Masters in Actuarial Science Online

Explore top Masters in Actuarial Science Online programs offering flexible learning options for working professionals. Compare curriculum, specializations, and career outcomes to find the program that fits your career goals and schedule.

Introduction
Best Programs
Understanding Actuarial Science
Admission Requirements
Actuarial Science No GRE Programs
Accreditation Actuarial Science Programs
Free Online Actuarial Science Programs
How to Pay?
Careers & Salaries
Certifications and Licensing
Additional Resources
FAQs

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In a world driven by data and uncertainty, businesses rely on actuarial experts to assess risk and make informed financial decisions. A masters in actuarial science online equips professionals with advanced mathematical, statistical, and financial modeling techniques to evaluate risk in insurance, finance, and consulting industries. This flexible program allows working professionals to deepen their expertise in probability, predictive analytics, and regulatory compliance while preparing for actuarial certification exams. As technology reshapes risk management, actuaries with strong analytical and computational skills are in high demand. Earning an online master’s degree provides the opportunity to advance in leadership roles, enhance earning potential, and contribute to financial stability in an increasingly complex economic landscape.

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The best masters in actuarial science online programs blend accreditation, expert faculty, and industry-aligned coursework to prepare professionals for risk analysis and financial decision-making. These programs cover probability theory, statistical modeling, financial mathematics, and insurance analytics while offering flexible learning formats. Key factors include curriculum rigor, affordability, exam preparation support, and networking opportunities with industry professionals. Practical applications such as case studies, simulations, and real-world projects enhance analytical and problem-solving skills. A well-structured program equips graduates to assess risk, optimize financial strategies, and advance in actuarial roles across insurance, finance, and consulting in a data-driven economy. The teams at OMC have researched the best masters in actuarial science online programs using a proprietary methodology and compiled the following list:

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College Name & Address	Tuition	Graduation Rate
#1 Indiana University-East 2325 Chester Blvd, Richmond, Indiana 47374	$7,979	45%
#2 Georgia State University 33 Gilmer St, Atlanta, Georgia 30303	$7,164	54%
#3 Illinois State University North and School Streets, Normal, Illinois 61790	$7,971	66%
#4 Bryant University 1150 Douglas Pike, Smithfield, Rhode Island 02917	$48,460	81%
#5 University of Nebraska-Lincoln(On-campus) 1400 R Street, Lincoln, Nebraska 68588	$6,318	66%
#6 St. John’s University 8000 Utopia Pky, Queens, New York 11439	$33,386	68%
#7 University of Notre Dame (On-campus) 400 Main Building, Notre Dame, Indiana 46556	$62,030	97%
#8 University of Illinois Urbana(On Campus) 601 E John Street, Champaign, Illinois 61820	$15,545	85%
#9 Columbia University School of Professional Studies(On Campus) 203 Lewisohn Hall, 2970 Broadway, MC 4119, New York, NY, 10027	NA	NA
#10 University of Central Missouri 108 W South Street, Warrensburg, Missouri 64093	$8,544	49%
#11 Towson University(On Campus) 8000 York Rd, Towson, Maryland 21252	$9,108	68%
#12 The University of Texas at Dallas(On Campus) 800 West Campbell Road, Richardson, Texas 75080	$15,088	71%
#13 Governors State University 1 University Pky, University Park, Illinois 60484	$6,624	20%
#14 Boston University(On Campus) One Silber Way, Boston, Massachusetts 02215	$63,798	90%
#15 University of Iowa(On Campus) 101 Jessup Hall, Iowa City, Iowa 52242	$11,256	73%
#16 Ball State University(On Campus) 2000 W. University Ave, Muncie, Indiana 47306	$9,922	63%
#17 University of Connecticut 352 Mansfield Road, Storrs, Connecticut 06269	$18,834	84%
#18 University of Wisconsin-Milwaukee(On Campus) 2200 E Kenwood Blvd, Milwaukee, Wisconsin 53211	$10,701	51%
#19 Maryville University of Saint Louis(On Campus) 650 Maryville University Drive, Saint Louis, Missouri 63141	$14,346	72%
#20 Roosevelt University(On Campus) 430 S Michigan Ave, Chicago, Illinois 60605	$22,764	41%

