Best Colleges for Actuarial Science in 2022-2023

Best Actuarial Science Colleges and Programs in the World

About Actuarial Science

Actuarial science is a discipline of mathematics that evaluates, analyzes, and mitigates financial risks and uncertainties using mathematical, statistical, and financial theories. The professionals who assess and manage financial risks and uncertainties are known as actuaries. 

Actuarial science is a true calling for someone who is a math whiz and can analyze data, crunch numbers, and interpret statistical data. The following page explains how to become an actuary and provides information on the best colleges for actuarial science throughout the world.

Duties of Actuaries

The numbers and statistical data are the actuaries’ best friends. They assist organizations in determining financial risks and uncertainties by analyzing numbers and data. Their services are required in any field that is prone to financial risks, such as insurance, banking, healthcare, and even some non-financial organizations. The following are some typical duties performed by actuaries:

• Compile and analyze financial and statistical data
• Design and test financial policies such as insurance policies to minimize risk and maximize the profitability 
• Come up with appropriate insurance and premium rates 
• Calculate the amount of cash reserves required in the event of a payout or claim
• Make diagrams, tables, and reports to clarify calculations and proposals
• Collaborate with other members of the team and other departments
• Keep up top date with the latest development in the field of actuarial science
• Give training to the assistant actuaries

Popular degrees for pursuing a career in Actuarial Science

To enter the field of actuarial science, students normally need a bachelor’s degree. They can major in actuarial science or a related topic like mathematics, statistics, or finance. Because most actuarial positions require computer programming skills, majoring in computer science, which contains a large amount of mathematics, is also acceptable. Although a bachelor’s degree is sufficient to become an actuary, many students choose to pursue a graduate degree in order to get specialized knowledge that will help them advance in their careers. Some universities also offer actuarial science MBA programs. Those interested in pursuing a career in academia can even earn a Ph.D. in this discipline. Students should keep in mind that actuarial science is a difficult and demanding discipline in which they must pass many actuarial entrance exams (which vary from country to country) to qualify. These exams have a low passing rate, usually in the single digits. Some of the best actuarial science programs in the world are

Bachelor’s/Undergraduate programs in Actuarial Science

• Bachelor in Actuarial Science
• Bachelor in Mathematics
• Bachelor in Statistics
• Bachelor in Finance
• Bachelor in Computer Science
• Bachelor in Economics

Master’s/Post-graduate programs in Actuarial Science

• Master in Actuarial Science
• MBA in Actuarial Science
• Master in Economics
• Master in Actuarial and Financial Sciences
• Master in Financial and Actuarial Mathematics
• Master in Statistical and Actuarial Sciences
• Master in Actuarial and Risk Management
• Master in Econometrics, Operations Research, and Actuarial Studies

Specializations in Actuarial Science

Actuaries typically specialize in one of the following fields, such as

Life insurance: This is the most common type of actuarial specialty. Actuaries in this field, work with whole life and term life insurance, both of which pay a lump sum of money to the policyholder’s family when the policyholder dies. Life insurance actuaries estimate how long someone will live depending on risk factors including age, alcohol consumption, tobacco use, and so on.

Health insurance: This field is involved in the development of long-term care and health insurance policies by estimating predicted care expenses under the provisions of an insurance contract. Their forecasts are based on a variety of criteria, such as family history, location, and occupation.

Property and casualty insurance: The actuaries in this field are involved in the development of policies that protect policyholders from property damage and liabilities as a result of accidents, natural disasters, fires, and other occurrences.

Pension and retirement benefits: This specialization assists employers in developing different sorts of retirement benefits, as well as retiree healthcare programs.

Enterprise risk management: It helps to identify risks, including financial, economic, and geopolitical risks, that could impact a company’s short- and long-term goals. They assist top executives in determining how much risk the company is willing to take by developing strategies to mitigate those risks. 

Duration of programs in Actuarial Science

A bachelor’s degree in actuarial science can last anywhere from three to four years; in North America, it usually takes four years to complete an undergraduate degree in actuarial science or a related field, whereas, in Europe and the rest of the world, it usually takes three to four years. A master’s degree can take anywhere from one to two years to complete. The following table lists the duration of the undergraduate and graduate degrees in actuarial science worldwide. 

