Actuarial Science: Program Overview, Universities, Careers & Salaries
Program Overview
Actuarial Science is a rigorous, data-driven discipline dedicated to assessing and managing financial risk in dynamic environments, particularly within insurance, finance, and enterprise strategy. Students develop advanced expertise in probabilistic modeling, statistical inference, and predictive analytics to support informed decision-making in uncertain conditions.
- Forecasting theory: Explores methods for predicting future events based on historical data and probabilistic models, enabling organizations to anticipate trends and prepare for potential outcomes.
- Quantitative risk measurement: Focuses on numerical techniques for evaluating risk, including probability distributions, stochastic processes, and financial modeling to quantify uncertainty.
- Non-quantitative risk assessment: Examines qualitative approaches to risk evaluation, incorporating expert judgment, scenario analysis, and risk categorization to address complex or intangible factors.
- Risk table development: Involves constructing and validating statistical tables that represent the likelihood of events such as mortality, morbidity, or loss, essential for pricing and reserving in insurance.
- Secondary data analysis: Teaches the systematic review and interpretation of existing datasets to derive insights, test hypotheses, and support evidence-based risk strategies.
- Computer-assisted research methods: Integrates programming, data visualization, and statistical software tools to process large-scale datasets and simulate risk scenarios with precision.
Actuarial Science Graduate Trends (2010-2024)
Actuarial Science Career Pathways & Salary Outlook
The following table presents salary data for occupations typically aligned with Actuarial Science degrees, including Actuaries, Financial Risk Specialists and Business Teachers, Postsecondary. These career paths represent common employment outcomes but are not guaranteed for all graduates. Salary ranges vary by location, employer, experience level, and specific role requirements. Nationally, these occupations employ approximately 274,260 professionals.
National Average Salaries
| Occupation | Median Salary | Salary Range | Total Employment | Hourly Rate |
|---|---|---|---|---|
| Actuaries 15-2011 | $125,770 | $75,240 - $206,430 | 28,340 | $60.47 |
| Financial Risk Specialists 13-2054 | $106,000 | $62,270 - $182,310 | 56,320 | $50.96 |
| Business Teachers, Postsecondary 25-1011 | $97,270 | $46,460 - $210,530 | 81,780 | N/A |
| Insurance Underwriters 13-2053 | $79,880 | $51,640 - $138,020 | 107,820 | $38.40 |
Actuarial Science Salary Map by State
Geographic location significantly impacts earning potential for these careers. Average salaries range from $68,133 in Arkansas to $125,163 in District of Columbia—a 84% difference. The highest-paying states include District of Columbia, New York, and New Jersey. Nationwide, these occupations employ over 274,260 professionals across all states. Explore the interactive map below to compare regional compensation and identify optimal markets for your career goals.
Average Salary Range:
Top Universities for Actuarial Science by Graduate Enrollment
Below are the top 100 institutions offering Actuarial Science programs for the 2023-2024 academic year (the most recent data reported as of 2025), ranked by the number of graduates. The highest graduate enrollment in Actuarial Science is found at University of California (UCLA), Los Angeles (89 graduates), Purdue University (PU), Main Campus (71 graduates), University of Illinois Urbana-Champaign (UIUC) (70 graduates), University of Wisconsin-Madison (63 graduates), and University of Connecticut (UConn) (52 graduates). Combined, these colleges produced 1,338 graduates across all degree levels. Program availability varies by award level, including Associate, Bachelor's, Master's, and Doctoral degrees at participating universities and schools.
| College Name | Award Levels | Graduates | Location | Control | Website |
|---|---|---|---|---|---|
| University of California (UCLA) |
Master's
|
89 | Los Angeles, California | Public | ucla.edu |
| Purdue University (PU) |
Bachelor's
|
71 | West Lafayette, Indiana | Public | purdue.edu |
| University of Illinois Urbana-Champaign (UIUC) |
Bachelor's
Master's
|
70 | Champaign, Illinois | Public | illinois.edu |
| University of Wisconsin-Madison |
Bachelor's
Postbac Cert.