Source – Integrated Post Secondary Education Data System & University Data
*Tuition rates are for in-state and per year. Program specific rates may apply.
**NA – data not available

Understanding Masters in Actuarial Science Online Programs

A masters in actuarial science online program provides advanced training in risk assessment, financial modeling, and statistical analysis to prepare professionals for actuarial careers. These programs typically require 30 to 36 credits and cover topics like probability theory, predictive analytics, insurance mathematics, and regulatory compliance. Designed for flexibility, they accommodate working professionals while offering preparation for actuarial certification exams. Many programs incorporate real-world applications, case studies, and industry-relevant projects to enhance problem-solving skills. Graduates can pursue insurance, finance, and consulting roles, using data-driven insights to manage risk and guide strategic decision-making in an evolving economic landscape.

Curriculum for a Masters in Actuarial Science Online

The curriculum of a masters in actuarial science online emphasizes analytical, mathematical, and statistical techniques used in risk assessment and financial decision-making. Designed to align with industry standards, it integrates theoretical concepts with practical applications, preparing students for professional certification exams. The program structure balances quantitative methods with real-world problem-solving, fostering expertise in risk modeling and regulatory frameworks. Graduates develop the technical and strategic skills needed for actuarial roles in various industries. However, some of the standard courses students can find across different curriculam include:

Financial Mathematics
This course focuses on quantitative methods for evaluating risk, interest theory, and financial decision-making. This course develops analytical skills for pricing financial instruments, assessing investment returns, and managing uncertainty. Students gain expertise in solving complex problems relevant to insurance, pensions, and corporate finance by applying mathematical models to real-world financial scenarios.

Mathematical Statistics
This course focuses on probability theory, statistical inference, and data-driven decision-making. This course develops estimation, hypothesis testing, and predictive modeling skills essential for actuarial risk assessment. By applying statistical methods to real-world financial and insurance data, students enhance their analytical expertise, preparing for professional certification exams and advanced roles in actuarial science.

Modern Actuarial Statistics
This course integrates statistical learning, computational techniques, and data analytics for risk assessment. This course emphasizes advanced modeling, predictive analytics, and machine learning applications in insurance and finance. Students develop expertise in handling large datasets, refining forecasting methods, and optimizing decision-making. Practical applications prepare graduates for evolving actuarial roles in data-driven industries, enhancing their analytical and problem-solving capabilities.

Actuarial Economics
This course explores economic principles relevant to risk assessment, insurance, and financial markets. This course covers microeconomic and macroeconomic theories, focusing on their applications in actuarial decision-making. Students analyze market behavior, pricing strategies, and regulatory impacts, developing a strong foundation for evaluating economic risks and optimizing financial models in insurance, pensions, and investment management.

Upon completing a masters in actuarial science online, students can expect to gain the following skills and learning outcomes:

Advanced proficiency in probability, statistics, and financial mathematics for risk assessment.
Expertise in predictive modeling and data analytics for actuarial decision-making.
Ability to evaluate and manage financial risks in insurance, pensions, and investment sectors.
Strong understanding of regulatory frameworks and compliance in actuarial practice.
Proficiency in computational tools and programming languages used in actuarial science.
Skills in pricing financial instruments and designing insurance products.
Application of economic principles to actuarial and financial modeling.
Ability to analyze large datasets for trend forecasting and decision optimization.
Preparation for actuarial certification exams through applied problem-solving.
Effective communication of complex financial and statistical insights to stakeholders.

Types of Masters in Actuarial Science Students Can Obtain

There is only one primary degree for actuarial science at the master’s level: the Master of Science in Actuarial Science. However, programs may offer variations in focus, such as data analytics, financial risk management, or insurance mathematics. Some universities integrate actuarial science into broader quantitative finance or applied mathematics programs. Additionally, students may find dual-degree options that combine actuarial science with fields like economics or business. Regardless of specialization, these programs prepare graduates for actuarial certification exams and careers in risk assessment, insurance, finance, and consulting.

