Masters Actuarial Science Programs and Requirements

Pursuing a Master's in Actuarial Science can be a fantastic career move, but it requires a solid understanding of the programs and requirements involved. Most Master's programs in Actuarial Science are designed to be completed in two years.

To be eligible for these programs, applicants typically need a bachelor's degree in a quantitative field, such as mathematics, statistics, or economics. A strong foundation in probability, statistics, and calculus is also essential.

Some programs may also require applicants to have passed certain actuarial exams, such as the Probability and Statistics exam. These exams are administered by the Society of Actuaries and the Casualty Actuarial Society.

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A Master's in Actuarial Science is a graduate degree that focuses on mathematics, statistics, and financial risk. This degree is perfect for those who want to pursue a career as an actuary.

Actuaries analyze the economic risks of uncertainty and risk, and a Master's in Actuarial Science can help you develop the advanced knowledge needed for higher-level careers. In fact, actuaries usually need a bachelor's degree in actuarial science or a related analytical field.

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The typical admission requirements for a Master's in Actuarial Science include a bachelor's degree from an accredited institution, mathematics prerequisites, GMAT or GRE scores, and a minimum GPA of 2.75-3.0. This ensures that you have a solid foundation in mathematics and statistics.

A Master's in Actuarial Science typically requires 30-43 credits, which can take about 1-2 years to complete. This program is designed to prepare you for actuarial science careers in banking and investment, government, consulting, and insurance.

Here's a comparison of the key factors of a Master's in Actuarial Science and a Master's in Accounting:

This comparison highlights the key differences between the two programs, so you can make an informed decision about which one is right for you.

The Master of Actuarial Science program typically consists of 30 credit hours, which can be completed in three to four semesters of full-time studies or on a part-time basis.

To be eligible for the program, you'll need to submit an online application and a $50 application fee. GMAT or GRE scores are not required, but you will need to provide college transcripts, a personal statement, and a resume. International applicants may have additional requirements.

Here are the typical program details:

The program highlights of this degree program are truly impressive. The Master of Actuarial Science and M.S. in Quantitative Risk Analysis and Management program is designed to meet the growing need for graduates with solid quantitative skills in both actuarial risk modeling and financial risk modeling.

This program is ideal for those who want to understand business contexts and possess the necessary communication skills for solving complex risk issues. The curriculum is tailored to provide students with a comprehensive understanding of actuarial science and quantitative risk analysis.

The program can be completed in three to four semesters of full-time studies or on a part-time basis, making it flexible and convenient for working professionals. Classes take place at Temple's Main Campus, providing students access to the benefits of city life and connections to leading organizations.

Here are some of the key courses offered in this program:

These courses provide a solid foundation in actuarial science and quantitative risk analysis, preparing students for a successful career in this field.

Summer Session is a great option for students who want to get a head start on their studies. Exam FM, Exam SRM, Exam FAM-S, and Exam ASTAM are all available during the summer session.

These exams have specific course codes: ACT 601, ACT 611, ACT 603/604, and ACT 603/604 respectively. Students who take the online version of the program will need to take all exams at the Manhattan campus.

UEC (University-Earned Credit) status has been earned by these courses from the SOA, but it's worth noting that UEC-approved courses must be proctored and in-person. This means students taking these courses online will need to plan a trip to NYC for two or three days per semester.

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To be eligible for an actuarial science master's program, you'll need at least a bachelor's degree from an accredited institution.

Applicants may need undergraduate mathematics prerequisites in calculus, statistics, and algebra, and a minimum 2.75 GPA is typically required.

Most programs do not require professional experience, but it may increase your chances of acceptance.

At accredited universities, you can expect to develop critical thinking, problem-solving, communication, and technical mathematical skills.

Actuarial science programs draw from business, statistics, economics, and mathematics, focusing on risk analysis and management.

A typical master's in actuarial science requires 30-43 credits and takes 1.5-3 years to complete.

Graduates of actuarial science master's programs are prepared to take the associate actuarial certification examinations with the Casualty Actuarial Society (CAS) or the Society of Actuaries (SOA).

Actuarial science accredited universities help students apply for work as actuaries, actuarial consultants, and risk managers.

Broaden your view: Casualty Actuarial Society

To get into an actuarial science master's program, you'll typically need a bachelor's degree from an accredited institution.

