pennsylvania offers one of the best actuarial science programs in the country. Students interested in actuarial science may elect to major in business, earning an MBA with an actuarial science concentration. They may also major in statistics or math and take electives in actuarial science that lead to a concentration in the discipline. Common courses taken for an actuarial science concentration cover topics like forecasting methods for management, fundamentals of actuarial science, modern data mining, statistical computing with R, and stochastic analytics. University of Pennsylvania is a top-ranked, accredited institution. U.S. News and World Report ranks UPenn #8 in best national universities and #17 in best value schools. While the sticker price may not seem as affordable as other schools, approximately 59% of students receive some form of financial aid.

#29 – New York University

Bachelor’s in Actuarial Science

New York, New York

Website

New York University - 30 Best Value Actuarial Science Programs

NYU is a top school for actuarial science programs!

Undergraduate Tuition: $53,308

One of the best schools for actuarial science is New York University. NYU’s actuarial science degree program offers students both the mathematical and functional business components necessary for careers in the field of actuary. The program also serves as preparation for the first four exams offered by the Society of Actuaries and the Casualty Actuarial Society. The courses satisfy the three Validation by Educational Experience (VEE) areas of applied statistical methods, economics, and finance. Required courses cover topics like forecasting of time series data, introduction to stochastic processes, and life contingencies. NYU is a top-ranked institution. In fact, the school ranks with U.S. News and World Report as the 30th best national university.

#28 – Worcester Polytechnic Institute

Bachelor’s in Actuarial Mathematics

Worcester, Massachusetts

Website

Worcester Polytechnic Institute - 30 Best Value Actuarial Science Programs

WPI offers actuarial science and math programs that meet VEE requirements.

Undergraduate Tuition: $52,320

Worcester Polytechnic Institute offers one of the best actuarial science programs on our list. The bachelor’s in actuarial mathematics is designed to equip highly skilled professionals to use their math skills, business intelligence, and computer expertise to help companies assess risk and conquer financial challenges. Coursework is rigorous and hands-on. Classes and content also satisfy the Society of Actuaries (SOA) and the Casualty Actuarial Society (CAS) requirements, known as the Validation by Education Experience (VEE). Courses delve into topics like interest theory, loss models, risk theory, and survival functions. WPI is fully accredited and ranked with major publications like U.S. News and World Report. In fact, WPI ranks #66 in best national universities and #67 in best value schools.

#27 – DePauw University

Bachelor’s in Math – Actuarial Science

Greencastle, Indiana

Website

DePauw University - 30 Best Value Actuarial Science Programs

Study actuarial science at Depauw University – ranked and accredited!

Undergraduate Tuition: $51,146

As online actuary degree programs are difficult to find, traditional programs exist at some of the nation’s most respected institutions, such as Depauw University. The prestigious liberal arts college has earned rankings from major publications like U.S. News and World Report. Recent rankings include #47 in best national liberal arts colleges and #42 in best value schools. At Depauw, students interested in actuary science, typically major in math and take actuarial science related courses. These courses cover topics like introduction to financial engineering, mathematics of compound interest, and probability. Students who want to become actuaries are encouraged to take part in an actuarial internship program in the winter term or in the summer.

#26 – Butler University

Bachelor’s in Actuarial Science

Indianapolis, Indiana

Website

Butler University - 30 Best Value Actuarial Science Programs

Ranked by U.S. News! Butler University offers a bachelor’s in actuarial science.

Undergraduate Tuition: $42,360

Few actuarial science degree online programs exist like the traditional degree at Butler University. The actuarial science major takes a series of courses that serve as preparation for the professional examinations administered by the Casualty Actuary Society and the Society of Actuaries. While the traditional bachelor’s degree program takes four years to complete, an option exists to complete this major in three years. Courses cover topics like actuarial mathematics, financial mathematics, linear algebra, probability theory, and statistical theory. Butler is a top-ranked institution that is fully accredited. In fact, Butler ranks #1 in best regional universities in the Midwest by U.S. News and World Report.

#25 – Ohio Northern University

Bachelor’s in Statistics – Actuarial Science

Ada, Ohio

Website

Ohio Northern University - 30 Best Value Actuarial Science Programs

Ohio Northern University – one of the top actuarial science schools.