|
63 | Madison, Wisconsin | Public | wisc.edu |
| University of Connecticut (UConn) |
Bachelor's
|
52 | Storrs, Connecticut | Public | uconn.edu |
| Ohio State University |
Bachelor's
Master's
|
51 | Columbus, Ohio | Public | osu.edu |
| University of Nebraska (UNL) |
Bachelor's
Master's
|
47 | Lincoln, Nebraska | Public | unl.edu |
| University of California (UCSB) |
Bachelor's
Master's
|
44 | Santa Barbara, California | Public | ucsb.edu |
| Georgia State University |
Bachelor's
Master's
|
41 | Atlanta, Georgia | Public | gsu.edu |
| Florida State University (FSU) |
Bachelor's
|
38 | Tallahassee, Florida | Public | fsu.edu |
| Temple University |
Bachelor's
Master's
|
32 | Philadelphia, Pennsylvania | Public | temple.edu |
| University of Georgia (UGA) |
Other Award
|
31 | Athens, Georgia | Public | uga.edu |
| Michigan State University (MSU) |
Bachelor's
|
26 | East Lansing, Michigan | Public | msu.edu |
| Pennsylvania State University |
Bachelor's
|
25 | University Park, Pennsylvania | Public | psu.edu |
| The University of Texas |
Bachelor's
Master's
|
24 | Richardson, Texas | Public | utdallas.edu |
| Drake University |
Bachelor's
|
22 | Des Moines, Iowa | Private | drake.edu |
| University of Iowa |
Bachelor's
Master's
|
21 | Iowa City, Iowa | Public | uiowa.edu |
| Middle Tennessee State University (MTSU) |
Bachelor's
|
21 | Murfreesboro, Tennessee | Public | mtsu.edu |
| University of St Thomas |
Bachelor's
|
20 | Saint Paul, Minnesota | Private | stthomas.edu |
| CUNY Bernard M Baruch College |
Bachelor's
|
20 | New York, New York | Public | baruch.cuny.edu |
| Arizona State University Campus Immersion (ASU) |
Bachelor's
Master's
|
19 | Tempe, Arizona | Public | asu.edu |
| Boston University (BU) |
Master's
|
19 | Boston, Massachusetts | Private | bu.edu |
| Ball State University (BSU) |
Bachelor's
Master's
|
18 | Muncie, Indiana | Public | bsu.edu |
| Columbia University in the City of New York |
Master's
|
18 | New York, New York | Private | columbia.edu |
| Lebanon Valley College (LVC) |
Bachelor's
|
18 | Annville, Pennsylvania | Private | lvc.edu |
| Milwaukee School of Engineering (MSOE) |
Bachelor's
|
15 | Milwaukee, Wisconsin | Private | msoe.edu |
| University of Wisconsin (UWEC) |
Bachelor's
|
15 | Eau Claire, Wisconsin | Public | uwec.edu |
| Brigham Young University (BYU) |
Bachelor's
|
14 | Provo, Utah | Private | byu.edu |
| University of Central Florida (UCF) |
Bachelor's
|
13 | Orlando, Florida | Public | ucf.edu |
| Butler University |
Bachelor's
|
13 | Indianapolis, Indiana | Private | butler.edu |
| St. John's University (SJU) |
Bachelor's
Master's
|
13 | Queens, New York | Private | stjohns.edu |
| Appalachian State University (App State) |
Bachelor's
|
13 | Boone, North Carolina | Public | appstate.edu |
| The University of Texas (UTSA) |
Bachelor's
|
13 | San Antonio, Texas | Public | utsa.edu |
| Robert Morris University (RMU) |
Bachelor's
|
12 | Moon Township, Pennsylvania | Private | rmu.edu |
| Iowa State University (ISU) |
Bachelor's
|
11 | Ames, Iowa | Public | iastate.edu |
| Bentley University |
Bachelor's
|
11 | Waltham, Massachusetts | Private | bentley.edu |
| Oakland University (OU) |
Bachelor's
|
11 | Rochester Hills, Michigan | Public | oakland.edu |
| Maryville University of Saint Louis |
Bachelor's
Master's
|
11 | Saint Louis, Missouri | Private | maryville.edu |
| University at Albany (UAlbany) |
Bachelor's
|
11 | Albany, New York | Public | albany.edu |
| University of Michigan |
Bachelor's
|
10 | Flint, Michigan | Public | umflint.edu |
| University of Delaware (UD) |
Bachelor's
|
9 | Newark, Delaware | Public | udel.edu |
| DePaul University |
Bachelor's
|
9 | Chicago, Illinois | Private | depaul.edu |
| Central Michigan University (CMU) |
Bachelor's
|
9 | Mount Pleasant, Michigan | Public | cmich.edu |
| The University of Texas |
Other Award
|
9 | Austin, Texas | Public | utexas.edu |
| Concordia University-Wisconsin (CUW) |