You'll need to have a strong academic record, with a minimum 2.75 GPA. Some programs may also require undergraduate math prerequisites in calculus, statistics, and algebra.

Applicants may need to submit college transcripts, letters of recommendation, a resume, and GMAT or GRE scores. You'll also need to pay an application fee, which can range from $70 to an unknown amount.

Most actuarial science master's programs don't require professional experience, but having some can increase your chances of acceptance.

Here are some common requirements for actuarial science master's programs:

Some programs may also require a statement of purpose or goals, which is a written statement outlining your academic and professional goals.

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Applying to St. John's is a straightforward process. You can submit a free online application for all 100+ undergraduate programs.

The application process is designed to be accessible, with low-cost graduate applications for most programs.

For another approach, see: Best Actuarial Science Programs

Georgia State's Master of Actuarial Science program is a 30-credit hour program that can be completed in addition to the 30 hours required for the MAS degree or in addition to the 48 hours required for the dual degree programs. The program pre-requisites can be found on the "Curriculum" tab.

The cost of earning a master's degree in actuarial science varies by program, but attending a public university where you can pay in-state tuition typically offers the most affordable option, with an average graduate tuition of $19,792 for the 2019-2020 school year. This can be a significant cost savings, especially for students who are not residents of the state.

To help pay for your degree, you can pursue college financing options, including fellowships, scholarships, grants, and loans. Some programs, like Temple's Master of Science, offer a competitive level of tuition with multiple opportunities for financial support.

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You can complete the Master of Actuarial Science program either online or in person, and it's available in Atlanta or fully online.

The online option is geared toward working professionals with strong quantitative skills looking to transition into the actuarial field, and it's designed for part-time study.

You can also complete the program in person, which is geared toward full-time students with or without actuarial experience, and it's available for full- or part-time study.

Here's a comparison of the two options:

The cost of earning a master's degree in actuarial science can vary by program, but attending a public university with in-state tuition is often the most affordable option.

The average graduate tuition at a public institution was $19,792 for the 2019-2020 school year, according to the National Center for Education Statistics (NCES).

In addition to tuition, students can expect to incur other costs related to books, technology fees, room and board, and travel.

Attending a private university like Temple University, on the other hand, may come with a higher price tag, but the university offers a competitive level of tuition and multiple opportunities for financial support.

Tuition rates at Temple University are set annually and are affected by factors such as program degree level, course load, and in-state or out-of-state residency.

Here are some estimated costs for the 2025-2026 academic year at Temple University:

It's worth noting that students can pursue college financing options, including fellowships, scholarships, grants, and loans, to help cover the costs of their degree.

Actuaries are in high demand, with the Bureau of Labor Statistics reporting a 24% employment growth rate from 2020-2030.

With a median annual salary of $111,030, actuaries earn much higher than the national average for all jobs.

Graduates of actuarial science programs can expect a 46% average salary increase, enabling them to pay back their investment in graduate school within 1.4 years.

Actuaries work in various industries, including banking and investment, insurance, and government, and may hold roles such as actuaries, data scientists, risk managers, and actuarial consultants.

Careers in actuarial science include actuarial analyst, actuarial assistant, and risk insurance actuary.

Broaden your view: Joint Board for the Enrollment of Actuaries

Choosing a Graduate Program can be a daunting task, but it's essential to consider several key factors to make an informed decision. Research the competitiveness of the program, as a more competitive program may be less likely to offer admission.

The university's resources are also crucial to consider. Look into the student support options offered by the program, such as career development centers, tutoring services, or study abroad opportunities. These resources can make a significant difference in your graduate experience.

To get a sense of the program's competitiveness, research the admission criteria beforehand. This will give you an idea of how likely you are to receive an admission offer. Be sure to also ask about financial aid opportunities, as the cost of a master's in actuarial science degree can vary significantly between programs.

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If you're considering a graduate program in actuarial science, it's essential to have a strong foundation in mathematics. A bachelor's degree in a field like economics, engineering, or mathematics can provide a solid starting point.

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A mathematics background, including calculus and probability, is crucial for success in an actuarial science program. This is especially true if you're interested in pursuing a career in actuarial science.

Some other skills that can be valuable in an actuarial career include business acumen, communication and interpersonal skills, industry knowledge, and statistics. These skills can help you stand out in a competitive job market.

