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Looking to take your actuarial sciences education to the next level? Compare the best actuarial science master's programs and make the right choice for your future.
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An actuarial science master's degree explores the mathematics behind measuring and analyzing risk and uncertainty.
Graduates can pursue positions in actuarial science, where they develop insurance policies, guide investment strategies, and make data-driven business decisions. As organizations and industries increasingly prioritize risk management, the demand for actuarial science and insurance professionals continues to rise.
Discover what to expect from this degree, where to find the best actuarial science master's programs, and where they might lead you.
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Top Actuarial Science Master's Programs
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#1 Best Master’s Degrees in Actuarial Science
Boston University
Boston, MA
4 years
Online + Campus
With a home campus located along the Charles River, Boston University serves a student body of over 33,500 students in more than 300 academic programs. BU offers undergraduate, graduate, and professional programs with flexible learning options.
Master of Science in Actuarial Science
Housed within Boston University's Metropolitan College (MET), this on-campus MS in actuarial science empowers students with the skills they need to become actuaries. The 43-credit hour program takes 21-36 months to complete, with both full-time and part-time enrollment track options. The program includes four core courses and seven elective courses. Students may take two courses outside of the actuarial department to supplement their electives.
As the only master's degree in actuarial science offered at a college in northern New England, the program's success tracks back 25 years. Students benefit from hands-on experiential learning, exceptional student support, and a large network of alumni.
Applying to BU
Students must submit a formal application, a current resume, two letters of recommendation, a personal statement, and an $85 application fee. No GRE or GMAT are required, and students may apply to enroll in any semester.
Program at a Glance
School Type: Private
Accreditation: New England Commission on Higher Education (NECHE)
Tuition: $29,280 per semester, full-time
Required Credits: 43 credits
Program Length: 21-36 months
Delivery Format: on campus
Average Undergrad Tuition
In-state
$54,720
Out-of-state
$54,720
Average Graduate Tuition
In-state
$54,720
Out-of-state
$54,720
Retention Rate
94%
Acceptance Rate
19%
Students Enrolled
33,720
Institution Type
Private
Percent Online Enrollment
10%
Percentage of all students who are enrolled online.
Accreditation
Yes
New England Commission on Higher Education
#2 Best Master’s Degrees in Actuarial Science
University of California-Santa Barbara
Santa Barbara, CA
4 years
Campus
Situated just blocked from the Pacific coast, the University of California-Santa Barbara offers over 200 academic programs. With a diverse student body of more than 26,000, UC Santa Barbara sits fifth overall in the U.S. News and World Report ranking of public colleges.
Master of Arts in Statistics
UCSB offers multiple graduate pathways for actuarial studies, including an MA in statistics with emphasis options in both mathematical and applied statistics, and a BS to MA track in actuarial science. These master's programs, housed in UC Santa Barbara's Department of Statistics and Applied Probability, provide students with skills and foundational knowledge in probability and statistics and mathematical finance.
Statistics and actuarial students at UC Santa Barbara benefit from the university's Statistical Laboratory (StatLab) as a resource for hands-on experience and learning.
The BS/MA program requires 91 credits, including 39 within the master's track. Students in the MA in statistics program must pass a qualifying examination and complete a master's thesis project as capstone requirements.
Applying to UC Santa Barbara
Applicants must submit a statement of purpose, official transcripts from undergraduate study, three letters of recommendation, and GRE scores. Applicants to the statistics and actuarial programs must show proof of completing prerequisite course requirements.
Program at a Glance
School Type: Public
Accreditation: Western Association of Schools and Colleges Senior Colleges and University Commission (WSCUC)
2%
Percentage of all students who are enrolled online.
Accreditation
Yes
Western Association of Schools and Colleges Senior Colleges and University Commission
#3 Best Master’s Degrees in Actuarial Science
University of Illinois at Urbana-Champaign
Champaign, IL
4 years
Online + Campus
The University of Illinois at Urbana-Champaign originally opened in 1867 as one of the original 37 land grant institutions created by President Lincoln. Situated a few hours outside Chicago, U of I serves over 33,000 students in more than 150 academic programs.
