30 Best Actuarial Science Programs 2022

If you are looking for the best actuarial science programs, then consider your search over. We have researched and collected the names of some of the top actuarial science programs in the country featuring bachelor’s degree options. While most of them are on-campus programs, some schools offer an online format as well. These schools rank high not just for the quality of their actuarial science programs but also for graduate placements. 

The study of actuarial science at the bachelor’s degree level applies risk management and probability theory to various fields. Some of these include property and casualty insurance, life and health insurance, pension plans, and varied employee benefit plans. Actuary degree students learn to use statistics and data to calculate the risk of future events and occurrences. Their goal is to test the financial repercussions of such events. This helps them reduce the risk for individuals or businesses.

best actuarial science programs

A bachelor’s degree in Actuarial Science can be offered as a BS or a BA, though the BS is more common. Most schools consider it a STEM degree. Thus, they often deliver it via their mathematics or statistics departments. Along with the basics of math, statistics, and actuarial science, actuarial students in this major also rely on critical thinking skills. The program prepares them to apply numerical concepts to real-world situations. It also asks that they translate those concepts into more straightforward language for all stakeholders to understand.

CVO has researched and reviewed the schools that offer accredited and recognized actuarial science programs. We then zeroed down on the top undergraduate actuarial science programs. These are the programs that provide comprehensive training in the field resulting in actuarial science degrees. Click here to learn more about our methodology. The following are the top actuarial science colleges in the country:

#30. New York University (NYU Stern)

New York, NY 

NYU Stern - logo

BS in Business-Actuarial Science Program

Website
Points: 5

NYU Stern offers a BS in Business with a concentration in Actuarial Science. The curriculum combines mathematical and functional business components. Both of these are important for actuary studies. Students learn how to identify and evaluate risk, specifically for insurance companies and pension plans. Coursework includes elective options like:

  • Applied Stochastic Processes for Financial Models 
  • Statistical Inference and Regression Analysis 
  • Forecasting of Time Series Data 
  • Introduction to Stochastic Processes 
  • Life Contingencies  

The program prepares students to take the first four actuarial exams offered by the Society of Actuaries and the Casualty Actuarial Society. It also satisfies the three Validation by Educational Experience (VEE) areas of Economics, Finance, and Applied Statistical Methods.

Fast Facts

  • 128 Units
  • Offered through:  Leonard N. Stern School of Business
  • Format: On-campus
  • Accreditation:  Middle States Commission on Higher Education

Tuition: $56,500

#29. University of Pennsylvania 

Philadelphia, PA

University of Pennsylvania - logo

BS-Actuarial Science 

Website
Points: 5

Among our top actuarial science colleges, the University of Pennsylvania offers a BS in Actuarial Science. Students seeking actuarial science degrees are trained to evaluate and price risks based on their knowledge of probability, statistics, and specific mathematical models. The program also prepares them to take a rigorous series of professional actuarial exams administered by the Society of Actuaries (SOA) and the CAS. Coursework includes:

  • Fundamentals of Actuarial Science
  • Statistical Computing with R 
  • Predictive Analytics; Stochastic Processes
  • Forecasting Methods for Management
  • Actuarial Statistics; Modern Data Mining
  • Data Analytics and Statistical Computing

Actuarial science graduates use their mathematical skills to define, analyze, and solve business and social problems. Their actuarial career includes work in insurance companies, consulting firms, and the government.

Fast Facts

  • 120 credits
  • Offered through: The Wharton School
  • Format: On-campus
  • Accreditation:  Middle States Commission on Higher Education

Tuition: $61,710

#28. Worcester Polytechnic Institute

Worcester, MA

Worcester Polytechnic Institute - logo

Actuarial Mathematics (BS)

Website
Points: 5

Worcester Polytechnic Institute offers an actuarial science program in Actuarial Mathematics. Students learn to use their business intelligence, mathematical expertise, and computer skills to help businesses assess risk and solve financial problems. The curriculum helps them master mathematical theory. It also encourages students to apply their knowledge to solve real problems in the actuarial industry. Coursework for the actuarial science degree includes:

  • Applied Statistics, Probability Theory
  • Introduction to the Design and Analysis of Experiments
  • Mathematical Statistics 
  • Probabilistic Methods in Operations Research 
  • Data Analytics and Statistical Learning

Students can research professional actuaries and gain complementary business, economics, and computer science skills. This aspect of the actuarial science program helps them become well-rounded graduate students or successful career actuaries. 

Fast Facts

  • 120  credits
  • Offered through:  School of Arts & Sciences 
  • Format: On-campus
  • Accreditation:  New England Commission of Higher Education (NECHE)

Tuition per year: $55,731

#27. Butler University 

Indianapolis, IN 

Butler University - logo

BS in Actuarial Science

Website
Points: 5

Butler University offers a Bachelor of Science in Actuarial Science program. Students taking this major prepare for all necessary professional examinations in the actuarial field. This includes those actuarial exams administered by the CAS and the Society of Actuaries. Coursework for this actuarial science degree program includes:

  • Linear Algebra
  • Probability Theory
  • Loss Models
  • Principles of Micro/Macroeconomics
  • Organizational Behavior
  • Actuarial Mathematics 

Students learn to estimate risks, primarily in the insurance and financial security industries. Small class sizes and high employment placement rates make Butler’s Actuarial Science program one of the most popular in the country. Here, students receive personal, comprehensive education and internship opportunities with top companies. In turn, they begin successful careers as professional actuaries.

