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Actuarial Science

Types of Degrees Actuarial Science Majors Are Earning

Students pursuing Actuarial Science have the option of earning degrees at several award levels.

Award Level	Graduates
Certificate	1
Bachelor’s Degree	1,082
Master’s Degree	280

What Actuarial Science Majors Need to Know

Studies in Actuarial Science build a specific mix of knowledge, skills, and abilities — derived from O*NET surveys of workers in occupations that Actuarial Science graduates commonly enter.

Knowledge Areas

This major prepares you for careers needing Actuarial Science emphasizes the following knowledge areas:

• Mathematics — Importance 4.3 / 5; level 5.7 / 7.
• English Language — Importance 4.1 / 5; level 4.3 / 7.
• Computers and Electronics — Importance 3.7 / 5; level 4.8 / 7.
• Economics and Accounting — Importance 3.7 / 5; level 4.7 / 7.
• Administration and Management — Importance 3.3 / 5; level 4.2 / 7.

^{Importance is rated 1–5; level is 1–7. Source: ONET Online — weighted across related occupations.*}

Skills

The skill set built by a Actuarial Science program reflects the day-to-day work of related occupations:

• Reading Comprehension — Importance 4.1 / 5; level 4.7 / 7.
• Critical Thinking — Importance 4.0 / 5; level 4.5 / 7.
• Speaking — Importance 4.0 / 5; level 4.3 / 7.
• Active Listening — Importance 4.0 / 5; level 4.1 / 7.
• Judgment and Decision Making — Importance 3.8 / 5; level 4.2 / 7.

Abilities

Abilities most relevant to Actuarial Science careers — again drawn from O*NET surveys of related occupations:

• Oral Expression — Importance 4.2 / 5; level 4.8 / 7.
• Written Comprehension — Importance 4.0 / 5; level 4.7 / 7.
• Written Expression — Importance 4.0 / 5; level 4.4 / 7.
• Inductive Reasoning — Importance 4.0 / 5; level 4.3 / 7.
• Oral Comprehension — Importance 3.9 / 5; level 4.7 / 7.

Common Job Activities

Day-to-day, Actuarial Science graduates report doing:

Activity	Frequency / Importance
Getting Information	4.5 / 7
Working with Computers	4.4 / 7
Analyzing Data or Information	4.3 / 7
Updating and Using Relevant Knowledge	4.2 / 7
Processing Information	4.2 / 7
Communicating with Supervisors, Peers, or Subordinates	4.2 / 7
Making Decisions and Solving Problems	4.2 / 7
Interpreting the Meaning of Information for Others	4.0 / 7
Organizing, Planning, and Prioritizing Work	3.8 / 7
Identifying Objects, Actions, and Events	3.8 / 7

Technology Skills Used on the Job

Most frequently-cited tools used by Actuarial Science professionals:

Tool / Software	Category	In-Demand
Microsoft PowerPoint	Presentation software	✓
Microsoft Office software	Office suite software	✓
Microsoft Word	Word processing software	—
Microsoft Excel	Spreadsheet software	✓
IBM SPSS Statistics	Analytical or scientific software	—
SAS	Analytical or scientific software	✓
R	Object or component oriented development software	✓
C++	Object or component oriented development software	—
Microsoft Access	Data base user interface and query software	—
Pricing software	Financial analysis software	—
Wolfram Research Mathematica	Analytical or scientific software	—
Microsoft SQL Server	Data base user interface and query software	—

^{Source: ONET Online technology skills, weighted across related occupations.*}

Sample Job Titles

Real job postings for Actuarial Science graduates include:

• Risk Adjustment Analyst
• Risk Management Manager
• Analyst
• Risk Management Consultant
• Risk Analyst
• Energy Risk Management Analyst
• Securities Consultant
• Securities Analyst
• Credit Risk Analyst
• Risk Specialist
• Operational Risk Manager
• Loss Control Inspector
• Compliance Risk Manager
• Model Risk Manager
• Security Consultant

Education Typically Required

Across the occupations open to Actuarial Science graduates, the typical level of education actually held by current workers is distributed as:

Education Level	Share of Workers
Bachelor’s degree	50.6%
Doctoral degree	26.7%
Master’s degree	7.5%
Post-baccalaureate certificate	6.0%
First professional degree	5.6%
High school diploma or equivalent	1.3%
Associate’s degree (or other 2-year)	1.3%
Some college courses	0.9%
Post-master’s certificate	0.1%

^{Source: ONET Online education / training / experience requirements.*}

Who Is Earning a Degree in Actuarial Science?

Gender Distribution

This field skews predominantly male, with men earning 62.4% of Actuarial Science degrees.

Gender	Graduates	Share
Women	513	37.6%
Men	850	62.4%

Racial-Ethnic Diversity

At the national level, the racial-ethnic distribution of Actuarial Science graduates is as follows:

Race / Ethnicity	Graduates	Share
White	727	53.3%
Asian	141	10.3%
Hispanic or Latino	73	5.4%
Black or African American	31	2.3%
American Indian / Alaska Native	2	0.1%
Native Hawaiian / Pacific Islander	1	0.1%
Two or More Races	43	3.2%
Race Unknown	22	1.6%
International Students	323	23.7%

^{See minority definition below.}

How Much Do Actuarial Science Graduates Earn?

Federal data tracks median earnings of Actuarial Science graduates 1, 4, and 5 years after completion. These numbers tend to grow steadily as graduates gain experience and move into mid-career roles.

Years Out	Median Earnings
1 year	$88,001
4 years	$83,500
5 years	$95,189

By year 5 out, median earnings rise to $95,189 — roughly 8% above the 1-year mark.

^{Source: U.S. Department of Education College Scorecard, field-of-study earnings tracker.}

Online Actuarial Science Programs

Distance learning is reported by IPEDS for Actuarial Science. The table below shows how many graduates earned at least some of their coursework online (Distance-Ed Available) versus completing the entire program online (Distance-Ed Only).

Award Level	Distance-Ed Available	Distance-Ed Only
Bachelor’s	2	3
Master’s	2	1

^{Distance-Ed Only = degrees completed entirely online; Distance-Ed Available = degrees including at least some online coursework. Source: IPEDS Completions by Distance Education status.}

Is a Degree in Actuarial Science Worth It?

Looking purely at the federal earnings tracker, Actuarial Science graduates earn a median of $83,500 four years after completion — roughly 120% above the national median for workers with only a high school diploma (~$38,000).

^{ROI estimate compares the program’s 4-yr median earnings against the 2023 BLS CPS median earnings for high-school-only workers. Source: U.S. Department of Education College Scorecard + BLS Current Population Survey.}

Related Programs

You may also be interested in these closely related fields of study:

Program	CIP Code
Management Sciences and Quantitative Methods	52.13
Business Statistics	52.1302
Management Science	52.1301
Management Sciences and Quantitative Methods, Other	52.1399
Financial Risk Management	52.0810
Risk Management	52.0215
Accounting and Business/Management	52.0305
Accounting and Finance	52.0304
Accounting	52.0301
Finance, General	52.0801
Insurance	52.1701
International Finance	52.0806

References

The racial-ethnic minorities count is calculated by taking the total number of students and subtracting white students and international students. This number is then divided by the total number of students to obtain the racial-ethnic minorities percentage.

• College Factual
• National Center for Education Statistics (IPEDS)
• O*NET Online
• U.S. Bureau of Labor Statistics
• U.S. Department of Education College Scorecard

More about our data sources and methodologies.