Undergraduate Tuition: $33,440

Ohio Northern University offers one of the best actuarial science programs for students who excel at business, math, and statistics. The program prepares students to pass two exams by the end of the third year, with the potential to pass a third exam during the fourth year. What makes Ohio Northern’s actuarial science program unique is that it is the only program of its kind to offer a major in statistics with an actuarial science concentration. Courses cover relevant topics like applied probability, causal inference, nonparametric statistical methods, and regression and correlation analysis. Ohio Northern is fully accredited and ranked with major publications like U.S. News and World Report. In fact, current rankings include #3 in best regional colleges in the Midwest.

#24 – Northwestern College

Bachelor’s in Math – Actuarial Science

Orange City, Iowa

Website

Northwestern College - 30 Best Value Actuarial Science Programs

Prep for actuarial exams with Northwestern College’s bachelor’s in actuarial science.

Undergraduate Tuition: $32,300

For individuals seeking the best schools for actuarial science, Northwestern College has options. The math major at Northwestern College may complete the curriculum required to become an actuary. The curriculum covers everything needed for the first four professional actuarial exams, as well as many topics covered on the fifth exam. The information covered in Northwestern’s actuarial program helps students along in the process of becoming a certified actuary; few programs cover topics to this extent. Courses include actuarial modeling – life contingent risk models, actuarial modeling – loss models, logic and discrete mathematics, and mathematical minds. Northwestern College ranks with U.S. News and World Report as the 6th best regional college in the Midwest.

#23 – Pennsylvania State University

Bachelor’s in Actuarial Science

University Park, Pennsylvania

Website

Pennsylvania State University - 30 Best Value Actuarial Science Programs

Penn State’s bachelor’s in actuarial science meets VEE requirements.

Undergraduate Tuition: $18,450

Since online actuary degree programs are rare, traditional degrees like the bachelor’s in actuarial science at Pennsylvania State University serve the needs of those seeking preparation for a career as an actuary. The actuarial science major at Penn State provides the background needed to be an actuary. The program covers topics in calculus, economics, financial and actuarial mathematics, pensions, probability and insurance, and risk management. Courses satisfy the professional Verification by Education Experience (VEE) requirement and courses designed to help students pass the first five professional exams required of the SOA and CAS. Penn State ranks with major publications like U.S. News and World Report as the 63rd best national university and 164th best value school in the country.

#22 – University of Connecticut

Bachelor’s in Actuarial Science

Storrs, Connecticut

Website

University of Connecticut - 30 Best Value Actuarial Science Programs

UCONN is ranked and accredited! Best Value actuarial science programs!

Undergraduate Tuition: $17,226

University of Connecticut offers online actuarial degrees at the bachelor’s level. The rigorous and vibrant program is one of the few actuarial science programs of its kind in New England. As a result, students from New England can attend UConn for considerably less than the out-of-state tuition rates. Pathways to complete the actuarial science degree include majors in math and actuarial science or major in math, finance, and actuarial science. Courses cover all aspects of the discipline, including actuarial finance, actuarial math, applied math, math, math and physics, and math and statistics. UConn ranks with major publications like U.S. News and World Report as the 63rd best national university and 137th best value school.

#21 – University of Massachusetts

Bachelor’s in Math – Actuarial Science

Amherst, Massachusetts

Website

University of Massachusetts - 30 Best Value Actuarial Science Programs

University of Massachusetts offers affordable bachelor’s in math and actuarial science programs.

Undergraduate Tuition: $16,389

With almost no actuarial science degree online programs available, students seek rigorous and quality programs from reputable institutions like University of Massachusetts Amherst. For those interested in becoming an actuary, the school offers math programs with a concentration in actuarial science. In fact, there are currently 200 students at UMass who’ve selected actuarial science as a concentration. These students have majored in economics, engineering, finance, math, and statistics. Courses offered align with the requirements set forth by the Validation by Educational Experience (VEE). UMass Amherst is a reputable, accredited, and ranked institution. In fact, U.S. News and World Report ranks the school #66 in best national universities and 111th in best value schools.

#20 – University of Michigan

Bachelor’s in Actuarial Mathematics

Ann Arbor, Michigan

Website

University of Michigan - 30 Best Value Actuarial Science Programs

Study actuarial mathematics at University of Michigan.