Master of Science in Actuarial Science
Designed to prepare students for professional examinations, U of I's MS in actuarial science provides the skills students need to excel in the field. Students without a bachelor's in actuarial science must sit for and pass the first professional exam during their first semester of the program.
The 32-credit program emphasizes studies in financial mathematics, risk management practices and regulations, and applied statistics. Students complete a minimum of 20 credit hours in actuarial science and risk management, and the additional 12 required credits in approved elective courses.
Students wishing to pursue a doctoral degree at U of I following graduation must complete a master's thesis.
Applying to U of I
Applicants must hold an undergraduate degree with a minimum 3.0 GPA. All students must submit official transcripts, three letters of recommendation, official GRE scores, a statement of purpose or goals, and a $70 application fee.
39%
Percentage of all students who are enrolled online.
Accreditation
Yes
Higher Learning Commission
#4 Best Master’s Degrees in Actuarial Science
CUNY Queens College
Queens, NY
4 years
Online + Campus
Nestled just outside New York City, Queen's College offers undergraduate, graduate, and professional degrees to a student body of more than 20,000. QC's scenic, 80-acre, tree-lined campus sits before the backdrop of the Manhattan skyline, offering learners the best of both worlds.
Master of Science in Risk Management
QC offers multiple graduate study pathways for students seeking a career in risk management, including an MS in risk management with a concentration in actuarial studies. The program explores key topics in accounting, risk assessment and measurement, finance, and financial modeling.
The 30-credit program,delivered full- or part-time via on-campus evening classes, best suits students with strong backgrounds in analysis and communication skills. Students take courses in topics like financial econometrics, probability, and corporate finance.
For students seeking a short-term option in place of a full graduate program, QC offers a 12-credit advanced certificate program in risk management.
Applying to QC
Applicants to QC must submit an official application, official transcripts from all prior institutions, a current resume, GMAT or equivalent scores, a 500-word essay regarding program goals, and two letters of recommendation.
Program at a Glance
School Type: Public
Accreditation: Middle States Commission on Higher Education (MSCHE)
3%
Percentage of all students who are enrolled online.
Accreditation
Yes
Middle States Commission on Higher Education
#5 Best Master’s Degrees in Actuarial Science
The University of Texas at Dallas
Richardson, TX
4 years
Online + Campus
Originally founded as a mathematical research center in 1961, The University of Texas at Dallas now serves over 29,000 students enrolled in more than 140 unique academic programs. UT Dallas hosts a diverse student body representing more than 100 countries.
Master of Science in Actuarial Science
Led by the renowned faculty of UT Dallas' School of Natural Sciences and Mathematics, the MS in actuarial science program prepares students to pursue leadership roles in the field. The program, designed to prepare students to sit for required professional examinations, emphasizes studies in actuarial theory and probability models. Students complete a core curriculum covering topics in probability and statistics, investment and financial markets, and actuarial mathematics.
Students benefit from a sprawling home campus with a 300,000 square foot research facility for students in the 36-credit program. UT Dallas' proximity to the city center allows for abundant internship and career opportunities, and a wide network of alumni.
Applying to UT Dallas
Applicants must hold a bachelor's degree from an accredited institution. Test scores are optional, and UT Dallas does not have a minimum GPA requirement. Students must submit an official application and three letters of recommendation.
Program at a Glance
School Type: Public
Accreditation: Southern Association of Colleges and Schools Commission on Colleges (SACSCOC)
19%
Percentage of all students who are enrolled online.
Accreditation
Yes
Southern Association of Colleges and Schools Commission on Colleges
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Accounting.com ranks the best accounting degrees using reputable sources such as the U.S. Department of Education. We build our rankings with four main metrics in mind: academics, cost, reputation, and program availability. We also consider subfactors like retention rate, federal aid amounts, and return on investment to help you find the right program for you.
This list has not been updated for 2025. Learn more about our process by visiting our school rankings methodology page.
Why Get an Actuarial Science Master's Degree?
Improved Job Prospects
Actuarial science master's programs help you develop specialized skills that can improve your job qualifications and opportunities. You'll study data science and learn how to leverage advanced techniques and technologies to better inform predictions and decisions.
