Actuarial Science Degree

01What degree do you need to be an actuary?

To be an actuary you typically need a bachelor's degree in actuarial science, mathematics, statistics or a closely related quantitative field, plus passing a series of professional exams. The BLS lists a bachelor's degree as the typical entry-level education. An actuarial science degree is the most direct route because its courses are built around the exam syllabus, but it is not the only route. Many working actuaries majored in math, statistics, economics or finance and studied for the exams on their own.

What employers really screen for is evidence you can pass exams. Entry-level actuarial analysts are commonly expected to have passed one or two exams by graduation, along with solid programming and spreadsheet skills and, ideally, an actuarial internship.

Two professional bodies credential actuaries in the US:

• Society of Actuaries (SOA): life insurance, health insurance, retirement and pensions, investments.
• Casualty Actuarial Society (CAS): property and casualty insurance such as auto, homeowners, workers' compensation and commercial lines.

Both offer associate-level and fellowship-level designations reached through exams, coursework modules and professional education. The early exams on probability and financial mathematics are shared in content, so you do not need to choose a track before you start.

02Courses in an actuarial science degree

Expect a math sequence that is heavier than most business majors, plus finance and insurance courses. A typical bachelor's in actuarial science includes:

Some programs carry SOA recognition for their curriculum, and many schools offer courses approved for VEE (Validation by Educational Experience) credit in economics, corporate finance and mathematical statistics. Earning VEE credit through your coursework saves you from completing it separately later. Ask any program you consider which courses qualify.

03Actuarial science vs math, statistics or finance

Searches for an actuary degree or degree in actuarial mathematics often come from students deciding between majors. Here is how they compare:

• Actuarial science: most direct preparation, exam-aligned courses, employer recruiting relationships. Narrower if you change your mind.
• Mathematics or applied mathematics: strong theoretical base and flexible for graduate school, data science or teaching. You will add financial math, insurance and VEE courses yourself.
• Statistics: excellent fit for modern predictive modeling work in insurance; also leads to business analytics and data science.
• Economics or finance: good business context but usually not enough math on its own; pair with a math minor and extra probability courses. See our finance degree and economics degree pages.

A common smart compromise is a math or statistics major with an actuarial minor or concentration. It keeps exam preparation on track while leaving room to pivot.

04Actuarial science degree online

An actuarial science degree online is less common than online business degrees, because the math sequence is demanding and many schools prefer to teach it in person. Options you will find include fully online bachelor's programs in actuarial science or mathematics with an actuarial track, online master's programs aimed at career changers with strong math backgrounds, and online graduate certificates focused on exam preparation and VEE coursework.

Questions to ask about any online actuarial science degree:

1. Is the school institutionally accredited? Verify it in the Department of Education's DAPIP database.
2. Which courses carry VEE credit?
3. How are proctored math exams handled?
4. Does the program help online students find actuarial internships?
5. What exam-pass support exists (study groups, review courses, faculty office hours)?

If you already hold a bachelor's in a quantitative field, you may not need a second degree at all. Self-study plus exams, with targeted courses for VEE, is a common and cheaper path into the profession.

05Actuary degree requirements: a sample four-year plan

This is an illustrative plan, not a requirement of any particular program. It shows how coursework and exams typically fit together:

1. Year 1: Calculus I and II, intro programming, principles of economics. Join an actuarial club if your school has one.
2. Year 2: Calculus III, linear algebra, probability. Sit for the probability exam at the end of the year if you feel ready.
3. Year 3: Interest theory and financial mathematics, mathematical statistics, corporate finance (VEE). Take the financial mathematics exam. Apply for summer actuarial internships early; recruiting often starts in the fall.
4. Year 4: Life contingencies or loss models, regression and predictive analytics, insurance and risk courses. Start preparing for the next exam on your chosen track while job hunting.

Students who graduate with two exams passed and an internship are in a strong position for actuarial analyst roles. Many employers then pay exam fees, provide study time and raise pay as you pass further exams.

06Skills that matter beyond the math

Exams prove technical ability, but hiring managers also look for skills that distinguish good actuaries from good mathematicians:

• Communication: actuaries explain reserve estimates and price changes to underwriters, executives and regulators who are not statisticians. Writing a clear one-page memo about a complex model is a real job skill.
• Programming: modern pricing and reserving work runs in R, Python, SQL and specialized actuarial software, not only spreadsheets.
• Business judgment: knowing how insurance products are sold, underwritten and regulated helps you spot when a model's output does not make sense.
• Persistence: the full credentialing path takes years of study alongside a job. Students who build steady study routines in college adapt best.

Take at least one writing-intensive course and one database or data course, even if your program does not require them.

07Actuary careers, pay and outlook

Actuaries work for life, health and property and casualty insurers, reinsurers, consulting firms, pension and benefits consultancies, government agencies and, increasingly, banks and technology companies that need risk modeling. Typical first titles are actuarial analyst or actuarial assistant.

Source: BLS Occupational Outlook Handbook. Actuaries are a small occupation, so the number of openings each year is modest even with strong growth, and competition for entry-level roles is real. The same skills transfer to data science, financial analysis and operations research, which gives actuarial graduates good fallback options. Compare more roles on our finance degree jobs page.