Fast Facts

  • 126  credits
  • Offered through:  College of Liberal Arts and Sciences
  • Format: On-campus
  • Accreditation:  Higher Learning Commission

Tuition: $43,400

#26. Northwestern College

Orange City, IA  

Northwestern College - logo

BS in Actuarial Science

Website
Points: 5

Northwestern College offers a BS in Actuarial Science. It is one of the 49 programs in the country to be classified as UCAP-AP (Universities and Colleges with Actuarial Programs—Advanced Curriculum by the Society of Actuaries). The curriculum covers courses for the first four professional actuarial exams. It also touches on some topics on the 5th of seven exams. Courses required for the actuarial science degree include:

  • Linear Algebra
  • Probability and Statistics 
  • Actuarial Modeling: Life Contingent Risk Models
  • Actuarial Modeling: Loss Models
  • Mathematical Finance

Students train to become a certified actuary and begin a successful career. 

Fast Facts

  • 124 credits
  • Offered through:  Natural and Applied Sciences Division
  • Format: On-campus
  • Accreditation:  Higher Learning Commission 

Tuition: $33,590

#25. Penn State University

State College, PA

Pennsylvania State University - logo

Actuarial Science BS

Website
Points: 6

A public university, Pennsylvania State University offers a Bachelor of Science in Actuarial Science. It prepares students for careers that demand quantitative and qualitative skills. Such careers include insurance, finance, consulting, and government agencies. Actuaries are vital to the insurance industry. The major provides background in the wide range of knowledge needed to be an actuary. This includes concepts such as:

  • Pensions and insurance
  • Probability and statistics
  • Calculus and finance
  • Financial and actuarial mathematics
  • Economics and risk management

The Society of Actuaries has designated Penn State as a “Center of Actuarial Excellence.” Smeal Actuarial Science students are sought after by industry and government agencies as professional risk managers.  

Fast Facts

  • 120 credits
  • Offered through: Smeal College of Business 
  • Format: On-campus
  • Accreditation: Middle States Commission on Higher Education

Tuition: $18,898

#24. University of Illinois Urbana-Champaign

Champaign, IL  

University of Illinois Urbana-Champaign - logo

BS in Actuarial Science Program

Website
Points: 6

The University of Illinois Urbana-Champaign is a public university that offers a Bachelor of Science in Actuarial Science. Students looking to begin actuarial science careers take a variety of courses. Some of these classes include mathematics, economics, finance, statistics, and computer science. The curriculum also reflects the interdisciplinary nature of actuarial science. This approach allows students to receive essential actuarial training. This actuarial science degree program provides:

  • Data analytics-focused curriculum
  • Experiential learning experiences integrated in classroom teaching and case studies
  • Programming training tailor-made for future actuaries 
  • Comprehensive coverage of Society of Actuaries and Casualty Actuarial Society actuarial professional exams 

Actuarial science graduates become experts in assessing and managing risk by using tools from statistics, economics, and finance. Graduate programs in actuarial science are also available.

Fast Facts

  • 120 credits
  • Offered through: College of Liberal Arts & Sciences
  • Format: On-campus
  • Accreditation:  Higher Learning Commission

Tuition: $15,442

#23. Ohio Northern University

Ada, OH 

Ohio Northern University - logo

B.A. Statistics-Actuarial Science

Website
Points: 7

Ohio Northern University offers a Bachelor of Arts in Statistics. This program features a formal concentration in Actuarial Science. Students are trained to become risk analysts and problem solvers. They work as risk managers in various industries. Common employers include insurance agencies and government organizations. Courses required for the actuarial science degree include:

  • Mathematical Statistics; Microeconomics
  • Macroeconomics; Probability Theory
  • Calculus; Theory of Interest  
  • Applied Regression & Correlation Analysis
  • Linear Algebra w/Statistical Applications

Actuaries try to evaluate and predict risk and analyze the financial repercussions. They learn to define, analyze and solve financial and economic problems. The actuarial career also requires them to calculate the costs of pensions, insurance, and social programs. Graduates of the program are well-prepared for master’s degree studies or for actuary careers as risk managers.

Fast Facts

  • 120 credits
  • Offered through:  College of Arts & Sciences
  • Format: On-campus
  • Accreditation: Higher Learning Commission

Tuition: $35,380

#22. University of Massachusetts-Amherst

Amherst, MA 

University of Massachusetts Amherst - logo

BS in Math-Actuarial Science Program

Website
Points: 7

The University of Massachusetts Amherst offers a bachelor of Science in Mathematics. This public university program features a concentration option in Actuarial Science. The Actuarial Concentration prepares the student for a career in the actuarial sciences. Students can take several courses to prepare for an actuarial career. This includes courses to prepare for the first two actuarial exams and all the VEE requirements. Coursework for this actuarial science degree includes:

  • ECON and Finance
  • Accounting 
  • Probability and statistics
  • Linear Regression
  • Exam preparation
  • Mathematics of finance

The accredited institution also boasts an actuarial club for interested student body members. Gamma Iota Sigma is a national organization for risk and insurance. Graduates may pursue master’s degree programs or pursue actuary careers.

