Best Colleges for Actuarial Science

January 7, 2023
By AdmissionSight

Best Colleges for Actuarial Science

The study and quantification of risks, particularly in the fields of finance and insurance, is central to the subject of actuarial science. While it may appear to the untrained eye to be fortune-telling, there is no crystal ball involved. The best colleges for actuarial science use arithmetic, statistics, and probability to evaluate and limit the probable financial consequences of a future catastrophe.

In this post, we’ll look at the best colleges for actuarial science, the field itself, and the abilities it requires to help you decide if this is the correct career path for you.

What are the Best Colleges for Actuarial Science?

Where may one obtain the most comprehensive education in actuarial science? Actuarial Science can be studied for either a Bachelor of Science (BS) or a Bachelor of Arts (BA) degree, though the former is more prevalent.

The majority of educational institutions classify it as a STEM degree. Because of this, they typically convey it through their departments of mathematics or statistics.

Students majoring in actuarial science will need to have strong critical thinking abilities in addition to a strong foundation in math and statistics. They will emerge from the curriculum prepared to apply theoretical mathematical principles to practical scenarios. In addition to this, it requests that they adapt those concepts into language that is simpler and easier for all of the stakeholders to comprehend.

We performed research and analysis on the educational institutions that are known for their highly regarded and accredited actuarial science programs. After that, we narrowed our focus to the best undergraduate programs in the field of actuarial science.

These are the academic programs that offer all-encompassing education in the area and culminate in the awarding of degrees in actuarial science.

The following educational institutions in the United States are recognized as leaders in the field of actuarial science:

10. Ohio State University

For those interested in this field, Ohio State University offers a Bachelor of Science in Actuarial Science. The curriculum teaches students about real-world business.

Ohio State University welcome signage

This is accomplished through an actuarial practice course, professional information sessions, and seminars. The fundamental actuarial courses train students in areas such as:

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

The major curriculum prepares students for up to five examinations in addition to applied statistics and applied mathematics. Furthermore, the passing percentage of actuarial exams among students continues to rise.

Through real-life scenarios and experiential learning, students learn how to manage risks in the financial market. This helps them prepare for actuarial practice.

9. Appalachian State University

A Bachelor of Science in Actuarial Science degree program is available at Appalachian State University. It is the University of North Carolina system’s sole major that is especially geared to educate students for careers as actuaries.

View of Appalachian State University signage.

Students get a solid foundation in risk management by integrating their understanding of applied statistics, mathematics, economics, and finance. The curriculum helps them prepare for the first three actuarial exams:

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

The program equips graduates with a variety of rewarding employment. Jobs that utilize numbers to assess the likelihood of future threats are examples of possible occupations. Others entail coming up with novel strategies to lessen risk and the consequences of such events.

8. University of Nebraska–Lincoln

Taking the eighth spot of best colleges for actuarial science is University of Nebraska—Linccoln. For students interested in actuarial science, this university offers a Bachelor of Science degree. The analytical program blends economics, finance, applied mathematics, and statistics skills.

University of Nebraska–Lincoln building.

The course has been approved for the VEE (Validation by Educational Experience) program. It prepares students to take and pass professional actuarial exams. Graduates are able to:

  • Use the notion of actuarial science to solve financial security challenges.
  • Understand how to use actuarial theory in real applications such as assumption setting, the professional code of conduct, Actuarial Standards of Practice, and effective communication.
  • Making the transition from actuarial theory to actuarial practice
  • Effectively communicate quantitative analytical results

Students of actuarial science also learn how to use instruments to solve actuarial tasks. Spreadsheets and actuarial software are examples of digital applications.

7. Binghamton University

Binghamton University, one of the leading actuarial science universities in the country, provides a Bachelor of Science degree program to its student body. Students learn how to apply economics, finance, mathematics, and statistics expertise to actuarial work. Students are prepared in core curriculum lessons for ideas such as:

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

Graduates also learn how to apply actuarial science and theoretical concepts. This assists them in resolving financial risk and effect difficulties. They also learn to explain the conclusions of their investigation to stakeholders vocally and intellectually.

Binghamton University signage

Finally, students study and practice actuarial theory. This involves making assumptions, adhering to a professional code of conduct, and adhering to Actuarial Standards of Practice.

