10 Best Colleges for Actuarial Science

Actuarial science uses math, statistics, and financial theory to figure out the economic costs of risk and uncertainty. Math geeks and analytical thinkers love this kind of work, and if that describes you, it’s time to explore the best colleges for actuarial science.

According to the Bureau of Labor Statistics, actuaries can look forward to a 22% rise in job opportunities over the next ten years, which means you’ll face lots of demand and a fair share of competition. Be sure to get the best academic support and hands-on experience you can find so you’ll have an advantage as you move forward in this exciting career path.

In this blog, we’ve put together a list of 10 of the top colleges for actuarial science in the country. You’ll find details like acceptance rates, cost of attendance, and a few reasons why these schools stand out.

• Top 10 Colleges for Actuarial Science
• Related Certifications and Exams for Actuarial Science
• Top Companies Hiring Actuaries
• Frequently Asked Questions
• Takeaways

Top 10 Colleges for Actuarial Science

Keep in mind that you don’t have to enroll in a specialized actuarial science program to begin your career in this field. You’ll still want to find a program that offers math, finance, statistics, data analytics, computer skills, and communication courses so you can build a strong foundation. It’s important that your curriculum includes both the essential math skills and the practical business training actuaries depend on.

You should also seek out schools that offer extra professional development options, like internships and networking events, so you can get real-world experience before you graduate.

Below is our list of the top 10 actuarial science programs, each providing a solid curriculum and on-the-job industry training to set you up for success:

1. University of Illinois at Urbana-Champaign

• Location: Champaign, IL
• Acceptance rate: 42.4%
• Cost of attendance: $36,930-$42,310 (in-state); $57,622-$65,722 (out-of-state)

UIUC’s actuarial program is recognized as a Center of Actuarial Excellence by the Society of Actuaries (SOA), making it one of the few schools in the U.S. with this title and ultimately, one of the best colleges for actuarial science. This recognition means the program meets high standards for its curriculum, faculty, industry connections, and research. Plus, the focus on both solid academics and real-world experience can give you the skills and confidence you need to succeed in the actuarial field.

This major, offered by the Department of Mathematics, mixes math, statistics, and financial economics to help you prepare for a career as an actuary. It also gives you a strong foundation in quantitative finance and risk management.

2. New York University

• Location: New York, NY
• Acceptance rate: 8%
• Cost of attendance: $74,932 – $93,184

The actuarial science program at NYU gives you a solid mix of math skills and practical business knowledge, which are both essential for becoming an actuary. The program also helps you get ready for the first four exams offered by the Society of Actuaries and the Casualty Actuarial Society. Plus, the required courses cover the three Validation by Educational Experience (VEE) areas: Economics, Finance, and Applied Statistical Methods, making it one of the best colleges for actuarial science.

NYU also has the New York University Actuarial Society, which is a great way to connect with fellow students and industry professionals, helping you build a strong network as you prepare for your career.

3. University of Wisconsin – Madison

• Location: Madison, WI
• Acceptance rate: 43%
• Cost of attendance: $30,008 (in-state); $61,106 (out-of-state)

At UW–Madison, one of the best colleges for actuarial science, the actuarial science program is part of the Wisconsin School of Business, which means you’ll get a solid business background along with your actuarial science courses. Most schools put actuarial programs under their math or statistics departments, so this setup is a bit different. The program is also closely linked to UW–Madison’s highly ranked risk management and insurance program.

The Wisconsin School of Business has been named a Center of Actuarial Excellence by the Society of Actuaries and has University Earned Credit (UEC) Status. It’s one of only thirteen programs in the world with this recognition, which makes it a top choice if you’re serious about becoming an actuary.

4. University of Pennsylvania

• Location: Philadelphia, PA
• Acceptance rate: 5.4%
• Cost of attendance: $92,288

UPenn would’ve ranked higher on this list if it had a dedicated actuarial science program. Instead, Wharton Undergraduate, still considered one of the best colleges for actuarial science, offers an Actuarial Science concentration with electives like Business Insurance and Estate Planning, Predictive Analytics for Business, Data Analytics, and Statistical Computing, among others.

Even without a specific actuarial science major, UPenn is a great choice for future actuaries. The combination of strong math and statistics training with solid business courses at the Wharton School helps you build a balanced set of skills that employers really value.