Fast Facts

  • 120 credits
  • Offered through:  College of Natural Sciences
  • Format: On-campus
  • Accreditation:  New England Commission of Higher Education 

Tuition: $16,439

#21. Michigan State University 

East Lansing, MI 

Michigan State University- logo

BS in Actuarial Science

Website
Points: 8

Michigan State University offers a Bachelor of Science degree in Actuarial Science program. The interdisciplinary program is a popular choice for students. It delivers on its promise of quality education and intensive academic research. Coursework for the actuarial science degree includes:

  • Linear Algebra; Theory of Mathematical Interest
  • Financial Mathematics for Actuaries
  • Probability and Statistics I: Probability
  • Actuarial Models; Probability and Statistics 
  • Construction and Evaluation of Actuarial Models 
  • Introduction to Financial Mathematics 
  • Actuarial Internship; Capstone in Mathematics

Graduates learn to combine finance, accounting, economics, statistical skills, computer science, and probability. They also prepare for graduate programs and post-graduate studies at institutes of actuarial excellence. 

Fast Facts

  • 120 credits
  • Offered through:  College of Natural Science
  • Format: On-campus
  • Accreditation: Higher Learning Commission

Tuition: $14,750

#20. University of Connecticut

Storrs, CT

University of Connecticut - logo

B.S. in Mathematics–Actuarial Science

Website
Points: 8

The University of Connecticut offers a Bachelor of Science in Mathematics. This program also features a concentration option in Actuarial Science. The unique program is open to all students from New England who can enjoy in-state tuition. They are trained in mathematics and business to solve problems involving risk assessment. Coursework required for the actuarial science degree includes:

  • Introduction to Actuarial Science; Probability
  • Financial Mathematics; Elementary Stochastic Processes    
  • Programming for Actuaries;  Applied Actuarial Statistics
  • Actuarial Mathematics; Loss Models; Actuarial Models
  • Technical Writing for Actuaries

This actuarial science program boasts a close relationship with insurance companies and consulting firms in the Northeast. Students can intern there and also get into campus recruitment programs for a future actuarial career. Graduates may also qualify for master’s degree programs.

Fast Facts

  • 120 credits
  • Offered through:  College of Liberal Arts & Sciences
  • Format: On-campus
  • Accreditation:  New England Commission of Higher Education 

Tuition: $18,524

#19. University of Michigan

Ann Arbor, MI  

University of Michigan - logo

BS in Actuarial Mathematics

Website
Points: 9

The University of Michigan offers an actuarial science program in Actuarial Mathematics. It provides students with broad training in basic mathematics. It also prepares them to make calculations necessary for private insurance and employee benefit plans. Students also prepare for various examinations from the CAS and the Society of Actuaries. Courses for the actuarial science degree include:

  • Differential Equations; Probability
  • Statistics; Analysis
  • Risk Management & Insurance 
  • Financial Decisions; Retirement Plan & Employee Benefits
  • Corp Financing Decisions; Mathematical Models
  • Computational Finance; Capital Markets AND Fixed Income Securities

Some students may wish to take non-credit review classes for professional actuarial examinations. These students should consult with their actuarial advisors. Master’s degree programs are also available in the field for prospective risk managers.

Fast Facts

  • 120 credits
  • Offered through: College of Literature, Science, and the Arts
  • Format: On-campus
  • Accreditation:  Higher Learning Commission

Tuition: $16,178

#18. University of Minnesota

Minneapolis, MN  

 University of Minnesota - logo

BS in Mathematics-Actuarial Science

Website
Points: 9

The University of Minnesota offers a Bachelor of Science degree in the actuarial sciences. Actuarial science requires that students learn to analyze the financial effects of insurance risk and loss protection. These include mathematics, computer programming, statistics, and financial planning. They develop a strong foundation in mathematics and take part in applied courses in risk management. Actuary students are well-prepared to: 

  • Pass the first few actuarial exams while in the degree program
  • Get into internships, preferably actuarial internships, but also financial risk, data analytics, and financial analyst internships
  • Take courses approved for Validation by Educational Experience (VEE) credit 
  • Attend preparatory exam workshops led by practicing actuaries from local firms

Actuarial students enjoy interactions with the local actuarial and data science communities.

Fast Facts

  • 120 credits
  • Offered through: Minnesota Center for Financial and Actuarial Mathematics (MCFAM)
  • Format: On-campus
  • Accreditation:  Higher Learning Commission

Tuition: $15,254

#17. University of Missouri 

Columbia, MO

University of Missouri - logo

B.S. in Mathematics-Actuarial & Financial Mathematics

Website
Points: 9

The University of Missouri offers an actuarial science program in Mathematics. This program features a formal emphasis in Actuarial and Financial Mathematics. Actuarial science requires students to learn to perform quantitative analysis to decrease the impact of risks and uncertain events. This risk management analysis requires using mathematics, economics, statistics, and finance skills. Graduates with an actuarial science degree work for:

  • Insurance companies; Large corporations
  • Consulting and investment firms
  • Government agencies; Employee benefit departments 
  • Hospitals; Banks

Students are well-prepared to pass a series of actuarial exams to earn an actuarial designation from the Society of Actuaries (SOA) or the Casualty Actuarial Society (CAS). Graduates of the actuarial science program become successful actuarial professionals. As such, they analyze and assess the financial impact of risk for various businesses. 

Fast Facts

  • 120 credits
  • Offered through: College of Arts & Science
  • Format: On-campus
  • Accreditation:  SOA; Higher Learning Commission

Tuition: $11,475

#16. Ohio University

Athens, OH   

Ohio University - logo

Mathematics—Actuarial Science Major (B.S.)