Here are some specific undergraduate majors that can lead to a graduate program in actuarial science:

Choosing a graduate program can be a daunting task, but it's essential to do your research to find the right fit. Consider the competitiveness of the program, as a more competitive program may be less likely to offer you admission.

Admission criteria can vary greatly between programs, so make sure to research them thoroughly before applying. A strong academic record and relevant work experience can give you an edge in a competitive program.

University resources are also crucial to consider. Look for programs that offer career development centers, tutoring services, and study abroad opportunities to help you succeed in your graduate studies.

The cost of graduate programs can be significant, so it's essential to factor in the estimated cost of attendance for each school. Don't forget to ask about financial aid opportunities to help make your graduate education more affordable.

Here are some common bachelor's degrees that can prepare you for a master's in actuarial science:

A strong mathematics background, including calculus and probability, is essential for success in an actuarial science program. Other valuable skills include business acumen, communication and interpersonal skills, industry knowledge, and statistics.

Students are automatically considered for academic scholarships that range from $5,000 to full tuition.

Funds for these scholarships are awarded on a first-come, first-serve basis, so it's essential to apply as soon as possible to secure your spot.

Students accepted to the M.S. in Actuarial Science degree program who have two Society of Actuaries exams completed before classes begin are eligible for a $40,000 scholarship award.

To qualify for this award, one of the completed exams must be the exam P.

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Actuarial science careers are diverse and challenging, offering a wide range of job opportunities for professionals with a strong analytical background. Actuaries can work in various industries, including health insurance, life insurance, and property insurance companies.

Actuaries use complex statistical analysis to measure potential financial risks and recommend methods to avoid or reduce their impact. This expertise is essential to a company's growth and sustainability in any dynamic industry.

Actuaries can specialize in areas like healthcare, life insurance, enterprise risk management, or the public sector. A bachelor's degree in actuarial science or a related analytical field is usually required for an actuarial career.

According to the job outlook, actuarial science is a rapidly growing field, with a projected growth rate of +24% from 2020 to 2030.

Here are some examples of actuarial science careers:

Many actuarial science graduates have reported a significant salary increase after graduation, with an average salary increase of 46% in 2023. This enables them to pay back their investment in graduate school within 1.4 years.

Actuaries can find job opportunities with top employers in the industry, such as AIG, AEGIS, and Deloitte, through career services and alumni networks.

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If you're considering a Master's in Actuarial Science, you'll likely take a variety of courses that prepare you for a career in the field. These courses can be completed in a 30-credit program, which can be finished in three to four semesters of full-time studies.

Some popular graduate courses include Actuarial Analytics, Long-term and Short-term Actuarial Modeling, Managing Human Capital Risk, and Managing Property and Liability Risk. These courses provide a solid foundation in actuarial science and can help prepare you to sit for exams from the Society of Actuaries (SOA) or Casualty Actuarial Society (CAS).

Here are some other graduate courses you might encounter:

Graduate courses in actuarial science can be a bit overwhelming, but I'm here to break it down for you.

Some popular graduate courses in actuarial science include Probability and Random Variables, which requires a strong calculus background. This class explores density and distribution functions, sampling distributions, and probability set functions.

Mathematics of Finance is another popular course, which covers compound interest, annuities, amortization, and market derivatives. Students become fluent in depreciation, force of interest, yield rates, and equations of value.

Actuarial Statistics is a must-have for any aspiring actuary, as it covers severity loss and frequency loss models for claims, aggregate models, deductibles, and claim limits. Enrollees learn to use statistics principles in actuarial modeling and models, which can help prepare learners to take SOA or CAS exams.

Mathematics of Compound Interest is a key course for understanding the role of interest in financial theory. Students learn about interest calculations in relation to mortgages, bonds, annuities, and other financial instruments.

Here are some specific courses you might find in an actuarial science graduate program:

Graduate research assistantships are available to offset program costs. This can be a huge help to students who want to pursue their graduate studies without breaking the bank.

One of the best things about graduate research assistantships is that they provide hands-on research experience, which can be a great way to gain skills and build your professional network.

Students who receive graduate research assistantships often have the opportunity to work with experienced researchers and contribute to ongoing projects, helping them develop a deeper understanding of their field.