5. University of California, Santa Barbara

• Location: Santa Barbara, CA
• Acceptance rate: 32.9%
• Cost of attendance: $47,358 (in-state); $84,960 (out-of-state)

The Department of Statistics and Applied Probability at UCSB offers a B.S. in Actuarial Science to help you get ready for a career as an actuary, solidifying its spot as one of the best colleges for actuarial science. 

The department was named a Center of Actuarial Excellence by the Society of Actuaries in 2022, which is a big deal. You can also take courses that prepare you for the professional exams (P and FM) you’ll need to start working as an actuary. Plus, the UCSB Actuarial Association is a super active student group that can help you connect with others and reach your career goals in the actuarial field.

6. The University of Texas at Austin

• Location: Austin, TX
• Acceptance rate: 29%
• Cost of attendance: $34,470 (in-state); out-of-state ($67,392)

The Actuarial Science Program at UT Austin, one of the best colleges for actuarial science, has a strong track record of preparing students for successful careers, with many graduates becoming leaders in the actuarial field. The program gets you ready for the pre-associate actuarial exams for both the Society of Actuaries and the Casualty Actuarial Society. The department offers both undergraduate and master’s education in actuarial science. 

In 2018, the program was honored with the Casualty Actuarial Society (CAS) University Award for doing an outstanding job of getting students ready for careers in the property and casualty (P&C) industry. Then, in 2023, it earned Gold Level recognition in the CAS University Recognition Program, which is the highest level possible.

7. The Ohio State University – Columbus

• Location: Columbus, OH
• Acceptance rate: 51%
• Cost of attendance: $27,982 (in-state); $54,760 (out-of-state)

The actuarial program at OSU covers the vital areas of actuarial science with courses in probability and statistics, interest theory, financial economics, life contingencies, and loss models. You’ll also get a taste of real-world business through an actuarial practicum course, plus lots of professional info sessions and seminars, making it one of the best colleges for actuarial science.

The curriculum is designed to help you prepare for up to five actuarial exams. In recent years, more than 80% of graduating seniors have passed at least one exam, and about 75% have passed two or more. The school also has an Actuarial Club that’s pretty active. They host group study sessions, invite local employers to talk about job opportunities and more.

8. Pennsylvania State University – University Park

• Location: State College and College Township, PA
• Acceptance rate: 54%
• Cost of attendance: $27,521

The Actuarial Science major at Smeal is a great choice if you’re aiming for a career in insurance, consulting, finance, or even government agencies that need strong math and problem-solving skills. Plus, it’s a STEM Designated Degree Program, which is a nice bonus for one of the best colleges for actuarial science.

While you’re in the program, you’ll get the prep you need to start taking the professional exams for becoming an Associate or Fellow in either the Society of Actuaries (A.S.A./F.S.A.) or the Casualty Actuarial Society (A.C.A.S./F.C.A.S.). This means you’ll be ahead of the game by the time you graduate.

9. Bentley University

• Location: Waltham, MA
• Acceptance rate: 48%
• Cost of attendance: $84,570

Bentley, one of the best colleges for actuarial science, offers specialized courses that help you get ready for up to four of the professional exams from the Society of Actuaries. These courses also cover the Validation by Educational Experience (VEE) requirements for both the Society of Actuaries and the Casualty Actuarial Society. Most students land at least one internship during their undergrad years, and the department keeps in touch with a lot of alumni who work in the field.

The numbers are pretty impressive too—the median starting salary for Actuarial Science grads is $79K, and the job placement rate is 100%.

10. Middle Tennessee State University

• Location: Murfreesboro, TN
• Acceptance rate: 68%
• Cost of attendance: $47,356

Actuarial Science majors at MTSU, one of the best colleges for actuarial science, take courses in math, statistics, economics, and insurance to help you get ready for the preliminary exams from actuarial professional societies and build a successful career. You’ll also have chances to connect with industry professionals and score scholarships and internships. Plus, MTSU is the only university in Tennessee that offers actuarial science coursework for both undergrad and grad students.

MTSU has earned some impressive recognition too. It was named a Society of Actuaries Center of Actuarial Excellence and, in 2023, achieved Gold Level in the new CAS University Recognition Program. MTSU is one of just 12 schools in the U.S. to earn this honor, which says a lot about the quality of the program.

Related Certifications and Exams for Actuarial Science

Becoming an actuary isn’t just about being good at math and statistics. You’ll also need to pass a bunch of professional exams and earn certain certifications. These exams are pretty challenging, but they’re super important for showing you have the skills and knowledge needed for the job. Each exam helps you get better at things like probability, financial math, and risk management, which are all key parts of an actuary’s work.