Higher Earning Potential
According to Payscale, master's degree-holders in actuarial science earn an average annual salary of $81,000, compared to $78,000 for bachelor's degree-holders in the field. While the difference is just $4,000 per year on average, a master's degree could also fast-track your path to higher-paying leadership positions.
Professional Development
A master's in actuarial science may not be required, but it can help you prepare for the rigorous industry examinations. A master's program can reduce your prep time and help you pass on your first attempt, something that can be difficult to do in the actuarial science field.
What to Expect From an Actuarial Science Master's Degree
Actuarial science master's programs explore advanced actuarial techniques and applications to determine and mitigate risk for organizations. The discipline pulls from many fields, including statistics, mathematics, finance, and economics. You learn to analyze complex data, develop predictive models, and quantify uncertainty for different industries and situations.
Most programs feature between 30-45 credits and take about 18-24 months to complete, but your timeline depends on your course load and transfer credits. Many actuarial science master's programs prepare graduates for postgraduate credentials, like those from the Casualty Actuarial Society (CAS) and the Society of Actuaries (SOA). Some programs even offer exam preparation courses.
While there's no specific programmatic accreditation for actuarial science, the SOA does recognize schools that prepare students for postgraduate credentials as Centers of Actuarial Excellence (CAE) or Universities & Colleges with Actuarial Programs (UCAP).
Degree, Concentration, and Format Options
Most actuarial science master's programs lead to a master of science (MS), but some award a master of arts (MA) or even an MBA with an actuarial science concentration. In most cases, these programs only differ by their elective requirements.
These degrees may be in actuarial science, statistical sciences, insurance analytics, and actuarial mathematics. You may even encounter a related concentration like risk management, which takes a broader approach than the finance and insurance-focused actuarial science.
In terms of delivery format, you'll find most schools offer in-person programs, but online and hybrid options are available. Online programs may run classes synchronously at scheduled times or asynchronously for on-demand learning. A fully online program could allow you to pursue a degree at an out-of-state school without relocating.
For those pursuing an SOA credential after graduation, some SOA-recognized schools may participate in the University-Earned Credit (UEC) Program, which allows students to earn credit toward the exams. This can reduce the time and difficulty required for the credential.
Should You Get an Actuarial Science Master's or Accounting Master's?
Because of the overlap between an actuarial science master's and an accounting master's, you may wonder which path is right for you. While both programs provide you with analytical and financial skills, each has a different focus and prepares you for different careers.
The table below highlights some of the key differences between these programs to help you choose between them.
Comparing Master's in Actuarial Science and Accounting
Key Factor
Master's in Actuarial Science
Master's in Accounting
Program Length
1-2 years
1-2 years
Typical Course Load
30-45 credits
30-45 credits
Types of Classes
Financial mathematics, predictive analytics, probability and statistics
Taxation, auditing and assurance, financial reporting
Program Focus
Risk modeling and analysis for the finance and insurance industries
Advanced accounting, auditing, and taxation principles
Admission Requirements
A bachelor's degree in actuarial science or related discipline with prerequisites in statistics or probability
Bachelor's degree in a business-related discipline may be required
Postgraduate Goals
Postgraduate actuary credentials, actuary-related careers, or Ph.D. in actuary sciences
Postgraduate accounting certifications, accounting-related careers, or Ph.D. in accounting
Admissions Process
The admission process for a master's in actuarial science varies by program, but it doesn't usually differ that much from other master's programs. Some programs may only accept pre-screened applicants with a bachelor's in actuarial science, but most are more flexible. In general, the admission requirements include the following:
A bachelor's degree in a relevant discipline
Prerequisites in calculus, statistics, finance, computer science, and/or economics preferred
Actuarial science master's programs usually include core, elective, and capstone or thesis courses. Every school has a separate curriculum, but some of the most popular courses include:
Finance for Actuaries: This course explores the methods for identifying, analyzing, and quantifying financial risks. You will learn the popular models and theories for probabilities, budgeting, and pricing. Courses like this may require finance and statistics prerequisites.
Mathematical Statistics: In this course, students learn how to develop statistical methods used in actuarial modeling, such as hypothesis testing, likelihood ratios, and regression comparisons. Undergraduate or graduate courses in mathematics and/or statistical sciences may be required for this course.
