Actuarial Science major

Actuarial Science: courses, careers, and where to study

Actuarial Science applies probability, statistics, and finance to measure and price risk, suiting students who enjoy heavy math and want to work toward professional actuarial exams.

Actuarial Science is a quantitative business major, usually a four-year bachelor's degree, that uses probability, statistics, and financial mathematics to model uncertain future events such as deaths, accidents, lawsuits, and investment returns. The standard curriculum builds from calculus and linear algebra into probability theory, mathematical statistics, the theory of interest, life contingencies, loss models, and financial economics, with applied coursework in insurance and pension design. Many programs align their core courses with the early professional exams, so students often pass one or more exams before they graduate.

Graduates work in life, health, and property-casualty insurance, pension and retirement consulting, reinsurance, and enterprise risk management at banks and other firms. Day-to-day work involves cleaning and analyzing data, building pricing and reserving models, setting premiums, projecting liabilities, and communicating results to non-technical decision-makers. Full credentialing comes through the Society of Actuaries (SOA) or Casualty Actuarial Society (CAS) exam tracks, which most candidates complete on the job over several years.

The U.S. Bureau of Labor Statistics reports a 2024 median annual wage of $125,770 for actuaries and projects 21.8% employment growth for the occupation from 2024 to 2034.

Academic classification (CIP)

In the federal Classification of Instructional Programs, Actuarial Science maps to CIP 52.1304, Actuarial Science, within the BUSINESS, MANAGEMENT, MARKETING, AND RELATED SUPPORT SERVICES family. The official definition:

A program that focuses on the mathematical and statistical analysis of risk, and their applications to insurance and other business management problems. Includes instruction in forecasting theory, quantitative and non-quantitative risk measurement methodologies, development of risk tables, secondary data analysis, and computer-assisted research methods.

Source: U.S. Department of Education (NCES), Classification of Instructional Programs (CIP) 2020. View on nces.ed.gov

What you'll study

  • Probability theory and mathematical statistics
  • Theory of interest and financial mathematics
  • Life contingencies and survival models
  • Loss models and credibility theory for insurance pricing
  • Risk classification, reserving, and premium calculation
  • Financial economics and investment / portfolio fundamentals
  • Statistical programming and data analysis (R, Python, SQL, Excel)
  • Preparation for early SOA / CAS professional exams

Typical careers

  • Actuaries
  • Actuarial Analyst
  • Pension / Retirement Consultant
  • Underwriting Analyst
  • Risk Analyst
  • Insurance Pricing Analyst

Typical salary range: Occupation-wide BLS median of $125,770 for actuaries (2024); early-career pay is lower and rises as you pass professional exams.Ranges are early-career estimates. Any BLS figure shown is the occupation-wide median across all experience levels, not a starting wage, and is informational only.

Before you commit to a Actuarial Science major

CampusPin does not rank programs. Use these prompts to pressure-test whether a specific Actuarial Science program fits your goals, they are decision questions, not claims about any school.

Ask the Actuarial Science department

  • Which concentrations or specializations are offered, and which faculty lead them?
  • What does the typical course sequence look like, and how much is required vs. elective?
  • What labs, studios, clinical placements, or research opportunities are available to undergraduates?
  • Is there a capstone, thesis, internship, or co-op requirement?

Ask current students & check the curriculum

  • How heavy is the workload, and how accessible is the faculty?
  • What internships or co-ops did you do, and where do recent graduates end up?
  • Does the required curriculum actually match the careers listed above?
  • How easy is it to add a minor, double major, or switch tracks later?
Accreditation & licensure: Becoming an actuary is driven by professional exams from the Society of Actuaries (SOA) and the Casualty Actuarial Society (CAS), not by program accreditation; many universities are designated by the SOA/CAS as offering exam-aligned coursework. Check which exams a program helps you prepare for and pass.
Degree level & graduate study: Many Actuarial Sciencecareers are open with a bachelor's degree, but some, such as research, advanced-practice, or licensure-track roles, require a master's or doctorate. Check the typical entry-level education on each linked career page above before assuming a bachelor's is enough.

Find a Actuarial Science program

CampusPin lists U.S. universities and community colleges that offer Actuarial Science programs. Filter by state, tuition, school size, acceptance rate, and campus setting, no account required.

Search Actuarial Science schools

Actuarial Science by state

Related majors

How this guide is sourced

This is an editorial guide from the CampusPin Editorial Team. Career and wage figures are from the U.S. Bureau of Labor Statistics, occupation-wide medians across all experience levels, not starting wages, and link to each career page. Program availability comes from CampusPin's free institution search; CampusPin does not assert that any specific school offers this exact major until that program data is verified. Last reviewed 2026-06-15. How CampusPin sources data · Report a correction.