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Studies & Degrees in Actuarial Science

Actuarial science applies mathematics, statistics and financial theory to measure risk and its cost. Actuaries estimate how likely an event is, such as a death, an illness, an accident or a natural disaster, and what it would cost. With those estimates, insurers and pension funds set prices and calculate the cash reserves they need to pay future claims. The US Bureau of Labor Statistics (BLS) calls the work of actuaries essential to the insurance industry.

A degree in the subject is built on probability, statistics and financial mathematics, with economics, corporate finance and accounting alongside. The BLS adds that coursework in computer science, especially programming languages, and skill with spreadsheets, databases and statistical tools are also important.

Qualifications and levels

Becoming an actuary takes two things: a university degree and a professional qualification. How the two fit together depends on the country.

  • United States and Canada. Actuaries typically need a bachelor's degree in mathematics, actuarial science, statistics or another analytical field. Be An Actuary, the careers site of the Society of Actuaries (SOA) and the Casualty Actuarial Society (CAS), points out that a major in actuarial science is not required: mathematics, statistics, finance and economics also give a solid foundation. Graduates then sit professional exams. Most candidates begin with the Probability or Financial Mathematics exam, and some university courses count as credit through the Validation by Educational Experience (VEE) programme. There are two levels of credential, Associate (ASA or ACAS) and Fellow (FSA or FCAS). According to the BLS, it may take up to seven years to reach associate level and several more to become a fellow.
  • United Kingdom. The Institute and Faculty of Actuaries (IFoA) sets its own exams. Students who have completed an IFoA-accredited university course or module can apply for exemptions from some of them, and practical work experience is part of the qualification.
  • Spain. The route is a master's degree. The Instituto de Actuarios Españoles, the national professional body, states that to be an actuary and join it a graduate must hold the recognised university degree, now the Máster Universitario en Ciencias Actuariales y Financieras. At the Universidad de Málaga this official master's has 120 ECTS credits over two years, 30 places and is taught in Spanish; it replaced the earlier second-cycle Licenciatura. The Universidad de Alcalá teaches the same degree: 120 ECTS credits, two academic years full-time, on campus and in Spanish.
  • Australia and Mexico. The University of New South Wales (UNSW) in Sydney offers a three-year Bachelor of Actuarial Studies. In Mexico actuarial science is a first degree: the Benemérita Universidad Autónoma de Puebla (BUAP) teaches a Licenciatura en Actuaría in its faculty of physics and mathematics.

Where to study

SpainExchange lists 49 active schools for actuarial science. Twenty-three are in the United States and seven in Spain. The United Kingdom and Australia have three each, and Canada, Germany and Mexico two each. Hong Kong, Greece, Bermuda, Belarus and the Netherlands are among the countries with one.

The US list includes large universities such as The Ohio State University, The University of Texas at Austin, the University of Michigan, Penn State, Purdue University, Temple University and Illinois State University, and smaller ones such as Butler University, Saint Joseph's University and Worcester Polytechnic Institute. Elsewhere it includes UNSW in Sydney, Queen's University in Kingston (Canada), Universität Ulm (Germany), BUAP in Puebla (Mexico) and Bermuda College. In Spain it includes the Universidad de Alcalá and the Universidad de Málaga.

The Spanish master's degrees are taught in Spanish, so international students need a working command of the language. As a guide to cost, the Universidad de Alcalá lists indicative first-enrolment prices of €2,736 for the first year and €2,700 for the second for Spanish nationals and residents, and €5,044 per year for non-EU students who are not residents (figures shown by the university in October 2026).

Careers

Most actuaries work for insurers and other financial firms. In the United States, finance and insurance accounted for 78 percent of actuary jobs in 2025, and professional, scientific and technical services for 13 percent. Actuaries price insurance policies, value pension liabilities, calculate reserves and explain their findings to executives, regulators and clients.

The profession is small. Actuaries held about 31,200 jobs in the United States in 2025. The BLS projects employment to grow 9 percent from 2025 to 2035, much faster than the average for all occupations, with about 1,500 openings each year. Study continues after graduation: many employers expect new hires to have passed one or two professional exams already, and most support their actuaries through the rest of the certification process.

Frequently asked questions

Do I need a degree in actuarial science to become an actuary?

Not in the United States, where degrees in mathematics, statistics, finance or economics are also accepted and the professional exams are what count. In Spain the requirement is specific: the Máster Universitario en Ciencias Actuariales y Financieras.

How long does it take to qualify as an actuary?

After a bachelor's degree, the BLS estimates up to seven years to reach associate level in the United States, and several more for fellowship. In Spain the master's degree takes two years and has 120 ECTS credits.

Can I study actuarial science in Spain in English?

The official master's degrees at the Universidad de Málaga and the Universidad de Alcalá are taught in Spanish. Ask each university about its language requirements for international applicants.