Undergraduate Tuition: $15,558

The University of Michigan is listed as a Center of Actuarial Excellence by the SOA and is recognized as one of the best schools for actuarial science. Michigan’s program prepares students for five of the organization’s professional exams. In order to be eligible for this particular actuary science degree program, students must acquire a working understanding of a high-level computer programming language like C or C++. Actuarial mathematics students choose electives from a select list that covers subjects like finance, sociology, philosophy, economics, accounting, and mathematics. In addition to offering quality curricula, Michigan ranks with major publications like U.S. News and World Report as the 24th best national university in the country.

#19 – University of Illinois

Bachelor’s in Actuarial Science

Urbana, Illinois

Website

University of Illinois - 30 best value actuarial science programs

University of Illinois – ranked and affordable. A top pick for actuarial science programs.

Undergraduate Tuition: $15,122

The University of Illinois at Urbana/Champaign is a Center for Actuarial Excellence, and its program is the largest in the United States. With limited online actuary degree programs, students interested in the discipline must earn a traditional degree. Programs, like the one at UIUC, not only prepare students for four of the actuarial science professional examinations, but provide access to exams prior to graduation. Classes offered cover topics that include actuarial statistics, applied linear algebra, foundations of data management, introduction to actuarial science, and methods of applied statistics. University of Illinois ranks with major publications like U.S. News and World Report as the 47th best national university and 144th best value school in the country.

#18 – University of Minnesota

Bachelor’s in Math – Actuarial Science

Minneapolis, Minnesota

Website

University of Minnesota - 30 Best Value Actuarial Science Programs

University of Minnesota’s bachelor’s in actuarial science is ranked with U.S. News.

Undergraduate Tuition: $15,027

University of Minnesota, one of the best schools for actuarial science, offers a math degree with an actuarial science specialization. While enrolled in the program, students develop a strong foundation in math that prepares them for careers or graduate school. Courses and workshops serve as preparation for the actuarial exams and other SOA and CAS requirements. What sets University of Minnesota apart from other schools offering actuarial science degrees is the number of career workshops, seminars, distinguished lecture series, and other events available to students. The school also ranks with major publications like U.S. News and World Report as the 66th best national university.

#17 – Michigan State University

Bachelor’s in Actuarial Science

East Lansing, Michigan

Website

Michigan State University - 30 Best Value Actuarial Science Programs

VEE requirements met! Michigan State’s bachelor’s in actuarial science.

Undergraduate Tuition: $14,460

Since online actuary degree programs are rare, traditional programs, such as the bachelor’s in actuarial science at Michigan State University, are a more common pathway to becoming an actuary. At Michigan State, the actuarial program is supported by both the Department of Mathematics and the Department of Statistics and Probability due to its interdisciplinary nature. In fact, students take courses from both departments in order to satisfy program and VEE requirements. Students enrolled in the actuarial science program have access to workshops and conferences that offer new insights on traditional actuarial topics. Michigan State ranks with all major publications. U.S. News and World Report ranks the school #80 in best national universities.

#16 – Ohio University

Bachelor’s in Actuarial Science

Athens, Ohio

Website

Ohio University - 30 Best Value Actuarial Science Programs

Ohio University – a top school for actuarial science programs.

Undergraduate Tuition: $12,612

With limited actuarial science degree online programs available, students interested in the discipline lean toward traditional degrees, such as the one offered at Ohio University. The Ohio University bachelor’s in actuarial science degree prepares students to take the first SOA professional exam before graduation. Actuary degree students can also choose to minor in mathematics or to use their electives to delve further into business or computer science. Courses required of the program cover topics like applied statistics, introduction to discrete structures, life insurance, risk and insurance, statistical computing, and theory of statistics. Ohio University is a fully accredited and ranked institution. In fact, the school ranks with U.S. News and World Report as the 176th best national university.

#15 – Louisiana State University

Bachelor’s in Math – Actuarial Science

Baton Rouge, Louisiana

Website

Louisiana State University - 30 Best Value Actuarial Science Programs

LSU offers one of the best actuarial science programs on our list.

Undergraduate Tuition: $11,962

Louisiana State University offers one of the best actuarial science programs for undergraduates. Students majoring in math may elect to earn a concentration in actuarial science. This concentration prepares students to become an actuary. Courses cover all areas that meet VEE requirements, including economics, finance, math, and statistics. The concentration may be added to other majors with department approval. In addition to quality courses and curriculum, students have access to career workshops, math clubs, and research experiences offered by the math and actuarial science departments. Also, LSU ranks with major publications like U.S. News and World Report as the 153rd best national university.

