Studying actuarial science in the USA will equip you to be a professional trained to evaluate financial risk. You will have the skills and expertise to design, analyze, price and refine insurance programs that meet society’s needs. Studying actuarial science in the USA will teach you how to solve problems using mathematical, probabilistic, and statistical tools to evaluate future risk and contingent events.

Studying actuarial science in the USA offers a wide range of options for students looking to build a strong understanding of mathematics. You will have great skills in statistics and business management. However, you must have all the requirements that are needed to start studying actuarial science in the USA before you can gain admission.

In this piece, I will walk you through the requirements needed to study actuarial science in the USA.

Requirements for Studying Actuarial Science in the USA

  1. Complete your Secondary Education

    You must have completed your secondary education before you can study actuarial science in the USA. Additionally, you must have a minimum of credits in subjects such as Mathematics, Accounting and English Language.

  2. English Proficiency Test

    You will be required to write an English Language proficiency test if English is not your first language. Additionally, you must show proof of your English proficiency test. It can be tests such as IELTS, TOEFL. This test can vary based on the university you apply to. Additionally, each school will have the minimum score that you should have in the English test. The minimum score for IELTS is 6.0.

  3. Have Academic Transcripts

    You must submit an academic transcript of your previous education. This transcript must contain all your courses and grades that you have studied. Additionally, this transcript must be an official one and it must be written in English.

  4. Have Reference Letters

    You must submit at least two reference letters during your application. This reference letter should be from a teacher or an employer. Therefore, reference letters from friends or family will be rejected.

  5. Personal Statement

    Some schools in the USA may require you to write a personal statement. This is an essay that explains why you want to study actuarial science in the USA and your career plans. Additionally, you should check the school’s website to know the amount of words that you are required to write in your personal statement.

Requirements to Obtain a Masters Degree in Actuarial Science in the USA

  1. Have a Bachelor’s Degree

    You should have a bachelor’s degree in actuarial science or relevant field. Additionally, you must have at least 3.0 out of 4.0 GPA from a recognized university.

  2. Have Academic Transcripts

    You must submit an academic transcript of your previous education. This transcript must contain all your courses and grades that you have studied. Additionally, this transcript must be an official one and it must be written in English.

  3. Professional Experience

    You need to have relevant prior professional experience. Furthermore, you can have experience working in the business administration field. This may not be a compulsory requirement for all schools. However, it can make you stand out amongst other applicants.

  4. English Language Entry Requirement

    You need to write an English Language proficiency test if English is not your first language. Additionally, you must show proof of your English proficiency test. The minimum score for the IELTS is 7.0 with no sub-band lower than 6.5. Additionally, the minimum score for TOEFL is 80 to 100.

  5. Recommendation Letters

    You need to have at least three recommendation letters. It should consist of 2 academic and 1 professional letters. Furthermore, these letters must be gotten from an employer or a previous lecturer. Therefore, recommendation letters from a friend or family will be rejected.

  6. Statement of Purpose

    You must write a statement of purpose explaining your qualifications, your future plans as well as the reason why you are choosing to study actuarial science in the USA. Additionally, this essay must be 500-750 words or 1-2 pages long. This can vary depending on the university’s requirements.

  7. Resume/CV

    You need to submit an updated resume or curriculum vitae showcasing your work experience. Additionally, you can add your professional certifications if you have any.

How to Apply

You can apply to the school of your choice through the school’s website. Most schools in the US will require you to pay for an application fee before submitting your application. The application fee varies between 50 -100USD. You can apply for an undergraduate program as well as a postgraduate program. Additionally, you need to verify each school’s requirement before filling the application form.

Duration

The duration for studying actuarial science in the USA varies based on the type of program and the University. A bachelor’s degree in actuarial science lasts for four years. However, a masters degree lasts for 1-2 years.

Tuition Fee

The tuition fee for studying actuarial science varies for international students as well as the particular university. The average amount for an undergraduate degree ranges from $9,853 to $28,099 annually. Additionally, the average amount for a postgraduate degree ranges from $11,365 to $21,890.

Universities in the USA that offer Actuarial Science

  1. University of Pennsylvania, Pennsylvania
  2. Harvard University, Massachusetts
  3. University of Chicago, Illinois
  4. New York University, New York State
  5. Cornell University, New York State
  6. Stanford University, California
  7. University of Michigan – Ann Arbor, Michigan
  8. University of California – Berkeley, California
  9. Columbia University, New York State
  10. Massachusetts Institute of Technology, Massachusetts
  11. Duke University, North Carolina
  12. Yale University, Connecticut
  13. Ohio State University, Ohio
  14. University of California – Los Angeles, California
  15. University of Wisconsin – Madison, Wisconsin
  16. University of Southern California, California
  17. University of Texas at Austin, Texas
  18. University of Minnesota – Twin Cities, Minnesota
  19. University of Illinois at Urbana – Champaign, Illinois
  20. Boston University, Massachusetts
  21. Pennsylvania State University, Pennsylvania
  22. University of Washington – Seattle, Washington
  23. Georgia State University, Georgia
  24. Princeton University, New Jersey
  25. Boston College, Massachusetts
  26. Carnegie Mellon University, Pennsylvania
  27. University of Florida, Florida
  28. University of North Carolina at Chapel Hill, North Carolina
  29. Johns Hopkins University, Maryland
  30. Georgetown University, District of Columbia
  31. University of Iowa, Iowa State
  32. University of Rochester, New York State
  33. Michigan State University, Michigan
  34. George Washington University, District of Columbia
  35. Washington University in St Louis, Missouri

In Conclusion, studying actuarial science in the USA can be highly competitive. This is because the US has a high standard of education which is a desire for most aspiring professionals in this field. Therefore, you need to ensure that you have the right qualifications and documents that are needed to study actuarial science. Additionally, you need to verify each requirement from the school’s portal before you submit your application. You can reach out to us for further inquiries and assistance.

Good luck!

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