6. Baruch College

Sixth on the list of best colleges for actuarial science is Baruch College. A Bachelor of Arts in Actuarial Science is available at this college. This curriculum prepares students to take and pass the Society of Actuaries’ first five tests (SOA).

View of Baruch building.

They learn how to solve problems in the insurance sector and other actuarial science occupations by applying mathematical ideas and methodologies. In addition to applied mathematics and statistics, the highly organized program provides actuarial science students with optional options such as:

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

Graduates of actuarial science schools like Baruch College learn how to forecast the chance of certain events. Death, accident, or disability are all examples.

5. Florida State University

A Bachelor of Science in Actuarial Science is available at Florida State University. It is an undergraduate multidisciplinary major that prepares students for a variety of tests. SOA Exam P, Exam IFM, Exam LTAM, Exam FM, and Exam STAM are a few examples.

Aerial view of Florida State University

The Society of Actuaries Listing of Academic Actuarial Science Programs classifies it as Advanced Curriculum. Students studying actuarial science should take the following courses as part of their core curriculum:

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

Students in these actuarial studies are exposed to a wide range of mathematical, statistical, economic, and business topics. The program prepares students for positions in property, casualty, and life insurance companies. Graduates may also find employment in actuarial science at government agencies and consulting businesses.

4. University of Central Florida

At fourth place of the best colleges for Actuarial science is University of central Florida. A Bachelor of Science in Actuarial Science is available at this university. Students who complete this major are also eligible for a Statistics minor.

University of Central Florida building surrounded by trees.

They have studied for the Casualty Actuarial Society (CAS) Exams 1, 2, and 3F. The major satisfies the Society of Actuaries (SOA) standards for Validation by Educational Experience (VEE) in the following areas:

  • Economics
  • Corporate Finance
  • Mathematical Statistics

It also prepares students for actuarial tests such as the SOA Exam P, IFM Exam, LTAM Exam, FM Exam, and STAM. They are well-prepared for rewarding employment, particularly in the insurance business.

3. Brigham Young University

A Bachelor of Science in Actuarial Science is available at Brigham Young University.

View of Brigham Young University signage.

Students get statistical science training in order to understand the financial ramifications of risk. They learn to assess the possibility of dangers and devise inventive solutions to mitigate them. They also strive to lessen the impact of risk-related adverse consequences.

Actuarial science students must complete the following courses:

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

For their work, graduates use statistics, analytical abilities, mathematics, business knowledge, and financial theory. They also research and control hazards by studying human behavior.

2. Auburn University

Applied Mathematics at Auburn University provides an actuarial science degree. The Actuarial Science Option is included in this curriculum.

View of Auburn University building.

Students in the curriculum are encouraged to use mathematical and statistical approaches to analyze risk in banking, insurance, and other businesses. Actuarial science students must complete the following courses:

  • 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 how to use rigorous mathematics to model unpredictable situations. They assess, define, and solve the financial consequences of unknown future risks using probability and statistics.

1. University of Texas at Austin

At no. 1 in our list of best colleges for actuarial science is University of Texas at Austin. This university offers a Mathematics actuarial science degree. This program has an Actuarial Science focus.

Front view of a building in the University of Texas with a male statue at the very front

Students in the multidisciplinary program are prepared for the different tests required to become professional actuaries. Students will be prepared in the following areas through their coursework:

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

The Actuarial Science Program has a long and renowned history of generating actuarial leaders as well as talented graduate students.

In ranking this university as the top 1 in best colleges for Actuarial science, we considered their highly decorated curriculum. It was awarded as the most outstanding curriculum by the Casualty Actuarial Society (CAS) University Award in 2018.

This award recognizes programs that excel at preparing students for employment in the property and casualty (P&C) industry.

What Skills Does an Actuary Need to Have?

Which abilities are necessary for an actuary to possess? Actuarial science is an excellent field of study for anyone who takes an analytical and meticulous approach to their work. Those who are interested in pursuing a degree in this area should already have a strong interest in statistics, finance, and probability theory since these topics will be utilized on a regular basis in the profession.