#14 – Auburn University

Bachelor’s in Math or Statistics – Actuarial Science

Auburn, Alabama

Website

Auburn University - 30 Best Value Actuarial Science Programs

Auburn University – a top choice for actuarial science.

Undergraduate Tuition: $11,492

In some of the best schools for actuarial science, such as Auburn University, students major in math or statistics. Once the major is declared, students may earn an option in actuarial science. The option, or concentration, covers topics in actuarial mathematics, advanced business finance, math modeling continuous, principles of business finance, and probability and statistics. The option in actuarial science at Auburn serves as preparation for taking required examinations. Curriculum adheres to the required standards. Auburn is fully accredited and recognized by all major publications. In fact, Auburn’s rankings with U.S. News and World Report include #97 in best national universities.

#13 – Arizona State University

Bachelor’s in Actuarial Science

Tempe, Arizona

Website

Arizona State University - 30 Best Value Actuarial Science Programs

ASU offers accredited actuarial science programs.

Undergraduate Tuition: $11,338

While Arizona State University does offer online bachelor’s degree programs, there is no actuarial science degree online available. However, ASU offers a traditional BS in actuarial science that adheres to an accelerated completion pathway. The degree is designed to prepare students for the series of professional exams required to become credentialed in the actuary field. Courses cover topics like actuarial models and modeling, probability and risk management, R and Excel for actuaries, risk management and insurance, and statistics for risk modeling. In addition to offering quality actuary programs, ASU ranks with major publications like U.S. News and World Report as the 103rd best national university in the country.

#12 – Ohio State University

Bachelor’s in Actuarial Science

Columbus, Ohio

Website

Ohio State University - 30 best value actuarial science programs

Ohio State University – a top pick for affordable actuarial science programs.

Undergraduate Tuition: $11,084

While there is no online actuarial science degree offered at Ohio State University, students may elect to earn the degree on campus. However, in order to declare actuarial science as a major at Ohio State University, students must either have a cumulative GPA of 3.0 for courses taken at OSU; earn a B- or better in probability, introduction to mathematical statistics, and honors probability; or take and pass one of the SOA/CAS exams. This is to ensure that the student will be successful in the pursuit of the degree and an actuarial science career. Courses meet VEE requirements and cover a number of topics, including financial economics, interest theory, life contingencies and loss models, and probability and statistics. Ohio State ranks with major publications like U.S. News and World Report. In fact, recent rankings include #53 in best national universities.

#11 – The University of Texas

Bachelor’s in Actuarial Science

Austin, Texas

Website

The University of Texas - 30 Best Value Actuarial Science Programs

UT Austin ranks with U.S. News and World Report and is a top choice for actuarial programs.

Undergraduate Tuition: $10,824

While there is no actuarial science degree online program offered at The University of Texas, there are several mathematics degree plans and courses available via distance education. One such degree is the BS in actuarial science. The inquiry-based program serves as preparation for individuals interested in pursuing careers as an actuary. Courses adhere to stringent requirements set forth by the VEE and cover topics in actuarial science, economics, finance, and statistics disciplines. Some courses offered through the UT program include actuarial contingent payments, actuarial statistical estimates, applied number theory, and mathematical modeling in science and engineering. UT Austin ranks with U.S. News and World Report as the 42nd best national university.

#10 – University of Wisconsin

Bachelor’s in Actuarial Science

Madison, Wisconsin

Website

University of Wisconsin - 30 Best Value Actuarial Science Programs

University of Wisconsin offers a best value actuarial science program.

Undergraduate Tuition: $10,725

The University of Wisconsin does not offer an online actuarial science degree, but does offer a major in actuarial science that can be completed on campus. The University of Wisconsin is designated as a Center for Actuarial Excellence by the SOA. The actuarial science degree is designed to prepare students for five of the SOA professional exams and to begin credentialing while enrolled in the program. Students will encounter courses like loss models, regression and time series for actuaries, and theory of interest and life insurance. While it is not required for students to sit for actuarial examinations, over 90% of students pass at least two professional exams prior to graduation. University of Wisconsin, an accredited institution, ranks with U.S. News and World Report as the 42nd best national university.

#9 – University of Missouri

Bachelor’s in Mathematics – Actuarial and Financial Mathematics

Columbia, Missouri

Website

University of Missouri - 30 Best Value Actuarial Science Programs

Meet VEE requirements with the bachelor’s in actuarial science from University of Missouri.