Website
Points: 10

Ohio University offers a Bachelor of Science in Mathematics-Actuarial Science degree. In this interdisciplinary program, students benefit from a strong business component. Thus, it successfully prepares students for entering the actuarial profession. They also get ample preparation to pass the first actuarial examination before graduation. Coursework in the actuarial sciences includes:

  • Linear Algebra; Calculus
  • Probability; Theory of Statistics 
  • Applied Statistics; Stochastic Processes 
  • Basic Principles of Actuarial Science 
  • Introduction to Discrete Structures; Discrete Mathematics 
  • Principles of Microeconomics; Principles of Macroeconomics
  • Risk Management and Insurance; Life Insurance

Graduates go into various professional careers. These include insurance, health administration, financial services ( investment management, banking), energy corporations, transportation, and environmental organizations. 

Fast Facts

  • 120 credits
  • Offered through: College of Arts and Sciences
  • Format: On-campus
  • Accreditation:  Higher Learning Commission

Tuition: $12,840

#15. Louisiana State University

Baton Rouge, LA 

Louisiana State University - logo

BS in Mathematics—Actuarial Science Program

Website
Points: 10

Louisiana State University offers a Bachelor of Science in Mathematics-Actuarial Science. The Actuarial Science Concentration prepares a student to become an actuary who studies future finance, economics, business, mathematics, and insurance risks. They learn to apply complex mathematics to model risk. Actuary students also use probability and statistics for the purposes of risk management. These disciplines help them to analyze, define, and solve the financial effects of those risks. Coursework includes: 

  • Principles of Business Finance; Statistics Requisite
  • Economics & accounting; Actuarial Seminar 
  • Linear Algebra; Probability and Statistics
  • Advanced Business Finance
  • Foundational and advanced actuarial coursework
  • Math Modeling Continuous

Actuaries are in demand, and jobs in the field rank as some of the best in the US. 

Fast Facts

  • 120 credits
  • Offered through: College of Science
  • Format: On-campus
  • Accreditation: SACSCOC

Tuition: $11,958

#14. University of Wisconsin–Madison

Madison, WI

University of Wisconsin–Madison - logo

BBA in Actuarial Science

Website
Points: 15

The University of Wisconsin–Madison offers a Bachelor of Business Administration. This program features a specialization in Actuarial Science. The specialization teaches students to use mathematics and statistics to assess liabilities and risks. Graduates begin careers in the insurance and pension industries, healthcare organizations, consulting firms, and government organizations. Coursework required for actuarial science students includes:

  • Introduction to the Theory of Probability 
  • Introduction to Probability and Mathematical Statistics
  • Actuarial Science Methods; Theory of Interest
  • Actuarial Mathematics; Loss Models
  • Regression and Time Series for Actuaries; Health Analytics
  • Machine Learning for Business Analytics

Students in this actuarial science program are also trained in leadership, community connections, networking, and innovation. 

Fast Facts

  • 120 credits
  • Offered through:  Wisconsin School of Business
  • Format: On-campus
  • Accreditation:  AACSB; Higher Learning Commission

Tuition: $10,720

#13. Arizona State University

Tempe, AZ

Arizona State University - logo

Actuarial Science BS

Website
Points: 10

Arizona State University offers a Bachelor of Science in Actuarial Science. The program teaches students to use tools from computer science, statistics, mathematics, and finance. They learn to measure the impact of risk to improve forecasting and decision-making. This risk management skill has important implications in insurance, business, and government sectors. 

  • Ratemaking and Reserving
  • Long-Term Actuarial Mathematics
  • Actuarial Models and Modeling 
  • Actuarial Exam Preparation Seminar

The degree program prepares students for various professional actuarial credentialing exams. For example, graduates are prepared to take tests offered by the Society of Actuaries and the Casualty Actuarial Society.

Fast Facts

  • 120 credits
  • Offered through: The College of Liberal Arts & Sciences
  • Format: On-campus
  • Accreditation:  Higher Learning Commission
  • Financial Aid Available

Tuition: $11,348

#12. The University of Iowa

Iowa City, IA

University of Iowa - logo

Actuarial Science BS

Website
Points: 11 

The University of Iowa offers a Bachelor of Science degree for students interested in a major in actuarial science. It helps them prepare for professional examinations administered by the Society of Actuaries. Actuarial students need to pass these exams to achieve professional status and work as actuaries. The actuarial science degree program prepares students to: 

  • Use mathematical, financial, and statistical techniques to model and analyze risks, particularly for insurance and pension projects
  • Develop the skills needed for advanced professional actuarial examinations 
  • Skillfully use and develop computer software to solve actuarial problems
  • Write effective reports and communicate results from an actuarial analysis to all stakeholders

Students benefit from a basic understanding of insurance and business operations. This foundation helps them to excel in their careers. 

Fast Facts

  • 120 credits
  • Offered through: College of Liberal Arts & Sciences
  • Format: On-campus
  • Accreditation:  Higher Learning Commission
  • Financial Aid Available

Tuition: $9,942

#11. University of Wisconsin-Eau Claire

Eau Claire, WI

University of Wisconsin Eau Claire - logo

Actuarial Science BS

Website
Points: 11

The University of Wisconsin-Eau Claire offers a Bachelor of Science in Actuarial Science. Students gain a deep understanding of mathematics, statistics, and business. They also learn to provide value to customers and to help businesses grow. Some play a critical role in strategic decision-making. Students enrolled in the program also learn to measure, calculate and manage financial risk. Graduates work in:

  • Health care and Insurance
  • Banking and finance
  • Government and employee benefits
  • e-Commerce and large corporations

The program’s curriculum emphasizes preparation for the professional actuarial examinations recognized by the Society of Actuaries (SOA).

