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

Drexel University

Four or more years; Private not for profit; $54,766 average out-state tuition; $54,766 average in-state tuition

University of Illinois Urbana-Champaign

Four or more years; Public; $34,444 average out-state tuition; $14,446 average in-state tuition

Carnegie Mellon University

Four or more years; Private not for profit; $57,560 average out-state tuition; $57,560 average in-state tuition

University of Connecticut

Four or more years; Public; $37,698 average out-state tuition; $15,030 average in-state tuition

Ohio State University-Main Campus

Four or more years; Public; $34,101 average out-state tuition; $11,018 average in-state tuition

University of Nebraska-Lincoln

Four or more years; Public; $24,900 average out-state tuition; $7,770 average in-state tuition

University of California-Los Angeles

Four or more years; Public; $41,196 average out-state tuition; $11,442 average in-state tuition

Scholarships for Actuarial Science Majors

Bullet name award deadline Link
 

Goldman Sachs MBA Fellowship

Goldman Sachs and Co.

Up to $75,000 Varies See Details
 

Goldman Sachs MBA Fellowship

Goldman Sachs and Co.

award

Up to $75,000

deadline

Varies
See Details
 

Siebel Scholars Program

Siebel Scholars Foundation

$35,000 Varies See Details
 

Siebel Scholars Program

Siebel Scholars Foundation

award

$35,000

deadline

Varies
See Details
 

Jesse Jackson Fellows - Toyota Scholarship

PUSH Excel

Up to $25,000 May 31, 2024 See Details
 

Jesse Jackson Fellows - Toyota Scholarship

PUSH Excel

award

Up to $25,000

deadline

May 31, 2024
See Details
 

Besio Family Scholarship

University of Notre Dame

$25,000 January 01, 2025 See Details
 

Besio Family Scholarship

University of Notre Dame

award

$25,000

deadline

January 01, 2025
See Details
 

Huizenga Business Innovation Academy Scholarship

Nova Southeastern University

$20,000 Varies See Details
 

Huizenga Business Innovation Academy Scholarship

Nova Southeastern University

award

$20,000

deadline

Varies
See Details
 

Morgan State Actuarial Scholarship

Morgan State University

Up to $20,000 March 31, 2024 See Details
 

Morgan State Actuarial Scholarship

Morgan State University

award

Up to $20,000

deadline

March 31, 2024
See Details
 

KMF Professional Excellence Scholarship Program

Kohlberg-Manacher Foundation

$15,000 June 01, 2024 See Details
 

KMF Professional Excellence Scholarship Program

Kohlberg-Manacher Foundation

award

$15,000

deadline

June 01, 2024
See Details
 

Women in Business - Miss America Pageant

Miss America Pageant

Up to $10,000 Varies See Details
 

Women in Business - Miss America Pageant

Miss America Pageant

award

Up to $10,000

deadline

Varies
See Details
 

Christine and Clarence Day Business Scholarship

University of Mississippi

$10,000 Varies See Details
 

Christine and Clarence Day Business Scholarship

University of Mississippi

award

$10,000

deadline

Varies
See Details
 

3M Business Development Fellowship

University of Minnesota, Carlson School of Management

$10,000 Varies See Details
 

3M Business Development Fellowship

University of Minnesota, Carlson School of Management

award

$10,000

deadline

Varies
See Details