Undergraduate Tuition: $10,477

One of the best actuarial science programs on our list is offered by University of Missouri. This SOA recognized program offers competitive undergraduate tuition rates and curriculum that serves as preparation for the series of examinations required to earn an actuarial designation. Courses cover topics like applied statistical models, interest theory, introduction to probability theory, mathematics of financial derivatives, and models for life contingencies. Several options courses associated with VEE requirements are also offered. These include accounting, corporate finance, and financial derivatives. University of Missouri ranks with major publications like U.S. News and World Report as the 124th best national university.

#8 – Binghamton University

Bachelor’s in Actuarial Science

Vestal, New York

Website

Binghamton University - 30 Best Value Actuarial Science Programs

Binghamton University offers bachelor’s programs in actuarial science.

Undergraduate Tuition: $10,201

Binghamton University does not offer an online actuary degree, but does offer a bachelor’s in actuarial science that is both affordable and accredited. The BA or BS in actuarial science programs present courses that cover four actuarial exams. By completing the courses, students are prepared for the credentialing exams required to become an actuary. Some of the courses you will encounter as an actuarial science major include advanced linear algebra, financial mathematics, introduction to regression models, and introduction to statistical learning. Binghamton ranks with major publications like U.S. News and World Report as the 88th best national university in the country.

#7 – University of Iowa

Bachelor’s in Actuarial Science

Iowa City, Iowa

Website

University of Iowa - 30 Best Value Actuarial Science Programs

CAE-certified! University of Iowa’s actuarial science degree.

Undergraduate Tuition: $9,606

The actuarial science degree at the University of Iowa is over 100 years old, one of the two oldest in the country, and one of the first to be CAE-certified by the Society of Actuaries. While not an actuarial science degree online program, the degree is flexibly designed and moves at an accelerated pace. It’s possible for ambitious actuarial science majors to double major in mathematics. The actuarial science degree prepares students to take the first five actuarial science professional exams, and the material needed for a sixth is 90% covered by the program. Also, the major meets the validation by educational experience requirements for economics, corporate finance, and statistical models. University of Iowa ranks with major publications like U.S. News and World Report as the 88th best national university.

#6 – University of Nebraska

Bachelor’s in Actuarial Science

Lincoln, Nebraska

Website

University of Nebraska - 30 Best Value Actuarial Science Programs

Ranked by U.S. News! University of Nebraska – a top choice for actuarial science programs.

Undergraduate Tuition: $9,522

Topping our list of the best actuarial science programs is the University of Nebraska-Lincoln, where students may earn a bachelor’s degree in actuarial science. As online actuarial degrees are hard to come by, University of Nebraska offers flexible courses that adhere to its students’ busy schedules. Students will be prepared for the SOA exams on probability, financial mathematics, actuarial models – financial economics, actuarial models – life contingencies, and construction and evaluation of actuarial models. Students will also have access to a minor in finance and take courses like actuarial applications in practices, interest theory, and linear algebra. University of Nebraska ranks with major publications like U.S. News and World Report as the 133rd best national university.

#5 – CUNY Bernard M Baruch College

Bachelor’s in Actuarial Science

New York, New York

Website

CUNY Bernard M Baruch College - 30 Best Value Actuarial Science Programs

The bachelor’s in actuarial science at CUNY Baruch College prepares students for the first three professional exams of the SOA.

Undergraduate Tuition: $7,462

The CUNY Baruch College actuarial science degree fully prepares students for the first three professional exams of the Society of Actuaries (SOA). As few online actuarial degrees are available, students are turning to traditional programs that prepare them for careers as actuaries. Some of the courses available to students are applied calculus, corporate finance, introduction to probability, principles of accounting and finance, mathematical finance, and theory of interest. Baruch College’s actuarial science degree also covers all three areas of SOA’s validation by educational experience categories. The program is affordable and fully accredited. CUNY Baruch College also ranks with major publications like U.S. News and World Report as the 16th best regional university in the North.

#4 – Appalachian State University

Bachelor’s in Actuarial Science

Boone, North Carolina

Website

Appalachian State University - 30 Best Value Actuarial Science Programs

Appalachian State University – a top choice for actuarial science degrees.