Fast Facts

  • 120 credits
  • Offered through: College of Arts & Sciences
  • Format: On-campus
  • Accreditation:  Higher Learning Commission

Tuition: $8,874

#10. Ohio State University

Columbus, OH  

Ohio State University - logo

BS Actuarial Science Degree Program

Website
Points: 11

Ohio State University offers a Bachelor of Science in Actuarial Science for students interested in this field. The program teaches students real business. It accomplishes this goal through a course in actuarial practice, professional information sessions, and seminars. The core actuarial courses prepare students in topics such as:

  • Probability and statistics
  • Financial economics
  • Life contingencies
  • Interest theory and loss models
  • Predictive modeling and quantitative risk management

In addition to applied statistics and applied mathematics, the major curriculum prepares students to take up to five exams. Plus, the actuarial exam passing rate among students continues to improve. Students learn about handling risks in the financial market through real-life scenarios and experiential learning. This prepares them for actuarial practice.  

Fast Facts

  • 121 credits
  • Offered through: College of Arts and Science 
  • Format: On-campus
  • Accreditation:  Higher Learning Commission
  • Financial Aid Available

Tuition: $11,936

#9. Appalachian State University

Boone, NC 

Appalachian State University - logo

BS – Actuarial Science

Website
Points: 12

Appalachian State University offers a Bachelor of Science in Actuarial Science degree program. It is the only major in the University of North Carolina system specifically designed to prepare students to be actuaries. Students build a firm foundation in managing risk by combining their applied statistics, mathematics, economics, and finance knowledge. The program prepares them for the first three actuarial exams:

  • Exam FM – Financial Mathematics
  • Exam P – Probability
  • Exam MLC – Models for Life Contingencies

The major prepares graduates for many successful careers. Possible roles include jobs that use numbers to evaluate the probability of future risks. Others involve designing creative ways to reduce risk and decrease the impact of such occurrences. 

Fast Facts

  • 120 credits
  • Offered through: College of Arts and Sciences 
  • Format: On-campus
  • Accreditation:  Southern Association of Colleges and Schools

Tuition: $7,410

#8. University of Nebraska–Lincoln

Lincoln, NE

University of Nebraska–Lincoln - logo

Actuarial Science BS

Website
Points: 12

The University of Nebraska–Lincoln offers a Bachelor of Science degree for students interested in actuarial science. The analytical program combines the knowledge of economics, finance, applied mathematics, and statistics. The coursework is approved for the Validation by Educational Experience (VEE) program. It prepares students to pass professional actuarial examinations. Graduates can:

  • Apply the concept of actuarial science in solving problems related to financial security
  • Understand practical applications of actuarial theory like assumption setting, the professional code of conduct, Actuarial Standards of Practice, and effective communication
  • Transition from actuarial theory to actuarial practice
  • Communicate the results of quantitative analysis effectively

Actuarial science students also learn to apply tools to complete actuarial tasks. This includes digital applications like spreadsheets and actuarial software.

Fast Facts

  • 120 credits
  • Offered through: College of Arts & Sciences
  • Format: On-campus
  • Accreditation:  Higher Learning Commission

Tuition: $9,872

#7. Binghamton University

Binghamton, NY 

Binghamton University - logo

Actuarial Science BS

Website
Points: 12

One of the nation’s best actuarial science colleges, Binghamton University offers a Bachelor of Science degree program to its student body. Students learn to combine the knowledge of economics, finance, mathematics, and statistics for actuarial work. Core curriculum classes prepare students in concepts such as:

  • Calculus and Linear Algebra
  • Computing; Economics 
  • Actuarial foundation courses
  • Actuarial electives
  • Advanced math; Advanced Economics 

Graduates also learn to apply the concept of actuarial science and theory. This helps them solve problems related to financial risks and effects. They also learn to verbally and theoretically communicate the results of their analysis to stakeholders. Finally, they learn and apply actuarial theory. This includes assumption setting, the professional code of conduct, and Actuarial Standards of Practice.

Fast Facts

  • 126 credits
  • Offered through: Department of Mathematical Sciences
  • Format: On-campus
  • Accreditation:  Middle States Commission on Higher Education

Tuition: $10,390

#6. Baruch College 

New York, NY

Baruch College - logo

BA in Actuarial Science

Website
Points: 13

Baruch College offers a Bachelor of Arts in Actuarial Science. This program prepares students to take and pass the first five examinations given by the Society of Actuaries (SOA). They learn to apply mathematical principles and techniques to solve problems in the insurance industry and other actuarial science jobs. In addition to applied mathematics and applied statistics, the highly structured program offers elective options for actuarial science students like:

  • Numerical Methods for Differential Equations in Finance   
  • Computational Methods in Probability         
  • Actuarial Mathematics          
  • Mathematics of Inferential Statistics
  • Short-Term Insurance Mathematics
  • Data Analysis and Simulation for Financial Engineers

Graduates of the best actuarial science colleges learn to predict the likelihood of certain events. Examples include death, accident, or disability. 

