Actuarial Science
This is a unique, fast-growing, high-paying career path for anyone who loves numbers. In simple terms, actuaries calculate risk and are needed across multiple industries like healthcare, insurance, and finance. Their work dictates huge decisions made across the Fortune 500.
This program will train you in the hard skills employers are hiring for today like Python and R Programming.
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Program Highlights
$105,900 Median Salary
According the Bureau of Labor Statistics, actuaries were one of the leading mathematics occupations in 2021.
21% Job Growth This Decade
Actuarial Science is expected to grow by 21% between 2020 and 2030.
Engaging, Industry-Aligned Curriculum
You'll learn the tools that current professionals use, not just theory from a textbook.
What Does an Actuary Do?
Actuaries tend to straddle the line between mathematician and coder. They use programming tools in their day to day life, but rather than building an app they use those tools to calculate risk. That could include things like:
- The risk of a stock market investment
- How to set prices for life insurance
- Helping hospital management create policies
For people who enjoy math and can excel in higher-level courses, the career outcomes for actuaries are outstanding and it provides a stable, well-paying career path.
Degree Overview
We consulted with multiple Fortune 500 companies and experts in the field to identify what employers really needed from new graduates. Actuaries graduating today often lack the computer science and data science skills necessary to hit the ground running. The curriculum was developed with this in mind.
This program fully prepares students to take two Society of Actuaries exams - the "P" and "FM" exams - as well as their Casualty Actuarial Society equivalents.
Curriculum Highlights
- Math Required: Calculus 1, 2, and 3; Linear Algebra, Differential Equations, and Mathematical Statistics.
- Other Courses: Economics, Accounting, and Intro to Programming
- Hardest Class: Math classes beyond Calculus II are rigorous.
You can see all of the required courses here.
Learn the Tools the Professionals Use
This program is focused on building employable skills, not just an understanding of the theory. That's why projects will have you leveraging the skills that industry leaders are asking for.
Developed By Experts
This program was developed in collaboration with both real-world experts and academic leaders to bring students the best possible value and ROI for an Actuarial Science program.
Dr. Darren Mason
Albion College & Michigan State University
Dr. Mason holds a BS in Mathematics as well as a PhD in Mechanics with a doctoral minor in Mathematics from the University of Minnesota. In addition, Dr. Mason completed his postdoctoral work in the mathematical sciences department at Carnegie Mellon University. Dr. Mason has worked closely with us to build out the Actuarial Science Major.
Dr. Charles Severance
University of Michigan
Dr. Charles Severance holds a PhD in Computer Science from Michigan State University. He is the former Executive Director of the Sakai Foundation, and one of the world’s leading online CS educators. His contributions and curriculum form the basis of our programming curriculum.
Chad Glenn
Chief Actuary
Central Mutual Insurance Company
Mr. Glenn sits on the Advisory Board of the Actuarial Science program at Indiana University - Purdue University Fort Wayne, and graduated with a BS in Actuarial Science from the University of Illinois. Mr. Glenn has nearly 15 years of experience in the field and was instrumental in helping us determine the most relevant skills for Actuarial work at the undergraduate level.
Career Outlook
"Employment of actuaries is projected to grow 21 percent from 2021 to 2031, much faster than the average for all occupations."
—U.S. Bureau of Labor Statistics
Job Titles
- Actuary
- Budget Analyst
- Quantitative Analyst
- Healthcare Actuary
Top Skills
- Python
- R Programming Language
- R Markdown & Studio
- Calculus
Frequently Asked Questions
Do I really need a degree to work in actuarial science?
No, but you may need one to get hired, and having a degree in Actuarial Science provides a massive advantage in earning potential and salary. People with a bachelor’s degree also have a 50% lower rate of unemployment, and on average they make an additional $630,000 to $900,000 over their lifetime, even more in high growth fields like this one.
Was this program really created with corporate partners?
Yes! The only way to make sure our program gives you the skills you need to get hired and teaches you to work through real-world problems that actually matter is to partner with the people out there who are actually doing it. Our collaboration with Fortune 500 companies and subject matter experts means that their multi-billion-dollar expertise is reflected in everything you’ll study here.
What will my career look like?
Actuarial science is huge, and our graduates can use their coveted skills to secure many different kinds of high-growth employment. If the idea of measuring risk and uncertainty is appealing to you, you may want to work as an actuary. If you’ve always been interested in the financial side of things, you may want to land a job as a financial manager or accountant. As an Actuarial Science grad, the high-paying possibilities available to you across industries are essentially endless.
What is a flipped classroom?
A flipped classroom is one where the focus is not on lectures, but on discussion, projects, and problem-solving. Students in flipped classrooms get the chance for more instructor feedback, and as a result have been found to learn much, much faster.
How do I know if I’m interested in this major?
If you are interested in how things work, if you want to have a stable and high-paying job, if you are looking for a degree that opens a ton of doors to different high-growth careers, if you want to play a big role in helping a company function, and if you want to gain a skill set that makes you more and more valuable as your career progresses, you should consider this major.
What does optional synchronous mean?
Flexibility. Optional Synchronous means our actuarial science courses can be attended together at one time with other students, or on your own schedule. Many students prefer the learning that comes with live interactions, while other students love the flexibility of doing them whenever they fit into their schedule.
Who will be in my class?
This major is part of an exclusive partnership between Concordia St. Paul and Rize Education, which means you’ll be learning with students from your campus, as well as students from a selective consortium of schools across the country. The goal is to help you begin building a national network of people in your industry before you’ve even graduated.