Undergraduate Tuition: $7,409

With few online actuarial science degree programs available, quality on-campus programs, such as Appalachian State University’s actuarial science degree, prepares students to take the SOA exams in particular areas. These types of programs prepare graduates for careers in actuarial science. The App State program prepares students in areas like financial mathematics, models for life contingencies, and probability. The coursework also satisfies the VEE requirements for applied statistics, corporate finance, and economics. Other courses students will take include actuarial models and time series and forecasting. Appalachian State is a regionally recognized institution. In fact, U.S. News and World Report ranks the school #6 in best regional universities in the South.

#3 – University of Central Florida

Bachelor’s in Actuarial Science

Orlando, Florida

Website

University of Central Florida - 30 Best Value Actuarial Science Programs

Satisfies SOA Validation! UCF’s bachelor’s in actuarial science.

Undergraduate Tuition: $6,368

The University of Central Florida offers one of the best actuarial science programs available. The BS in actuarial science degree is designed to satisfy the Society of Actuaries (SOA) Validation by Educational Experience (VEE) requirements in areas of corporate finance, economics, and mathematical statistics. The program also prepares students to take three CAS exams and five SOA exams. Students who complete the major requirements will also earn a statistics minor. Courses students will take cover topics like business finance, introduction to derivative markets, and statistical theory. In addition to offering quality actuarial science programs, UCF ranks with major publications like U.S. News and World Report as the 160th best national university.

#2 – Brigham Young University

Bachelor’s in Actuarial Science

Provo, Utah

Website

Brigham Young University - 30 Best Value Actuarial Science Programs

BYU’s actuarial science programs are ranked and accredited.

Undergraduate Tuition: $5,790

Brigham Young University’s bachelor’s in actuarial science is not an online actuary degree, but it will prepare students for the first four professional actuarial examinations. Classes designed to prepare students for those exams cover topics like actuarial problems, life contingencies, introduction to statistics, linear models, and statistical learning and data mining. Students who have graduated from the program have found internships with companies like Northwestern Mutual, Select Health, and Utah Retirement Systems. BYU offers a large network of alums open to meeting with students prior to graduation. Also, BYU ranks with major publications like U.S. News and World Report as the 80th best national university.

#1 – Florida State University

Bachelor’s in Actuarial Science

Tallahassee, Florida

Website

Florida State University - 30 Best Value Actuarial Science Programs

#1 most affordable actuarial science program – Florida State University.

Undergraduate Tuition: $5,656

Florida State University’s Department of Mathematics offers an actuarial science program designed for individuals seeking traditional or online actuary degrees. While the program is completed on campus, some online courses may be available. The program is designed to prepare students for their actuarial examinations. Courses students will take include applied linear algebra, applied regression, introduction to mathematical economics, and ordinary differential equations. Upper division business and economics courses required of the program cover topics like introduction to risk management and insurance, investments, and principles of accounting. FSU ranks with major publications like U.S. News and World Report as the 58th best national university and is our most affordable school for actuarial science programs.

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Frequently Asked Questions

How much money can you earn with an actuarial science degree online?

Graduates of actuarial science programs expect favorable earnings from the start. As often listed among the top-paying degrees for college graduates, actuaries earn competitive wages. According to the most recent earnings report published by the Bureau of Labor Statistics (BLS), the median annual wage for actuaries was $108,350 as of May 2019.

The lowest ten percent of actuaries earned less than $65,000 per year, while the highest ten percent earned more than $193,000. Pay is contingent on industry type, among other criteria. According to BLS, the highest paying industry for actuaries is professional, scientific, and technical services. Actuaries working in a scientific or technical service industry reported median annual wages of $110,960. The next highest-paying industry for actuaries is finance and insurance. These actuaries earned median annual wages of $110,020. Government actuaries earned $101,740, making this industry a top three for competitive wages. The fourth top-paying industry for actuaries is management. This industry includes the management of companies, enterprises, and organizations. Actuaries working in the management industry earned median annual wages of $98,880.

Actuaries often work full time. And it is not uncommon for actuaries, especially those working in the insurance industry, to work more than 40 hours per week.

What can I do with an online actuary degree?

Actuarial science is a discipline that uses mathematics to assess and define what will happen next. The actuarial science major is designed for individuals intrigued by the prospect of examining and managing risk. It is a job that consistently involves predicting misfortune in periods of uncertainty and assessing potential financial cost.