Fast Facts

  • 120 credits
  • Offered through: Weissman School of Arts and Sciences
  • Format: On-campus
  • Accreditation:  Middle States Commission on Higher Education (MSCHE)

Tuition: $7,464

#5. Florida State University

Tallahassee, FL

Florida State University - logo

BS in Actuarial Science

Website
Points: 13

Florida State University offers a Bachelor of Science in Actuarial Science. It is an interdisciplinary, undergraduate major that prepares students for various exams. Examples include SOA Exam P, Exam IFM, Exam LTAM, Exam FM, and Exam STAM. It is classified as Advanced Curriculum by the Society of Actuaries Listing of Academic Actuarial Science Programs. Core curriculum coursework for actuarial science students includes:

  • Introduction to Actuarial Mathematics
  • Actuarial Models
  • Actuarial Applications
  • Introduction to Math Statistics 

Students in these actuarial programs receive broad instructions in various mathematical, statistical, economic, and business concepts. The curriculum prepares them for careers in property, casualty, and life insurance agencies. Graduates may also find actuarial science jobs in governmental agencies and consulting firms. 

Fast Facts

  • 68-69 credits
  • Offered through:  College of Arts and Sciences
  • Format: On-campus
  • Accreditation:  Southern Association of Colleges and Schools

Tuition: $5,656

#4. University of Central Florida

Orlando, FL

University of Central Florida - logo

BS in Actuarial Science

Website
Points: 13

The University of Central Florida offers a Bachelor of Science in Actuarial Science. Students who complete this major also meet the requirements for a Statistics minor. They are prepared to take the Casualty Actuarial Society (CAS) Exam 1, Exam 2, and Exam 3F. The major meets the Society of Actuaries (SOA) Validation by Educational Experience (VEE) requirements in the areas of: 

  • Economics
  • Corporate Finance 
  • Mathematical Statistics 

It also prepares students for actuarial exams like the SOA Exam P, Exam IFM, Exam LTAM, Exam FM, and Exam STAM. They are well-trained for successful careers, especially in the insurance industry. 

Fast Facts

  • 120 credits
  • Offered through: College of Sciences
  • Format: On-campus
  • Accreditation:  Southern Association of Colleges and Schools

Tuition: $6,368

#3. Brigham Young University

Provo, UT

Brigham Young University - logo

BS in Actuarial Science

Website
Points: 14

Brigham Young University offers a Bachelor of Science in Actuarial Science. Students are trained in statistical sciences to analyze the financial consequences of risk. They learn to evaluate the likelihood of risks and develop creative plans to reduce their likelihood. They also seek to decrease the impact of adverse effects associated with risks.  Coursework required of actuarial science students includes:

  • Probability and Inference; Introduction to Bayesian Statistics
  • Actuarial Problems; Statistical Models for Financial Economics
  • Data Science Methods and Applications in Statistics; Theory of Risk
  • Nonparametric Statistical Methods; Statistical Learning and Data Mining
  • Analysis of Correlated Data; Survival Analysis
  • Statistical Distributions for Actuarial Modeling and Data Analytics

Graduates combine statistics, analytical skills, mathematics, business knowledge, and financial theory for their work.  They also use an understanding of human behavior to study and manage risks. 

Fast Facts

  • 120 credits
  • Offered through: College of Physical and Mathematical Sciences
  • Format: On-campus
  • Accreditation:  Northwest Commission on Colleges and Universities

Tuition: $6,120

#2. Auburn University

Auburn, AL

Auburn University - logo

Actuarial Science BS

Website
Points: 14

Auburn University offers an actuarial science degree in Applied Mathematics. This program includes an Actuarial Science Option. The program encourages students to apply mathematical and statistical methods to assess risk in finance, insurance, and other industries. Coursework for actuarial science students includes: 

  • Principles of Business Finance; Statistics Requisite
  • Probability and Statistics; Actuarial Seminar in Probability
  • Actuarial Seminar in the Mathematics of Finance
  • Advanced Business Finance; Actuarial Mathematics
  • Math Modeling Continuous

Graduates learn to apply rigorous mathematics to model matters of uncertainty. They use probability and statistics to analyze, define, and solve the financial effects of uncertain future risks. 

Fast Facts

  • 120 credits
  • Offered through: College of Sciences and Mathematics
  • Format: On-campus
  • Accreditation: Southern Association of Colleges and Schools

Tuition: $11,826

#1. University of Texas at Austin

Austin, TX 

University of Texas at Austin - logo

Mathematics—Actuarial Science Major (B.S.)

Website
Points: 16

The University of Texas at Austin offers an actuarial science degree in Mathematics. This program features a concentration in Actuarial Science. The interdisciplinary program prepares students for the various exams they have to take to become professional actuaries. Coursework is designed to prepare students in the following areas:

  • Economics & accounting; Finance
  • Linear algebra; Probability and statistics
  • Foundational actuarial coursework
  • Advanced actuarial coursework
  • Inquiry-based learning (IBL)
  • Completed upper-division Math

The program received the 2018 Casualty Actuarial Society (CAS) University Award. Thus award is given to programs that excel in preparing students for successful careers in the property and casualty (P&C) industry. The Actuarial Science Program has a long and distinguished history of producing leaders in the actuarial profession as well as accomplished graduate students in the field. 

Fast Facts

  • 120 credits
  • Offered through: College of Natural Sciences
  • Format: On-campus
  • Accreditation: Southern Association of Colleges and Schools

Tuition: $11,752

More About Bachelor’s in Actuarial Science Programs 

best actuarial science programs

 What is an actuarial science degree?

An actuarial science degree teaches students how to use statistics and mathematics to assess financial risks in various fields like insurance and finance. They are also required to analyze these risks and compare it to coverage costs. Courses prepare students in the areas of math, statistics, calculus, probability, and science.

Most actuarial scientists work for insurance companies or financial institutions. An actuarial scientist’s work is to benefit the client and the insurance company. They do so by determining rates for insurance premiums and designing pension packages. 