Common Specializations for a Masters in Actuarial Science Online

Specializations in an online master’s in actuarial science allow students to focus on specific areas within risk assessment, financial modeling, or data analysis. These concentrations help refine expertise by offering advanced coursework tailored to industry needs. Students gain deeper knowledge in targeted actuarial applications by selecting a specialization and enhancing career opportunities. Specializations also align with professional certification requirements, equipping graduates with the skills to excel in specialized actuarial roles across various industries. Some of the specializations available for masters in actuarial science online students are:

Area of Specialization	Description
Insurance	This specialization focuses on risk assessment, policy design, and financial stability within insurance markets. Students analyze underwriting, claims management, and regulatory compliance while applying actuarial models to various insurance products. This specialization prepares graduates for life, health, property, and casualty insurance roles, equipping them with the expertise needed for risk evaluation and strategic decision-making.
Finance	This specialization focuses on risk analysis, investment strategies, and financial modeling. Students explore asset management, derivatives pricing, and capital market behavior while applying actuarial techniques to financial decision-making. This specialization prepares graduates for banking, investment firms, and corporate finance roles, equipping them with expertise in managing financial risk and optimizing portfolio performance.
Quantitative Risk Management	This specialization focuses on advanced mathematical and statistical techniques for assessing financial risk. Students develop expertise in stochastic modeling, stress testing, and risk mitigation strategies. This specialization prepares graduates for insurance, finance, and corporate risk management roles, equipping them with the analytical skills needed to evaluate uncertainties and optimize decision-making in complex financial environments.
Financial Mathematics	This specialization focuses on mathematical modeling for financial decision-making. Students explore interest theory, option pricing, and risk-neutral valuation, applying quantitative techniques to assess market uncertainties. This specialization prepares graduates for investment banking, asset management, and insurance roles, equipping them with the analytical skills needed to evaluate financial risks and optimize portfolio strategies.
Predictive Analytics	This specialization focuses on data-driven modeling, machine learning, and statistical techniques for forecasting risk and trends. Students develop expertise in handling large datasets, identifying patterns, and optimizing decision-making in insurance and finance. This specialization prepares graduates for actuarial consulting, risk management, and data science roles, equipping them with advanced analytical and computational skills.

Masters in Actuarial Science Online Program Length

The length of a master’s in actuarial online science varies based on enrollment status. Full-time students typically complete the program in 1.5 to 2 years, while part-time options allow for greater flexibility, extending completion to 3 or more years. Some universities offer accelerated programs, enabling students to graduate in as little as 12 to 15 months. Program length depends on course load, certification exam preparation, and individual pacing preferences for balancing work and studies.

Accelerated Masters in Actuarial Science Online

An accelerated online master’s in actuarial science allows students to complete their degree in as little as 12 to 15 months, enabling a faster transition into the workforce. These programs offer intensive coursework focusing on key actuarial concepts, risk analysis, and financial modeling. By reducing time to graduation, students can quickly apply their expertise in insurance, finance, and consulting, gaining a competitive edge in the job market while preparing for actuarial certification exams. Georgia State University^[1] and Bryant University^[2] offer accelerated masters in actuarial science online programs.

Masters in Actuarial Science Online Program Admission Requirements

Admission requirements for an online master’s in actuarial science vary by institution, focusing on academic background, quantitative skills, and professional readiness. Programs evaluate applicants based on their analytical abilities and preparedness for advanced actuarial coursework. A holistic review process ensures students have the foundational knowledge needed to succeed. Competitive candidates demonstrate strong mathematical aptitude and a commitment to the actuarial profession, positioning themselves for success in risk assessment, financial modeling, and data-driven decision-making. Some of the common admission requirements for the masters in actuarial science online programs are mentioned below:

A bachelor’s degree from an accredited institution
Strong background in mathematics, statistics, or a related field
Official transcripts from previous academic institutions
Letters of recommendation from academic or professional references
Statement of purpose outlining career goals and interest in actuarial science
Resume or CV highlighting relevant coursework and experience
Minimum GPA requirement (varies by program)
Standardized test scores (GRE/GMAT) may be required or optional
Prerequisite coursework in calculus, probability, and statistics
Application fee and completed online application form