Bachelor's
|
8 | Mequon, Wisconsin | Private | cuw.edu |
| DePauw University |
Bachelor's
|
7 | Greencastle, Indiana | Private | depauw.edu |
| Xavier University (XU) |
Bachelor's
|
7 | Cincinnati, Ohio | Private | xavier.edu |
| Central Washington University (CWU) |
Bachelor's
|
7 | Ellensburg, Washington | Public | cwu.edu |
| Carroll University |
Bachelor's
|
7 | Waukesha, Wisconsin | Private | carrollu.edu |
| Minnesota State University Moorhead (MSUM) |
Bachelor's
|
6 | Moorhead, Minnesota | Public | mnstate.edu |
| North Central College |
Bachelor's
|
5 | Naperville, Illinois | Private | northcentralcollege.edu |
| Valparaiso University (Valpo) |
Bachelor's
|
5 | Valparaiso, Indiana | Private | valpo.edu |
| University of Maine (UMF) |
Bachelor's
|
5 | Farmington, Maine | Public | umf.maine.edu |
| Morgan State University (MSU) |
Bachelor's
|
5 | Baltimore, Maryland | Public | morgan.edu |
| Assumption University |
Bachelor's
|
5 | Worcester, Massachusetts | Private | assumption.edu |
| The University of Olivet |
Bachelor's
|
5 | Olivet, Michigan | Private | uolivet.edu |
| University of Missouri-St Louis (UMSL) |
Bachelor's
|
5 | Saint Louis, Missouri | Public | umsl.edu |
| Siena College |
Bachelor's
|
5 | Loudonville, New York | Private | siena.edu |
| Otterbein University |
Bachelor's
|
5 | Westerville, Ohio | Private | otterbein.edu |
| Arcadia University |
Bachelor's
|
5 | Glenside, Pennsylvania | Private | arcadia.edu |
| Roanoke College |
Bachelor's
|
5 | Salem, Virginia | Private | roanoke.edu |
| Bradley University |
Bachelor's
|
4 | Peoria, Illinois | Private | bradley.edu |
| Roosevelt University |
Bachelor's
Master's
|
4 | Chicago, Illinois | Private | roosevelt.edu |
| Mount Mercy University (MMU) |
Bachelor's
|
4 | Cedar Rapids, Iowa | Private | mtmercy.edu |
| Bellarmine University |
Bachelor's
|
4 | Louisville, Kentucky | Private | bellarmine.edu |
| Ferris State University (FSU) |
Bachelor's
|
4 | Big Rapids, Michigan | Public | ferris.edu |
| University of Central Missouri (UCM) |
Bachelor's
|
4 | Warrensburg, Missouri | Public | ucmo.edu |
| Rider University |
Bachelor's
|
4 | Lawrenceville, New Jersey | Private | rider.edu |
| High Point University (HPU) |
Bachelor's
|
4 | High Point, North Carolina | Private | highpoint.edu |
| Bob Jones University (BJU) |
Bachelor's
|
4 | Greenville, South Carolina | Private | bju.edu |
| University of Wisconsin-Milwaukee (UWM) |
Bachelor's
|
4 | Milwaukee, Wisconsin | Public | uwm.edu |
| California Baptist University (CBU) |
Bachelor's
|
3 | Riverside, California | Private | calbaptist.edu |
| University of California (UCR) |
Bachelor's
|
3 | Riverside, California | Public | ucr.edu |
| Elmhurst University |
Bachelor's
|
3 | Elmhurst, Illinois | Private | elmhurst.edu |
| Olivet Nazarene University (ONU) |
Bachelor's
|
3 | Bourbonnais, Illinois | Private | olivet.edu |
| Purdue University Fort Wayne (PFW) |
Bachelor's
|
3 | Fort Wayne, Indiana | Public | pfw.edu |
| Indiana University (IUSB) |
Bachelor's
|
3 | South Bend, Indiana | Public | iusb.edu |
| Central College |
Bachelor's
|
3 | Pella, Iowa | Private | central.edu |
| Towson University (TU) |
Master's
|
3 | Towson, Maryland | Public | towson.edu |
| Western New England University (WNE) |
Bachelor's
|
3 | Springfield, Massachusetts | Private | wne.edu |
| Eastern Michigan University (EMU) |
Bachelor's
|
3 | Ypsilanti, Michigan | Public | emich.edu |
| Niagara University |
Bachelor's
|
3 | Niagara University, New York | Private | niagara.edu |
| New York Institute of Technology (NYIT) |
Master's
|
3 | Old Westbury, New York | Private | nyit.edu |
| Ashland University |
Bachelor's
|
3 | Ashland, Ohio | Private | ashland.edu |
| Ohio University (OHIO) |
Bachelor's
|
3 | Athens, Ohio | Public | ohio.edu |
| University of Central Oklahoma (UCO) |
Bachelor's
|
3 | Edmond, Oklahoma | Public | uco.edu |
| Drexel University |
Postbac Cert.