Actuarial science in life insurance involves looking certain variables to determine premium costs. Examples include mortality rates, life expectancies, and possible recovery times of an ailment. An actuarial science in health insurance involves looking at the cost of lab work and treatment for a specific medical condition. The goal here is to give a person a reasonable cost of coverage. An actuarial science degree also prepares students for work in government agencies. Here, they use statistics and data to calculate the risk of certain events. The main role is to analyze and suggest ways to reduce the risk of these events either for the individual or the business.

What are the best schools for actuarial science students? 

  • New York University (NYU Stern)
  • University of Pennsylvania
  • Worcester Polytechnic Institute
  • Butler University
  • Northwestern College
  • Penn State University
  • University of Illinois Urbana-Champaign
  • Ohio Northern University
  • University of Massachusetts Amherst
  • Michigan State University
  • University of Connecticut
  • University of Michigan
  • University of Minnesota
  • University of Missouri
  • Ohio University
  • Louisiana State University
  • Arizona State University
  • The University of Iowa
  • University of Wisconsin-Eau Claire
  • Ohio State University
  • Appalachian State University
  • University of Nebraska–Lincoln
  • Binghamton University
  • Baruch College
  • Florida State University
  • University of Central Florida
  • Brigham Young University
  • Auburn University
  • University of Wisconsin–Madison
  • University of Texas at Austin

What do actuarial science majors cover?

Programs for actuarial science majors prepare students to identify and assess risks. They also learn to determine possible outcomes. Other concepts the program addresses include statistics, computer science, complex mathematics, and probability. Students also identify patterns to locate potential risks, find ways to resolve issues, and avoid financial loss. Students who are very detail-oriented and good with research and numbers will excel in actuarial science programs.

The top undergraduate actuarial science degrees offer courses on:

best actuarial science programs
  1. Principles of micro and macroeconomics
  2. Financial accounting
  3. Econometrics
  4. Multivariate statistics
  5. Probability and stochastic processes
  6. Calculus
  7. Risk models
  8. Insurance law and regulation

Actuarial students are taught to use their digital skills and knowledge to research past data. This research involves looking for relevant trends or inconsistencies. Their findings can determine how much premium should be charged for different types of insurance plans. They use their conclusions to make suggestions or improvement plans for the financial health of organizations. 

Students need to pass the actuarial exams to work as actuaries. These exams require intense preparation. Thus, the best actuarial science colleges are excellent at preparing students for these tests. The curricula for these programs are specifically designed to help students pass these exams. Still, most students go on to pursue master’s degrees. These programs help students further develop advanced mathematics skills. These skills include analysis and problem-solving abilities, oral and written communication, and digital skills. 

Some actuarial science colleges offer these programs via their business schools. As an actuary, students need to have a solid understanding of how businesses work. They also need to be aware of the biggest risks to an organization’s financial stability. With this knowledge, graduates can go on to work as financial planners, risk analysts, and business analysts.

The work of an actuary is significant for the financial health and stability of various organizations. Examples include insurance firms, government agencies, and other financial institutions. Individuals with analytical minds who like to work with numbers may be interested in becoming actuarial scientists. The best candidates are also good at following patterns and trends. Actuaries usually work in highly structured, complex environmen. They are keen problem solvers and use advanced mathematics to find solutions to prevent risks. 

What can you do with an actuary degree?

Actuaries who graduate from the best actuarial science colleges are highly sought after in the insurance industry. This is because top graduates can ensure the stability of the industry by predicting specific patterns and taking preemptive measures. They are in demand in other industries as well. This includes the financial sector and government agencies. A graduate with an actuarial science degree can earn approximately $100,000 a year. 

Those students who pursue advanced actuarial science degrees will have more opportunities. They can work as financial analysts and consultants, for example. Some may work in investment companies, brokerage firms, and lending institutions. They help companies understand the trends in the economy and financial markets. Analysts and actuaries help identify trends that may cause an abnormally high level of risk for certain stakeholders. Examples include individuals who need to borrow funds or clients who invest. 

Some of the actuary degree jobs include:

best actuarial science programs
  • Business analysts
  • Insurance actuarial analyst
  • Financial analysts
  • Financial consultants
  • Actuarial consultant
  • Intelligence agency analysts
  • Risk analyst
  • Budget analysts
  • Investment analyst
  • Research analysts
  • Insurance underwriters or insurance claims adjusters
  • Actuary science teachers

What is the job outlook for an actuarial science major?

The job outlook for individuals holding an actuarial science degree is favorable. According to the Bureau of Labor Statistics (BLS), the average annual pay is $105,900 per year. BLS also predicts jobs for actuarial science majors will grow by 24 percent through 2030. This is a significantly higher growth figure than the average career. The earning potential is high even with a bachelor’s degree, which is rare for most other fields. Most jobs for actuarial scientists are in insurance or finances. Still, there are other opportunities in industries that include risk assessments and investments. 

How much do the best actuarial science degree programs cost?

The cost of actuarial science degree programs can vary, even among the best actuarial science colleges. They can range from the high 50ks to very affordable tuition rates of 5k per year. It is important to note here that the cost of the program does not always determine its quality. The leading national universities offer some of the more expensive programs. Regional schools typically provide more affordable options.

How to choose from the top undergraduate actuarial science degrees?

