The career outlook for actuaries is exceptionally strong. In the United States alone, the Bureau of Labor Statistics projects a robust 20% growth in Actuarial Science roles by 2028.
A diverse range of industries—including insurance firms, investment banks, and financial institutions—rely on the expertise of actuaries. But what exactly does an actuary do, and is this high-demand profession the right fit for your skills?
What is Actuarial Science?
Actuarial Science focuses on evaluating financial risk and maintaining the long-term fiscal stability of insurance companies and financial organizations. By studying this field, you will master the application of advanced mathematics, statistics, and probability theory to forecast future events and implement effective mitigation strategies.
The primary objective of an Actuarial Science degree is to build the technical foundation necessary for a successful actuarial career while helping students accelerate their preparation for professional actuarial exams (continue reading to learn more about the examination process).
What does an actuary do?
Actuaries analyze historical data to build predictive models, determining exactly how much capital a company needs to set aside to cover potential future financial losses.
Consider auto insurance as a prime example. To predict the number of accidents in London this November, an actuary examines historical accident rates from previous years to forecast future probability.
By identifying key patterns within that data, an actuary can calculate the likelihood of claims and help set insurance premiums at levels that ensure both profitability and the ability to cover policyholder damages.
One of the most significant challenges for an actuary arises when historical data is scarce, or when shifting regulations and market dynamics render past trends obsolete.
Admission requirements for Actuarial Studies
While these are the general prerequisites for most university applications, specific requirements vary. Some institutions may request additional documentation, and many also welcome applicants with undergraduate degrees in fields unrelated to Actuarial Studies.
Bachelor’s in Actuarial Science
- Minimum English language test scores: IELTS – 6 or TOEFL – 80
- High-school transcript of records
- Letter of recommendation
- Financial certification
Master’s in Actuarial Science
- Minimum English language test scores: IELTS – 6.5 or TOEFL – 85
- Bachelor’s degree in Mathematics, Statistics, or a related field
- Minimum GPA: 3.0
Competitive GRE test scores
Top-ranked universities and colleges for Actuarial Science
According to the Society of Actuaries, these institutions are among the best choices for pursuing an Actuarial degree:
- , in Australia
- , in the UK
- , in the US
- , in Canada
In addition to those, here are other highly recommended universities for your Actuarial studies:
- , the UK
- , the Netherlands
- , Belgium
- , Italy
Tuition fees for Actuarial studies
Tuition fees at these top-tier universities generally range between 15,000 and 28,000 EUR per academic year, with the notable exception of Simon Fraser University, where tuition is significantly lower at approximately 2,600 EUR.
If you are exploring cost-effective Actuarial Science degrees with tuition below 3,000 EUR per year, consider looking into programs in these countries:
Actuarial Exams
To become a fully qualified actuary, you must pass a series of professional actuarial exams. These are independent certification assessments that are separate from your university academic curriculum.
Actuarial exams are notoriously rigorous and demand intense, dedicated preparation. Consequently, most candidates require 7 to 10 years to complete the entire series. Each exam typically lasts between 3 to 5 hours and features a combination of complex multiple-choice questions and written case studies.
The good news is that you can begin your career as an entry-level actuarial assistant or junior analyst while concurrently studying for your exams. Employers often provide generous support, including study time and financial bonuses for each passed exam.
For more information regarding examination costs and study strategies, Etched Actuarial serves as an excellent resource.
Actuarial Science jobs and salaries
As noted, Actuarial Studies degrees are designed to accelerate your professional certification path. Furthermore, the rigorous training in mathematics, data analysis, economics, and finance opens doors to various other high-level analytical roles post-graduation.
Here are some of the most popular career paths for graduates, along with their average annual salaries in the US:
Jobs that don’t require passing the actuarial exams
- Business Analyst – 63,000 USD
- Financial Planner – 62,000 USD
- Risk Analyst – 63,000 USD
- Underwriter – 60,000 USD
- Investment Analyst – 63,000 USD
Jobs that require passing the actuarial exams:
- Actuary – 86,000 USD
Senior Actuarial Analyst – $84,000 USD
Is an Actuarial Science degree worth it?
Does an Actuarial Science degree guarantee a job? It depends.
If you are certain about your career path, an Actuarial Science degree is an excellent way to fast-track your progression. However, it is not strictly required; students with strong backgrounds in Finance, Mathematics, or Statistics are also well-positioned to pass the professional exams.
Actuarial Studies are an ideal choice for dedicated individuals committed to pursuing this specialized career. While the path requires significant discipline and training, the long-term career stability and professional demand make it an incredibly rewarding choice.