Actuaries often work in the insurance industry. However, they can specialize in a specific field of insurance. Common insurance industry actuaries are as follows:

Casualty or property damage actuaries: Actuaries working in casualty or property damage insurance help develop policies that insure against loss of property due to accidents, fires, and other natural disasters. They look at factors, such as age, sex, driving history, and more, to determine risk and anticipate the number of claims.

Enterprise risk actuaries: Enterprise risk actuaries assess risks that might impact a company’s short- and long-term objectives. Risks may include financial, economic, and geopolitical.

Health insurance actuaries: Health insurance policies are developed by this highly skilled type of actuary. They predict expected costs for care based on factors such as geographic location and family history.

Life insurance actuaries: Life insurance actuaries help develop life insurance policies for individuals and organizations by examining risk factors.

Retirement and pension actuaries: Retirement actuaries assess, design, and test company pension plans to determine future benefits.

What is the job outlook for individuals with an online actuary degree?

The employment of actuaries has remained favorable for years. In fact, a recent article published in the Actuarial Review by Casualty Actuarial Society (CAS) reported that “those with skills in predictive analytics who also have insurance expertise are in extremely high demand.”

According to the Bureau of Labor Statistics (BLS), employment of actuaries is projected to grow 18 percent through 2029. This growth is much faster than the average for all other occupation. Businesses and organizations like insurance companies will use actuaries to develop, evaluate, and price insurance products. Actuaries will be needed to carefully assess and calculate the growing costs of new risks.

As insurance companies are constantly changing products and setting competitive prices, actuaries will be needed to predict consumer behavior and make accurate projections of future costs and risks. Also, insurance companies will utilize actuaries to synthesize information, such as medical data, collected from consumers.

In recent years, opportunities for entry-level actuary jobs have grown competitive, as more college graduates are sitting for actuary exams. Students who have passed at least two actuarial examinations and have had an internship while in college should see the best job prospects. To further set yourself apart from your competitors, acquire strong analytical skills and take additional business classes.

How do I become an actuary?

To work as an actuary, a bachelor’s degree is required. The degree is typically earned in an analytical discipline like actuarial science, mathematics, or statistics. Students must complete the required coursework in pertinent areas like applied statistics, corporate finance, economics, and statistics to qualify for the series of examinations needed to become a certified actuary professional.

While earning a bachelor’s degree in actuarial science or closely related discipline, students should take classes outside of math and business that will help them in their potential career. Coursework in computer science and Big Data proves especially beneficial. Taking classes in communications, public speaking, and writing can also improve communication skills. Effective communication skills are necessary in the business world.

In addition to schooling, professional certifications are required by employers to work as an actuary. Two professional societies, the Casualty Actuarial Society (CAS) and the Society of Actuaries (SOA) offers two levels of certification – associate and fellow. CAS certifies actuaries working in the property and casualty field, while SOA certifies those in areas of insurance.

Applicants must pass seven exams for the associate-level certification. Most employers expect students to have passed at least two actuary exams prior to graduation. However, it takes four to seven years for an actuary to earn associate-level certification. Once an actuary has become an associate, it can take two to three more years to earn a fellowship status.

In addition to education, what important qualities are needed for work as an actuary?

Actuaries need strong mathematical, statistical, and technical skills. But there are other important qualities and characteristics that make individuals a good fit for the career. Below are some important qualities of skilled actuaries.

Analytical

Actuaries have strong analytical skills. In order to assess, identify, and evaluate patterns and trends in complex data structures, analytical skills are needed. If you have the ability to analyze data and information, in addition to other skills, you might be a good fit for this career.

Computer savvy

While you don’t need a degree in computer science to work as an actuary, knowing certain programming languages can be useful. It is not uncommon for actuaries to develop spreadsheets, use statistical analysis tools, and work with databases while synthesizing and reporting information.

Effective communicator

Being an effective communicator helps on any job. Actuaries must be able to explain complex technical matters to individuals without an actuarial science background. To do so, they must have strong communication skills.

Interpersonal skills

Since actuaries often lead teams and manage groups, they must be able to listen and effectively communicate. Having strong interpersonal skills will help them reach conclusions and communicate them clearly.

Problem solver

Problem-solving skills are necessary as an actuary. Actuaries identify risks and create new ways for businesses and organizations to manage those risks. Problem-solving skills help with this process.

CVO Staff
October 2020

This concludes our list of 30 best value actuarial science programs of 2021.

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