Predictive Analytics: This course teaches students how to use data science and statistical modeling to inform decisions. Students learn how to work with different data types, software, modeling approaches, and visualizations to suit their needs. Previous data or computer science courses may be required.
Capstone in Actuarial Science: Capstone courses typically require students to apply their learning to authentic scenarios and manage real issues encountered in the finance and insurance sectors. For example, students may need to draw insights from incomplete or imperfect data or choose the best models and analytical techniques for a specific situation.
How Much Do Actuarial Science Master's Programs Cost?
The cost of an actuarial science master's program varies depending on school type, location, and delivery format, among other factors. According to the National Center for Education Statistics, the average graduate tuition was $20,513 in 2021-22, with public schools charging $12,596 and private schools charging $28,017.
In-state students typically pay less than out-of-state students, though some online schools may offer a fixed rate for all learners. Additional costs include travel, materials, and fees.
To help offset these expenses, you can explore financial aid options, including loans, scholarships and grants, and fellowships and assistantships.
Online education has become increasingly popular because of the convenience and flexibility it offers students. Unlike accounting master's degrees, actuarial science master's programs are relatively rare and difficult to find in some locations. Thanks to online learning, students can pursue an actuarial science master's without moving or commuting.
The study of actuarial science lends itself well to online learning. However, the delivery format typically requires more independent learning and features less classroom engagement, which may not suit everyone equally.
Actuarial Science Jobs and Salaries
An actuarial science master's degree can prepare you for various risk and financial analysis careers. You can pursue positions in business and finance, insurance, and government agencies.
While the Bureau of Labor Statistics (BLS) states that actuaries require a bachelor's degree at minimum and earn a median annual salary of $120,000, a master's degree can improve your earnings and advancement opportunities. The top 10% earning actuaries, for example, made more than $209,310 in May 2023.
Actuaries analyze statistical data to measure risk and event probabilities and determine their financial cost. They help insurance organizations develop and test insurance policies and premiums based on the funds available, the likelihood of payouts, and the required profits. Many employers and positions require certification from the CAS or SOA.
Cost estimators calculate project costs, including time, labor, and financial expenses. They analyze data, speak to team members, and work with management to reduce costs or expand budgets based on the project's needs. Cost estimators primarily work in specialty trades, construction, and manufacturing.
Financial analysts help organizations and individuals make informed financial decisions. They help them buy and sell investments by evaluating the market, trends, and risk and opportunity. Depending on their role, financial analysts may need licensure from the Financial Industry Regulatory Authority or a chartered financial analyst certification.
Many factors can go into choosing the right program, and most depend on your priorities and goals. For example, if you plan to pursue a professional actuarial science credential after graduation, choosing an SOA-recognized program should probably be high on this list.
Below, we highlight some of the key considerations for most students.
Accreditation: All schools in consideration should have institutional accreditation.
Admission requirements: Ensure you satisfy the admission requirements to avoid wasting time and money.
Location: Make sure in-person programs are within commuting distance.
Delivery Format: Verify that the delivery format aligns with your learning needs and expectations.
Available concentrations: Find a program with your specialization if you have a professional niche in mind.
Cost and financial aid: Consider your financial aid options and how it will affect what you pay and the amount of debt after graduation.
Program resources: Factor in the resources available to you, including faculty and alumni network, support services, and facilities for use.
Questions About Actuarial Science Master's Programs
Which degree is best for actuarial science?
A bachelor's in actuarial science is the minimum requirement for a career as an actuary, but a master's in actuarial science can improve your earning potential and career opportunities.
Can you get an actuarial science master's degree online?
You can get an actuarial science master's degree online. Several schools offer fully or partially online programs with limited or no travel requirements.
What can you do with an actuarial science master's?
A master's degree in actuarial science can help you pursue actuary, budget analyst, and risk management careers. An advanced education in this field may qualify you for management and consulting roles in various finance, insurance, and government organizations.
Is a master's in actuarial science worth it?
The value of a master's in actuarial science depends on your career goals, but it can improve your postgraduate job prospects and earnings. It may also help you in the postgraduate credentialing process.
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