But probably most importantly, those who choose to pursue a career in actuarial science should have a strong grasp of, and passion for, the field of mathematics. Other allied fields that can be of use to actuarial science include the following:

  • Problem-Solving – performing calculations is only one part of the challenge; the other part is putting those calculations to use in order to find a solution.
  • Computer Programming – although it’s not required, having experience using computers is always a benefit. When performing analysis on huge data sets, having experience with Microsoft Excel and other tools of a similar kind is beneficial.
  • People Skills – because sharing your discoveries with others will make up a large portion of your work, you should work on developing your interpersonal skills as much as possible.

As can be seen, all of the skills necessary for earning a degree in actuarial science are able to be gained or enhanced via the pursuit of an appropriate education.

What kinds of Math do actuaries use?

What specific areas of mathematics do actuaries focus on? Math is the foundation of actuarial work because you don’t regularly hear what an actuary performs, many people believe it necessitates understanding in areas of arithmetic that are either difficult to comprehend or are not usually taught.

In reality, actuarial science requires a great deal of sharp observation, rigorous trend tracking, and instinct. While the arithmetic at the heart of the work might be difficult, it is still pretty simple.

It’s crucial to note, however, that actuaries, like any other profession that deals with key assets such as pay, health insurance, employee benefits, and retirement benefits, are carefully evaluated to confirm their abilities.

When you may not be practicing the most sophisticated arithmetic on a daily basis as an actuary, you will undoubtedly be pushed while completing the processes to become an actuary, particularly actuarial test preparation:

That is why finding the best colleges for actuarial science is critical—one that not only offers advanced math classes but also prepares and supports you as you work your way through each actuarial test.

Is there an exam after earning an Actuarial Science degree?

Is there a test to take after graduating with a degree in Actuarial Science? A B.S. in actuarial science isn’t enough to get a career in the profession; you must also be certified as a competent actuary. You must first pass your professional actuarial tests. These professional tests are distinct from your post-secondary studies.

In the United States, there are two primary certifying organizations: Casualty Actuarial Society (CAS) and the Society of Actuaries. Students must complete a rigorous series of actuarial science examinations to receive the Associate of the Society of Actuaries title.

Other prerequisites, according to the Society of Actuaries, include “an e-Learning course, a proctored project evaluation, validation of educational experience outside the SOA Education system (VEE), and a professionalism seminar.” The CAS has comparable requirements.

Exams in actuarial science will assess your understanding of:

  • Probability
  • Financial Mathematics
  • Models for financial economics
  • Models for life contingencies
  • Construction and evaluation of actuarial models

The examinations are difficult to pass and will take years to finish. You will begin them while in college and continue them until and beyond graduation. Fortunately, you may work as an entry-level actuary while taking these examinations, and most employers will help you throughout the process.

Is an Actuarial Science Degree right for you?

Is a degree in Actuarial Science appropriate for you? Although becoming an actuary involves years of dedication, patience, and study, a career in actuarial science may be immensely rewarding—especially for individuals who excel in arithmetic, statistics, finance, and accounting.

Many actuaries report having flexible work hours, a good work/life balance, a variety of on-the-job training options, and competitive pay.

If you enjoy the tales that numbers tell, have a great eye for statistical trends, and are interested in economics or the insurance sector, actuarial science is for you.

How to choose from the top undergraduate actuarial science degrees?

How do you pick the best undergraduate actuarial science degrees? The best colleges for Actuarial science prepare students with mathematical, statistical, and scientific abilities.

These abilities are required for predicting particular patterns and identifying various sorts of dangers. Students must select an actuarial science degree that provides the necessary tools for actuary training.

Other criteria should be considered for each degree program. Format, expedited alternatives, pricing, coursework, and so on are some examples.

AdmissionSight is willing to help

You have a wide variety of employment opportunities to choose from if you have a degree in actuarial science, including working for an insurance business, a bank, the investment industry, or any other significant firm.

When you are ready to continue your educational path in actuarial sciences, AdmissionSight is prepared to assist you in taking the next step forward. due to the fact that it has more than a decade of expertise supporting individuals who are just like you in achieving admission to the institutions of their first and second choices respectively.

In the industry of providing guidance for getting into college, AdmissionSight has emerged as the most reputable name. This is because AdmissionSight has established itself as the most reliable brand in the field of counseling pertaining to college admissions in recent years.

We ask that you get in touch with us as soon as possible so that we can organize an initial consultation for you that will be offered at no cost.

 

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