Actuarial Science
Actuarial science is the discipline that applies mathematical and statistical methods to assess risk in insurance, finance and other industries and professions. Actuaries are professionals trained in this discipline. In many countries, actuaries must demonstrate their competence by passing a series of rigorous professional examinations.
Actuarial science includes a number of interrelated subjects, including mathematics, probability theory, statistics, finance, economics, and computer science. Historically, actuarial science used deterministic models in the construction of tables and premiums. The science has gone through revolutionary changes since the 1980s due to the proliferation of high speed computers and the union of stochastic actuarial models with modern financial theory (Frees 1990).
Many universities have undergraduate and graduate degree programs in actuarial science. In 2010, a study published by job search website CareerCast ranked actuary as the #1 job in the United States (Needleman 2010). The study used five key criteria to rank jobs: environment, income, employment outlook, physical demands, and stress. A similar study by U.S. News & World Report in 2006 included actuaries among the 25 Best Professions that it expects will be in great demand in the future (Nemko 2006).
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Matching Actuarial Science Colleges
Columbia University in the City of New York
Four or more years; Private not for profit; $48,989 average out-state tuition; $48,989 average in-state tuition |
University of Illinois at Urbana-Champaign
Four or more years; Public; $31,681 average out-state tuition; $14,255 average in-state tuition |
Carnegie Mellon University
Four or more years; Private not for profit; $52,732 average out-state tuition; $52,732 average in-state tuition |
Georgia State University
Four or more years; Public; $21,843 average out-state tuition; $6,984 average in-state tuition |
Temple University
Four or more years; Public; $27,528 average out-state tuition; $15,768 average in-state tuition |
University of Connecticut
Four or more years; Public; $34,066 average out-state tuition; $11,998 average in-state tuition |
University of Nebraska-Lincoln
Four or more years; Public; $22,425 average out-state tuition; $7,125 average in-state tuition |
Scholarships for Actuarial Science Majors
Siebel Scholars ProgramSiebel Scholars Foundation |
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award $35,000 |
deadline Varies |
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Max Christianson Division of Business and Computer Science ScholarshipUnion College, Nebraska |
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award $25,000 |
deadline Varies |
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Huizenga Business Innovation Academy ScholarshipNova Southeastern University |
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award $20,000 |
deadline Varies |
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Mas Family ScholarshipMas Family Scholarships |
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award Up to $10,000 |
deadline Varies |
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Christine and Clarence Day Business ScholarshipUniversity of Mississippi |
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award $10,000 |
deadline Varies |
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3M Business Development FellowshipUniversity of Minnesota, Carlson School of Management |
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award $10,000 |
deadline Varies |
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BMO Capital Markets Lime Connect Equity Through Education ScholarshipLime Connect, Inc. |
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award $10,000 |
deadline April 09, 2023 |
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UNCF/CVS Health Foundation Health Care Careers ScholarshipUNCF, Inc |
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award $10,000 |
deadline April 29, 2023 |
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Actuary of Tomorrow - Stuart A. Robertson Memorial ScholarshipThe Actuarial Foundation |
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award Up to $10,000 |
deadline June 01, 2023 |
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Business Information Technology Advantage Scholarship - University of Montana, Montana TechUniversity of Montana at Montana Tech |
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award $6,700 |
deadline Varies |
Actuarial Science Related Majors
- Business Administration, Management and Operations
- Business, Management, and Marketing
- Marketing
- Accounting and Business/Management
- Finance and Financial Management Services
- Accounting and Finance
- International Business
- Fashion Merchandising
- Human Resources Management and Services
- Entrepreneurial and Small Business Operations
- Business and Personal/Financial Services Marketing Operations
- Hospitality Administration/Management
- Real Estate
- Management Information Systems and Services
- Fashion Modeling
- Business/Managerial Economics
- Small Business Administration/Management
- Construction Management
- Business/Corporate Communications
- Entrepreneurship/Entrepreneurial Studies