Career opportunities in Actuarial Science

There are many different types of sectors that employ actuaries, insurance sector being the topmost of them all. Since actuarial exams are mandatory for certification, students can study for them while interning or working. These tests can take anywhere from seven to ten years to pass because they are the most difficult to pass and frequently require several attempts. The following are some career opportunities for anyone who is interested in becoming an actuary.

•  Actuary
• Consultant
• Finacial advisor
• Product manager
• Risk analyst
• Investment advisory
• Professor

Average salaries for Actuaries

The majority of actuaries work in offices, although some also work as consultants and travel to meet with their clients. Their salary is determined by the role they hold, their educational level, their experience, and the kind of employer they work for. The following table shows the average, lowest, and highest salaries in the field of actuarial science. 

*Note: All prices mentioned in the USD are for reference only. Exchange rates may vary from time to time and from country to country.

Top 50 universities in the world for Actuarial Science based on academic rankings

Top universities in the USA for Actuarial Science

Between 2020 and 2030, the Bureau of Labor Statistics predicts a 24.5 percent increase in actuary employment, making it one of the best careers to study in the USA. Many top universities in the USA offer bachelor’s, master’s, as well as doctoral programs in actuarial science. The undergraduate actuarial science programs in the USA last four years, while graduate actuarial science programs in the USA last one to two years. The table below offers a list of the top actuarial science schools in the USA, as ranked by ranking agencies, as well as the bachelor’s and master’s programs in actuarial science they offer. 

Top universities in the UK for Actuarial Science

Actuarial degrees are highly valuable in the UK because of its strong financial industry and growing demand for qualified employees, therefore, a lot of students go to study in the UK. Some of the world’s most prestigious institutions, such as the University of Oxford, University of Cambridge, University College London, and Imperial College London offer a wide range of master’s specializations in actuarial science. Many UK universities also offer bachelor’s degrees in actuarial science and relevant fields. 

Top universities in Australia for Actuarial Science

In addition to a wonderful, sunny atmosphere, studying in Australia allows students to gain true global exposure and extend their perspectives. Both domestically and internationally, Australian universities are regarded for providing high-quality education. They offer a comprehensive selection of actuarial science courses for undergraduates and graduate students. The table below is a list of Australia’s leading actuarial science universities, which provide bachelor’s and master’s degrees in the subject.

Top universities in Canada for Actuarial Science

Canadian institutions are well-known for providing fully-funded scholarships that can cover the cost of a student’s entire education. Therefore, Canada is the best place to study especially for international students. Students can apply for scholarships at the University of Toronto, the University of British Columbia, the University of Alberta, and other institutions that offer master’s degree programs in actuarial science. They also offer several options for those interested in pursuing bachelor’s degrees in actuarial science.

Top universities in Switzerland for Actuarial Science

As per Glassdoor statistics, salaries in Switzerland for actuaries range from 102,177 to 204,355 USD/year based on experience. Because of the high-paying salaries for actuaries, a lot of international students prefer to study in Switzerland. Considering the demand for actuary jobs, many universities in Switzerland offer bachelor’s and master’s courses in actuarial science along with scholarships and funding options for international students. The table below lists some of the top universities in Switzerland offering master’s and bachelor’s courses in actuarial science.

Academic requirements for studying Actuarial Science

Because actuarial science is the most sought-after business degree, entrance to these programs is quite tough. Merely meeting the admissions requirements isn’t enough to get into one of the best actuarial schools. Students must have a strong academic record with good knowledge of mathematics, statistics, and business principles. Plus, they must have excelled in competitive exams such as the SAT, ACT, GMAT, and others. The following are some of the general academic requirements to study in the best actuarial science colleges in the world. 

Bachelor’s level

• A high school education with a 3.0 GPA or above with mathematics and statistics as compulsory subjects
• Academic transcripts
• SAT and/or ACT scores (varies from university to university)
• Personal statement 
• Letter of recommendation
• Valid passport
• English proficiency test scores such as TOEFL (90 and above) or IELTS (6.0 and above)

Master’s level

• A bachelor’s degree in actuarial science, finance or relevant field (knowledge of maths and statistics is a must) with a GPA of 3.0 or higher 
• Academic transcripts
• GMAT, MCAT and/or GRE scores (varies from university to university)
• Personal statement 
• Letters of recommendation
• Valid passport
• Resume
• Work experience (preferable)
• English proficiency test scores such as TOEFL (90 and above) or IELTS (6.0 and above)

*Note: All prices mentioned in the USD are for reference only. Exchange rates may vary from time to time and from country to country.