Actuarial Science

Actuarial science is the discipline that applies mathematical and statistical methods to assess risk in the insurance and finance industries. Actuaries are professionals who are qualified in this field through education and experience. In many countries, actuaries must demonstrate their competence by passing a series of rigorous professional examinations.

Actuarial science includes a number of interrelating subjects, including probability, mathematics, statistics, finance, economics, financial economics and computer programming. Historically, actuarial science used deterministic models in the construction of tables and premiums. The science has gone through revolutionary changes during the last 30 years 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

Name
Carnegie Mellon University Four or more years; Private not for profit; 11,197 students; $39,470 average out-state tuition; $39,470 average in-state tuition
University of Illinois at Urbana-Champaign Four or more years; Public; 43,723 students; $23,626 average out-state tuition; $9,484 average in-state tuition
Pennsylvania State University-Main Campus Four or more years; Public; 44,406 students; $25,134 average out-state tuition; $13,604 average in-state tuition
Drake University Four or more years; Private not for profit; 5,653 students; $25,160 average out-state tuition; $25,160 average in-state tuition
University of Nebraska-Lincoln Four or more years; Public; 24,100 students; $16,650 average out-state tuition; $5,610 average in-state tuition
University of Connecticut Four or more years; Public; 25,029 students; $23,232 average out-state tuition; $7,632 average in-state tuition
Temple University Four or more years; Public; 36,078 students; $21,044 average out-state tuition; $11,174 average in-state tuition