What is actuarial science?
Think of actuarial science as the science of risk. As an actuarial science major, you’ll learn how to use math, statistics, and business concepts to predict future events and manage uncertainty. This field is all about turning data into insights that help organizations make smarter financial decisions.
If you like solving puzzles, working with numbers, and finding patterns, this major could be your perfect fit.
Actuarial science major vs. finance major
If you’re deciding between actuarial science and finance, here’s the difference: finance majors focus more on markets, investments, and corporate strategy. Actuarial science majors dig deeper into probability, statistics, and modeling risks. Both lead to careers in business and finance, but actuaries specialize in data-driven risk management.
Actuarial science major vs. statistics major
Statistics majors build a broad foundation in data analysis, often applying it across many industries. Actuarial science majors use those same skills but apply them specifically to insurance, pensions, and financial risk. If you want a focused career path with strong job demand, actuarial science might give you more direction.
Core courses for actuarial science majors
Your classes will blend math, finance, and computer science. Common courses include:
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Probability and statistics
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Financial mathematics
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Risk theory
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Economics
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Business and accounting basics
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Data analytics and programming
Professional actuarial science exams and certifications
One big part of being an actuarial science major is preparing for professional exams. The Society of Actuaries (SOA) and the Casualty Actuarial Society (CAS) offer these certifications. Many students take their first exam during college, which can make them more competitive for internships and full-time jobs.
Skills I’ll develop as an actuarial science major
As an actuarial science major, you’ll sharpen skills that are in demand across industries, including:
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Advanced problem-solving
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Statistical analysis and modeling
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Business and financial literacy
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Critical thinking
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Programming and data analysis
Career paths for actuarial science majors
So, what can you do with an actuarial science degree? Most graduates become actuaries, but that’s not the only option. Other paths include:
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Risk analyst
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Pension consultant
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Data scientist
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Investment analyst
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Insurance underwriter
These roles let you apply your analytical skills to solve real-world financial challenges.
How much will I earn with an actuarial science degree?
Actuaries earn strong salaries, even early in their careers. According to the U.S. Bureau of Labor Statistics, the median annual wage for actuaries is about $120,000, with entry-level positions often starting around $75,000 to $90,000. As you gain experience and pass more professional exams, salaries can climb well above $160,000, with some actuaries earning over $200,000. Plus, the field is expected to grow by 22% between 2024 and 2034, which means plenty of opportunities for future grads.
Notable schools for actuarial science
Some well-known schools with strong actuarial science programs include:
You can also use Scout College Search to explore schools that offer actuarial science.
Paying for an actuarial science degree
Scholarships can make earning your actuarial science degree more affordable, and Sallie has plenty of tools to help. You can explore scholarships by major, including those specifically for actuarial science students. You’ll also find opportunities through Scholly Scholarships, and even simple options like the $2,000 No Essay Scholarship. Starting your search early and staying organized with applications can make a big difference in covering costs so you can focus on your studies.
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