Preliminary exams

The Society of Actuaries (SOA) is the main organization that facilitates these preliminary exams. The SOA is one of the leading professional organizations for actuaries in North America and is responsible for designing, administering, and grading these exams. They focus primarily on life insurance, health insurance, retirement benefits, investments, and enterprise risk management. Most importantly, the best colleges for actuarial science will have likely prepared you for the following exams.

• Exam P (Probability). Focuses on probability theory and its applications in actuarial science.
• Exam FM (Financial Mathematics). Covers interest theory and financial mathematics concepts.
• Exam IFM (Investment and Financial Markets). Involves financial economics and derivatives.
• Exam LTAM (Long-Term Actuarial Mathematics). Deals with long-term insurance coverages and life contingencies.
• Exam STAM (Short-Term Actuarial Mathematics). Focuses on short-term insurance coverages like health and property.
• Exam SRM (Statistics for Risk Modeling). Covers advanced statistics and data analysis techniques.
• Exam PA (Predictive Analytics). Tests knowledge in data science, predictive models, and communication of findings.

These exams are part of the pathway to becoming an Associate of the Society of Actuaries (ASA) and eventually a Fellow of the Society of Actuaries (FSA).

In addition to the SOA, the Casualty Actuarial Society (CAS) offers its own set of exams focused on property and casualty insurance. However, the preliminary exams listed above are typically under the SOA’s administration, with some overlap for the early exams that CAS also accepts for their certification paths.

Associate-level certifications

• Associate of the Society of Actuaries (ASA). After graduating from any of the best colleges for actuarial science, this exam requires completing preliminary exams, VEEs, and specific modules like Fundamentals of Actuarial Practice (FAP).
• Associate of the Casualty Actuarial Society (ACAS). Focuses on property and casualty insurance with a different set of exams and requirements.

Fellowship-level certifications

• Fellow of the Society of Actuaries (FSA). Requires choosing a specialty track (like life insurance or retirement) and passing advanced exams.
• Fellow of the Casualty Actuarial Society (FCAS). Involves advanced exams focused on property and casualty practices.

Top Companies Hiring Actuaries

​Actuaries are in high demand across various industries in the United States, particularly in insurance, consulting, and financial services. Here are ten leading companies in the U.S. that employ a significant number of actuaries, along with their areas of expertise and the number of actuaries they employ:

According to the U.S. Bureau of Labor Statistics, the median annual wage for actuaries was $120,000 as of May 2023.

Frequently Asked Questions

1. What do actuaries do?

Actuaries analyze and manage financial risks by using math, statistics, and data to help businesses, especially insurance companies, predict and plan for future events. They design insurance policies, pension plans, and other financial strategies to minimize risk and ensure financial stability.

2. How long are actuarial science programs?

Actuarial science programs form the best colleges for actuarial science usually take four years to complete for a bachelor’s degree. If you choose to pursue a master’s degree, it can take an additional one to two years. Alongside your degree, you’ll also need to pass a series of professional exams, which can take several more years, depending on how quickly you progress.

3. Is actuarial science a hard major?

Yes, actuarial science is considered a hard major because it involves a lot of advanced math, statistics, and finance courses, along with strong analytical and problem-solving skills. The material can be challenging, and on top of that, you’ll need to pass a series of tough professional exams.

4. Do actuaries make a lot of money?

Yes, actuaries do make a lot of money. According to the U.S. Bureau of Labor Statistics (BLS), the median annual wage for actuaries was $120,000 as of May 2023. Experienced actuaries or those with advanced certifications can earn even more, with salaries often exceeding $150,000 to $200,000 per year.

Takeaways

Actuarial science is often ranked as one of the top career paths in the country. There is a massive demand for it now and in the coming future. If you are considering building a career in this very specific niche, take note of the following:

• The best colleges for actuarial science offer a curriculum that includes both the important math skills and the practical business training actuaries depend on.
• Look for programs that prepare you for different examinations offered by the Society of Actuaries and the Casualty Actuarial Society, two of the country’s biggest groups for actuaries.
• The best schools for actuarial colleges have industry partnerships and internships to help you prepare for the profession.
• Maximize your chances of getting into the best colleges for actuarial sciences by teaming up with a college admissions expert.