Actuarial Science

Types of Degrees Actuarial Science Majors Are Getting

The following table lists how many actuarial science graduations there were in 2020-2021 for each degree level.

Education Level	Number of Grads
Bachelor’s Degree	1,632
Master’s Degree	429
Basic Certificate	111
Graduate Certificate	26
Undergraduate Certificate	8

What Actuarial Science Majors Need to Know

People with careers related to actuarial science were asked what knowledge areas, skills, and abilities were important for their jobs. They weighted these areas on a scale of 1 to 5 with 5 being the highest.

Knowledge Areas for Actuarial Science Majors

This major prepares you for careers in which these knowledge areas are important:

• English Language - Knowledge of the structure and content of the English language including the meaning and spelling of words, rules of composition, and grammar.
• Mathematics - Knowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications.
• Economics and Accounting - Knowledge of economic and accounting principles and practices, the financial markets, banking and the analysis and reporting of financial data.
• Customer and Personal Service - Knowledge of principles and processes for providing customer and personal services. This includes customer needs assessment, meeting quality standards for services, and evaluation of customer satisfaction.
• Computers and Electronics - Knowledge of circuit boards, processors, chips, electronic equipment, and computer hardware and software, including applications and programming.

Skills for Actuarial Science Majors

When studying actuarial science, you’ll learn many skills that will help you be successful in a wide range of jobs - even those that do not require a degree in the field. The following is a list of some of the most common skills needed for careers associated with this major:

• Critical Thinking - Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.
• Reading Comprehension - Understanding written sentences and paragraphs in work related documents.
• Active Listening - Giving full attention to what other people are saying, taking time to understand the points being made, asking questions as appropriate, and not interrupting at inappropriate times.
• Speaking - Talking to others to convey information effectively.
• Writing - Communicating effectively in writing as appropriate for the needs of the audience.

Abilities for Actuarial Science Majors

As you progress with your actuarial science degree, there are several abilities you should pick up that will help you in whatever related career you choose. These abilities include:

• Oral Expression - The ability to communicate information and ideas in speaking so others will understand.
• Written Comprehension - The ability to read and understand information and ideas presented in writing.
• Inductive Reasoning - The ability to combine pieces of information to form general rules or conclusions (includes finding a relationship among seemingly unrelated events).
• Written Expression - The ability to communicate information and ideas in writing so others will understand.
• Oral Comprehension - The ability to listen to and understand information and ideas presented through spoken words and sentences.

Who Is Getting a Bachelor’s Degree in Actuarial Science?

This major attracts more men than women. About 59% of the graduates in this field are male.

Racial-Ethnic Diversity

At the countrywide level, the racial-ethnic distribution of actuarial science majors is as follows:

Race/Ethnicity	Number of Grads
Asian	196
Black or African American	59
Hispanic or Latino	87
White	890
International Students	330
Other Races/Ethnicities	70

Geographic Diversity

Americans aren’t the only ones with an interest in Actuarial Science. About 20.2% of those with this major are international students.

How Much Do Actuarial Science Majors Make?

Salaries According to BLS

Actuarial Science majors often go into careers where salaries can range from $76,880 to $116,250 (25th to 75th percentile). This range includes all degree levels, so the salary for a person with just a bachelor’s degree may be a little less and the one for a person with an advanced degree may be a little more.

To put that into context, according to BLS data from the first quarter of 2020, the typical high school graduate makes between $30,000 and $57,900 a year (25th through 75th percentile). The average person with a bachelor’s degree (any field) makes between $45,600 and $99,000. Advanced degree holders make the most with salaries between $55,600 and $125,400.

Amount of Education Required for Careers Related to Actuarial Science

Some degrees associated with actuarial science may require an advanced degree, while others may not even require a bachelor’s in the field. Whatever the case may be, pursuing more education usually means that more career options will be available to you.

How much schooling do you really need to compete in today’s job market? People currently working in careers related to actuarial science have obtained the following education levels.

Education Level	Percentage of Workers
High School Diploma - or the equivalent (for example, GED)	3.1%
Some College Courses	2.0%
Associate’s Degree (or other 2-year degree)	3.1%
Bachelor’s Degree	43.8%
Post-Baccalaureate Certificate - awarded for completion of an organized program of study; designed for people who have completed a Baccalaureate degree but do not meet the requirements of academic degrees carrying the title of Master.	9.4%
Master’s Degree	7.5%
Post-Master’s Certificate - awarded for completion of an organized program of study; designed for people who have completed a Master’s degree but do not meet the requirements of academic degrees at the doctoral level.	0.1%
First Professional Degree - awarded for completion of a program that: requires at least 2 years of college work before entrance into the program, includes a total of at least 6 academic years of work to complete, and provides all remaining academic requirements to begin practice in a profession.	4.3%
Doctoral Degree	26.7%

Online Actuarial Science Programs

In the 2020-2021 academic year, 139 schools offered some type of actuarial science program. The following table lists the number of programs by degree level, along with how many schools offered online courses in the field.

Degree Level	Colleges Offering Programs	Colleges Offering Online Classes
Certificate (Less Than 1 Year)	0	0
Certificate (1-2 years)	3	0
Certificate (2-4 Years)	0	0
Associate’s Degree	0	0
Bachelor’s Degree	9	0
Post-Baccalaureate	0	0
Master’s Degree	28	1
Post-Master’s	0	0
Doctor’s Degree (Research)	0	0
Doctor’s Degree (Professional Practice)	0	0
Doctor’s Degree (Other)	0	0

Is a Degree in Actuarial Science Worth It?

The median salary for a actuarial science grad is $103,330 per year. This is based on the weighted average of the most common careers associated with the major.

This is 159% more than the average salary for an individual holding a high school degree. This adds up to a gain of about $1,268,600 after 20 years!

Majors Related to Actuarial Science

You may also be interested in one of the following majors related to actuarial science.

Major	Number of Grads
Management Science	23,510
Other Management Sciences and Quantitative Methods	13,371
Business Statistics	4,295

References

*The racial-ethnic minorities count is calculated by taking the total number of students and subtracting white students, international students, and students whose race/ethnicity was unknown. This number is then divided by the total number of students at the school to obtain the racial-ethnic minorities percentage.

• College Factual
• College Scorecard
• National Center for Education Statistics
• O*NET Online
• U.S. Bureau of Labor Statistics
• Usual Weekly Earnings of Wage and Salary Workers First Quarter 2020
• Image Credit: By в±® under License

More about our data sources and methodologies.