Masters in Actuarial Science Online No GRE Requirements

The GRE (Graduate Record Examination) is a standardized test for graduate admissions, assessing quantitative, verbal, and analytical skills. However, many universities now waive the GRE requirement for online master’s in actuarial science programs, focusing instead on academic background, professional experience, and quantitative coursework. This shift allows qualified applicants to apply without standardized test barriers, emphasizing their mathematical proficiency, statistical knowledge, and readiness for actuarial coursework through transcripts, recommendations, and relevant industry experience. Here is an example of a University that has no GRE requirement for the masters in actuarial science online program:

University of Illinois- Urbana-Champaign^[3]

Accreditation for Masters in Actuarial Science Online Program

Accreditation ensures that an online master’s in actuarial science meets academic and industry standards, enhancing degree credibility and employer recognition. Regional accreditation validates institutional quality, ensuring rigorous coursework in risk assessment, financial modeling, and actuarial principles. However, no specific programmatic accreditation exists for actuarial science master’s programs. Instead, top programs align with professional actuarial organizations to prepare students for certification exams. Accreditation also supports financial aid eligibility and credit transfer, helping students gain a high-quality education that strengthens their actuarial career prospects.

Some regional bodies provide accreditation to institutions and programs. Here are the six mentioned below:

New England Commission of Higher Education (NECHE)
Middle States Commission on Higher Education (MSCHE)
Higher Learning Commission (HLC)
Southern Association of Colleges and Schools Commission on Colleges (SACSCOC)
Northwest Commission on Colleges and Universities (NWCCU)
Western Association of Schools and Colleges (WASC) Senior College and University Commission (WSCUC)

To understand more about accreditation, read the Guide to College Accreditation.

Free Online Courses for Masters in Actuarial Science Online Students

Expanding actuarial knowledge beyond formal education can provide valuable insights for master’s in actuarial science students. Non-accredited online courses offer flexible learning opportunities, covering key industry concepts without the commitment of a full program. While many are free, some platforms may charge a nominal fee for certificates or advanced content. These courses help reinforce critical skills, support exam preparation, and inform students about evolving trends in actuarial science, insurance, and financial risk management. Here are a few free online courses for the masters in actuarial science online program students to explore:

Course	Principles for Forecasting in Times of Uncertainty^[4]
Provided by	Alison
Description	This course explores fundamental forecasting and data analysis techniques for unpredictable situations. This course covers agile forecasting tools, data distribution methods like normal and Poisson distributions, and strategies for calculating and analyzing uncertain data. Students gain practical skills to enhance decision-making and risk assessment in dynamic environments.

Course	Diploma in the Foundations of Probability and Statistics^[5]
Provided by	Alison
Description	This course covers essential statistical methods, data presentation techniques, and probability principles. Students learn to analyze categorical and numerical data, apply probability rules, and assess relationships between variables. The course explores contingency analysis, correlation, and probability distributions, equipping learners with statistical reasoning skills. It provides a strong foundation for applying probability and statistics to real-world decision-making and data analysis.

Course	Insurance Underwriting Principles and Practices^[6]
Provided by	Alison
Description	This course comprehensively explains risk evaluation, policy issuance, and underwriting processes across various insurance types. The course covers key risk assessment principles, selection criteria, and modern underwriting technologies, including automation and data analytics. Participants gain essential skills to navigate the evolving insurance landscape, ensuring informed decision-making and financial stability for insurance firms.

How to Pay for a Masters in Actuarial Science Online

Getting into a master’s program comes with significant costs, and many students hesitate to apply due to concerns about accumulating student debt. The financial burden of tuition, materials, and other expenses can feel overwhelming, making affordability a key consideration. Weighing the long-term benefits of advanced education against immediate financial challenges adds to the complexity of the decision. Careful financial planning and understanding the investment in an actuarial science degree are essential for making an informed choice. Here are a few ways students can fund their program:

Scholarships

Scholarships provide financial assistance to students based on merit, need, or specific criteria set by organizations. They help reduce tuition costs, easing the financial burden of higher education. Unlike loans, scholarships do not require repayment, making them a valuable resource for students pursuing academic and professional goals.

Grants

Grants offer financial aid to students based on need, academic achievement, or specific qualifications. Unlike loans, they do not require repayment, making them a valuable funding option. Awarded by governments, institutions, or private organizations, grants help reduce tuition costs and support students in completing their educational goals.