|
3 | Philadelphia, Pennsylvania | Private | drexel.edu |
| Elizabethtown College |
Bachelor's
|
3 | Elizabethtown, Pennsylvania | Private | etown.edu |
| Geneva College |
Bachelor's
|
3 | Beaver Falls, Pennsylvania | Private | geneva.edu |
| Lycoming College |
Bachelor's
|
3 | Williamsport, Pennsylvania | Private | lycoming.edu |
| Saint Joseph's University (SJU) |
Bachelor's
|
3 | Philadelphia, Pennsylvania | Private | sju.edu |
| Texas Christian University (TCU) |
Bachelor's
|
3 | Fort Worth, Texas | Private | tcu.edu |
| Arkansas State University (A-State) |
Bachelor's
|
2 | Jonesboro, Arkansas | Public | astate.edu |
| University of Evansville (UE) |
Bachelor's
|
2 | Evansville, Indiana | Private | evansville.edu |
| Indiana University (IUN) |
Bachelor's
|
2 | Gary, Indiana | Public | iun.edu |
| Trine University |
Bachelor's
|
2 | Angola, Indiana | Private | trine.edu |
| Northwestern College (NWC) |
Bachelor's
|
2 | Orange City, Iowa | Private | nwciowa.edu |
| Saint Mary's University of Minnesota (SMUMN) |
Bachelor's
|
2 | Winona, Minnesota | Private | smumn.edu |
| Blue Mountain Christian University |
Bachelor's
|
2 | Blue Mountain, Mississippi | Private | bmc.edu |
| William Paterson University of New Jersey |
Bachelor's
|
2 | Wayne, New Jersey | Public | wpunj.edu |
Frequently Asked Questions
Find answers to the most common questions about Actuarial Science programs
How much can I earn with a Actuarial Science degree?
Salaries for Actuarial Science graduates vary by role and location. Actuaries earn a median of $125,770 annually, while Financial Risk Specialists earn around $106,000. Geographic location significantly impacts earnings—professionals in District of Columbia average $125,163 compared to $68,133 in Arkansas. Approximately 274,260 professionals work in related occupations nationwide.
Salary data from U.S. Bureau of Labor Statistics OEWS program, May 2024. Earnings vary by experience, employer, and market conditions.
Which universities have the largest Actuarial Science programs?
Currently 123 accredited institutions offer Actuarial Science degrees across the U.S. Programs with the highest enrollment include University of California (UCLA), Los Angeles (89 graduates), Purdue University (PU), Main Campus (71 graduates), and University of Illinois Urbana-Champaign (UIUC) (70 graduates).
Program size doesn't necessarily indicate quality—consider factors like faculty expertise, production opportunities, location, and available degree levels when choosing a school.
Data based on IPEDS program completions for 2023-2024 academic year. Numbers reflect programs where students graduated.
Is enrollment in Actuarial Science growing or declining?
Graduate numbers have increased over the past decade, rising from 1,034 in 2010 to a peak of 2,099 in 2020, before declining slightly to 1,363 in 2023-24. This represents a 32% increase overall from 2010.
The field remains specialized with steady interest, though opportunities are most concentrated in major metropolitan areas with active arts scenes like New York, California, and Illinois.
Graduate enrollment data from IPEDS, 2010-2024 academic years. Trends reflect reported completions at participating institutions.
What career paths are available with a Actuarial Science degree?
This degree prepares you for roles such as Actuaries, Financial Risk Specialists, and Business Teachers, Postsecondary. Related occupations employ approximately 274,260 professionals nationwide.
Skills in project management, creative leadership, and collaboration also transfer to event planning, arts administration, marketing, and corporate training roles. Many professionals work freelance or on a project basis across theatre, film, and live events.
Career pathways mapped using CIP-SOC crosswalk from the National Center for Education Statistics. Employment data from BLS OEWS May 2024.
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