The best schools for an actuarial science degree program are good at preparing students with mathematical, statistical, and scientific skills. These skills are necessary to predict specific patterns and identify various types of risks. Students must choose an actuarial science major that offers the right tools for actuary training. They should also consider other factors for each degree program. Examples include the format, accelerated options, cost, coursework, etc.

Here are a few things to keep in mind:

Online or traditional format: Traditional schools can be more expensive than online programs. This depends on the type of school in question, though. But most of the top undergraduate actuarial science degrees are offered on-campus. It is easier to find a master’s degree in the field online. Students attend a campus that best fits their needs, be it cost-wise or commute-wise. 

Regardless of the format, the best actuarial science programs excel at preparing students with the skills they need to excel as actuaries. Once enrolled, they master knowledge and skills in research, critical thinking, data collection, and strategic analysis. 

Cost: The cost of the actuarial science degree program is an important consideration for most students. Private universities have higher tuition rates than public universities. Plus, online colleges and universities are typically more cost-effective and affordable. To reduce costs, you may consider attending a community college, either locally or out of state. Just be sure to check the transfer policies of the four-year college of your choice

On-campus students pursuing actuarial science degrees spend a considerable amount on school expenses. This includes tuition, fees, living expenses, the cost of books and supplies, and other school-related items. There are also personal expenses and transportation to consider. However, they can also apply for and get scholarships, aids, and tuition waivers which can bring down the cost of attendance. 

It is important to note here that the degree and quality of education are not directly proportional to the cost. The best schools for actuarial science are known for their high academic standards. Moreover, their students are known to excel in various fields.

Online programs may offer a viable alternative to on-campus programs. They are flexible and designed for working adults. Here, students can complete their education and get an advanced degree without leaving their day jobs. Still, students must research the school they plan to attend. This is true for both online and traditional brick-and-mortar schools. They should consider various programmatic factors. Some of these include the school’s accreditation, the school’s admissions rate, faculty profiles, graduation rate, student support, and graduate employment rate.

Accreditation: The accreditation process is important. That’s because it helps prospective students understand the quality of an academic program. The role of accreditation is to develop a standards-based evaluation process. This process determines whether a program offers a high-quality learning experience. An accredited program adds to a program’s credibility and recognition. Accreditation organizations offer insight into the programs that best meet standards for excellence. Colleges and universities can achieve recognition for quality in various areas. Examples include academics, services, and other benchmarks. 

The main accreditation commissions students and professionals should consider are:

  • Higher Learning Commission (HLC)
  • Middle States Commission on Higher Education (MSCHE
  • Northwest Commission on Colleges and Universities (NWCCU)
  • Western Association of Schools and Colleges Senior College and University Commission (WSCUC)
  • New England Commission of Higher Education (NECHE)
  • Southern Association of Colleges and Schools Commission on Colleges (SACSCOC)

Accreditation agencies gather information and resources on academic programs. They then provide links to the various regional commissions covering states across the country Accreditors use this process to assess how an educational institution meets certain criteria. Some employers may offer tuition assistance based on whether an employee attends an accredited institution. Furthermore, accreditation is often a prerequisite for grant, aid, or scholarship funding for students. 

Then there is programmatic accreditation to consider. This type of accreditation assesses specific aspects of a degree program. Some of these aspects include curriculum, faculty and staff performances, and program outcomes. Programmatic accrediting agencies offer an evaluation-based standard for the program. This standard is based on criteria established by nationally recognized accreditation commissions.

Some schools seek out specialized organizations to support their knowledge and industry-based credentials. Specialized accreditation in actuarial science proves certain knowledge and expertise unique to a prestigious accredited academic institution. It also reflects the programmatic excellence of top undergraduate actuarial science programs. Recognition from professional organizations is important. This type of distinction makes it easier for students to pursue higher education or get jobs. 

The best actuarial science programs follow standards established by the Casualty Actuarial Society (CAS) and the Society of Actuaries (SOA). These are the actuarial organizations that standardize and regulate actuaries in the United States.

What is the difference between CAS vs. SOA?

The primary difference between the Casualty Actuarial Society (CAS) and the Society of Actuaries (SOA) is that they each support actuaries in different industries. 

The CAS provides standards and regulations for actuarial work in property and casualty (P&C) insurance. 

The Society of Actuaries provides standards and regulations for actuarial work in other areas. These include life, health, pensions, and retirement.

Students can consult with their advisors to decide which path they wish to follow on their way to an actuarial career. They can then choose a program that aligns with one of these organizations’ standards. For working adults already in the actuary field, the choice may depend on the field they are working in. Along with various rules and regulations of each agency, there may be other differences. These can include the exam process, salary, and type of work, for instance. 

Each actuarial society has a different set of exams. Both require one to pass ten exams, along with some other requirements that need to be fulfilled. The SOA exams teach concepts that life, health, pension, and retirement actuaries need to know. The CAS exams teach concepts that P&C actuaries need. Thus, there is one track of exams (Fellow of the CAS or FCAS) to follow. 

The SOA has six different tracks since it covers more areas. Students taking the SOA exams specialize in different areas. Specializations vary depending on interests or career goals. These different tracks include:

  • Corporate Finance and ERM Track
  • General Insurance Track
  • Individual Life and Annuities Track
  • Quantitative Finance and Investment Track
  • Retirement Benefits Track
  • Group and Health Track

Students will first complete all the preliminary exams and get their ASA (Associate of the SOA). They can then decide on a particular track to complete and become a Fellow of the SOA (FSA).

This concludes our ranking of the best actuarial science programs for undergraduates.

Sources

Related Resources