Graduate Assistantships

Graduate assistantships provide students with financial support in exchange for research, teaching, or administrative work. These positions offer tuition waivers, stipends, or both, helping to reduce educational costs. Assistantships also provide valuable hands-on experience, enhancing professional development and academic growth while allowing students to contribute to their field of study.

Student Loans

Student loans provide financial assistance to cover tuition and other educational expenses, requiring repayment with interest. Offered by governments and private lenders, they help students afford higher education. While loans ease immediate financial burdens, borrowers must consider repayment terms and long-term financial commitments before taking on debt.

FAFSA

The Free Application for Federal Student Aid (FAFSA) determines eligibility for federal financial aid, including grants, loans, and work-study programs. Completing the FAFSA helps students access funding for tuition and expenses. Many universities and scholarship programs also use FAFSA information to assess financial need for additional aid opportunities.

Scholarships for Masters in Actuarial Science Online Students

Scholarships for masters in actuarial science online students provide financial relief by covering tuition and related expenses. These awards, based on merit or need, reduce financial burdens, allowing students to focus on their studies without excessive debt. Scholarships help aspiring actuaries access quality education, enhancing career prospects in risk analysis and financial modeling. Some of these scholarships include:

Scholarship	CAS Trust Scholarship^[7]
Description	The CAS Trust Scholarship supports students pursuing a career in property and casualty actuarial science. It aims to foster interest in the field and encourage the completion of Casualty Actuarial Society (CAS) designations. This scholarship provides financial assistance to aspiring actuaries, helping them advance their education and professional development.
Award/Amount	$2000-5000
Application Deadline	January 31 annually

Scholarship	International Association of Black Actuaries (IABA) Scholarship^[8]
Description	The International Association of Black Actuaries (IABA) Scholarship supports Black students pursuing undergraduate or graduate studies in actuarial science. This scholarship provides financial assistance and encourages diversity within the actuarial profession. Recipients gain access to networking opportunities, mentorship, and resources to help them succeed in their actuarial careers.
Award/Amount	$1500-$5000
Application Deadline	NA

Career and Salaries for Masters in Actuarial Science Online Graduates

Graduates with a master’s in actuarial science online enter a field where analytical expertise and risk assessment skills are highly valued. Salaries vary based on experience, industry, and location, with professionals often earning competitive compensation. Strong mathematical and statistical foundations contribute to career growth, leading to lucrative opportunities. Many industries seek skilled professionals to interpret data, forecast risks, and optimize financial decisions, making this field both rewarding and financially stable in a data-driven economy. Some of the domains where a graduate of a masters in actuarial science online can find employment include:

Occupation	Actuaries^[9]
Median Annual Salary	$1,20,000
Job Growth (up to 2032)	22% (much faster than average)
Job Description	Actuaries analyze financial risks using mathematics, statistics, and financial theory to help businesses minimize costs. They create models to assess potential accidents or natural disasters and develop strategies to manage uncertainty. Actuaries work in insurance, finance, and consulting, ensuring competitive and sustainable policies. Their expertise supports decision-making in industries that rely on risk assessment and long-term financial planning, making their role essential in an increasingly data-driven world.

Occupation	Insurance Underwriters^[10]
Median Annual Salary	$77,860
Job Growth (up to 2032)	-4%(decline)
Job Description	Insurance underwriters assess applications to determine eligibility, coverage amounts, and premiums. They analyze risk factors, use specialized software for decision-making, and consult additional sources when necessary. Balancing risk and profitability, underwriters ensure companies remain financially stable while providing coverage to clients. Specializing in health, life, or property and casualty insurance, they are crucial in evaluating and approving policies.

Occupation	Financial Analysts^[11]
Median Annual Salary	$99,890
Job Growth (up to 2032)	9% (much faster than average)
Job Description	Financial analysts help businesses and individuals make informed investment decisions by assessing financial data, market trends, and company performance. They analyze stocks, bonds, and other assets to evaluate risks and potential returns. Specializing in different areas, they provide insights into economic conditions, industry trends, and investment strategies to support profitable financial planning and decision-making.

