Types of Degrees Majors Are Getting

The following table lists how many actuarial science graduations there were for each degree level during the last year for which data was available.

Education Level	Number of Grads
Bachelor’s Degree	1,565
Master’s Degree	361
Basic Certificate	101
Graduate Certificate	26
Undergraduate Certificate	2

What 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

According to O*NET survey takers, a major in actuarial science should prepare you for careers in which you will need to be knowledgeable in the following areas:

• 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

actuarial science majors are found most commonly in careers in which the following skills are important:

• 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

A major in actuarial science will prepare for your careers in which the following abilities are important:

• 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 ?

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	213
Black or African American	45
Hispanic or Latino	86
White	890
International Students	270
Other Races/Ethnicities	61

Geographic Diversity

Actuarial Science appeals to people across the globe. About 17.3% of those with this major are international students.

How Much Do Majors Make?

Salaries According to BLS

Average salaries range from $76,880 to $116,250 (25th to 75th percentile) for careers related to actuarial science. This range includes all degree levels, so you may expect those with a more advanced degree to make more while those with less advanced degrees will typically make less.

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

Some degrees associated with actuarial science may require an advanced degree, while others may not even require a bachelor’s in the field. In general, the more advanced your degree the more career options will open up to you. However, there is significant time and money that needs to be invested into your education so weigh the pros and cons.

Find out what the typical degree level is for actuarial science careers below.

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 Programs

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	2
Post-Baccalaureate	0	0
Master’s Degree	29	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 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

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

Major	Number of Grads
Management Science	24,983
Other Management Sciences and Quantitative Methods	16,666
Business Statistics	4,333

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.