Occupation	Market Research Analysts^[12]
Median Annual Salary	$74,680
Job Growth (up to 2032)	7% (faster than average)
Job Description	Market Research Analysts examine consumer behavior, market trends, and competitor strategies to help businesses make data-driven decisions. They collect and analyze data using surveys, focus groups, and statistical software, translating findings into reports and forecasts. Their insights guide product development, pricing, and marketing strategies, ensuring companies effectively target the right audience and maximize profitability.

Certifications and Licensing for Masters in Actuarial Science Online

Certifications and licensing play a crucial role for those completing a master’s in actuarial science online. Professional credentials are typically required to advance in the field, ensuring expertise in risk assessment, financial modeling, and regulatory compliance. These qualifications demonstrate proficiency, enhance career prospects, and increase earning potential. While not all roles mandate certification, many employers prioritize candidates who have completed industry-recognized credentialing processes, reinforcing their credibility and commitment to actuarial excellence.

Here are a few certifications that masters in actuarial science online students can explore:

Chartered Enterprise Risk Analyst (CERA)^[13]
The Chartered Enterprise Risk Analyst (CERA) credential focuses on enterprise risk management (ERM) and is recognized globally. Administered by the CERA Global Association, it equips professionals with expertise in assessing and managing financial and operational risks. Offered by the Society of Actuaries (SOA) and other actuarial organizations, it enhances career opportunities in risk analysis.
Chartered Financial Analyst (CFA)^[14]
The Chartered Financial Analyst (CFA) designation is a globally recognized credential in investment management. Earning it requires passing three rigorous exams covering investment analysis, asset valuation, and portfolio management. Recognized for its emphasis on ethics and professionalism, the CFA designation enhances career prospects in finance, equipping professionals with real-world expertise in investment decision-making and risk assessment.

Resources for Masters in Actuarial Science Online

Access to professional resources enhances knowledge and career growth for graduates of an online master’s in actuarial science. Membership in actuarial associations offers exclusive research, industry publications, and continuing education opportunities. Networking events, conferences, and online forums connect graduates with experienced professionals, fostering mentorship and career advancement. Webinars, workshops, and certification programs provide ongoing skill development. Engaging in these resources ensures graduates stay informed about emerging industry trends, regulatory updates, and evolving actuarial methodologies. Here are a few resources that masters in actuarial science online students can explore:

Title/Resource	Description
Society of Actuaries (SOA)	The Society of Actuaries (SOA) is a leading professional organization advancing actuarial knowledge and expertise. It offers globally recognized credentials, research publications, and continuing education programs. SOA supports actuaries through networking opportunities, industry events, and professional development resources, helping them stay informed about trends, risk management strategies, and evolving actuarial practices.
Casualty Actuarial Society (CAS)	The Casualty Actuarial Society (CAS) is a professional organization specializing in property and casualty insurance. It provides credentialing programs, research, and continuing education to support actuaries in risk assessment and financial modeling. CAS fosters industry connections through networking events, conferences, and resources, helping actuaries stay current with emerging trends and industry developments.
American Academy of Actuaries (AAA)	The American Academy of Actuaries (AAA) supports the actuarial profession by providing objective analysis and guidance on public policy and actuarial standards. It promotes ethical practices, professionalism, and continuing education. AAA also serves as a voice for actuaries in regulatory and legislative discussions, ensuring the profession’s expertise contributes to informed decision-making.
International Actuarial Association (IAA)	The International Actuarial Association (IAA) is a global organization dedicated to advancing the actuarial profession worldwide. It fosters collaboration among member associations, promotes high professional standards, and supports actuarial research. The IAA effectively helps actuaries address global financial, insurance, and risk management challenges through education, networking, and policy initiatives.
The Infinite Actuary	The Infinite Actuary is an online community and resource hub for actuarial professionals and students. It offers forums, study materials, career insights, and networking opportunities. With discussions on exams, industry trends, and professional development, it is a valuable platform for those pursuing actuarial credentials and staying updated on the profession.

FAQs About Masters in Actuarial Science Online

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Q. What is a masters in actuarial science online?

A Master’s in Actuarial Science online is a graduate program focusing on risk assessment, probability, and financial modeling. It prepares students for actuarial exams, insurance, finance, and consulting careers. The flexible online format allows working professionals to gain expertise in statistical analysis, predictive modeling, and financial risk management.