What is Actuarial Science?

Actuarial science applies mathematical and statistical methods to assess risk in insurance, finance, and other industries. Actuaries analyze data to predict and manage potential risks.

Why pursue a Master's in Actuarial Science?

A Master's in Actuarial Science can provide advanced knowledge in mathematics, statistics, and finance, leading to better job prospects and higher salary potential in the actuarial field.

What career opportunities are available after completing this degree?

Actuarial graduates can work in various industries like insurance, finance, consulting, and risk management. They often pursue roles as actuaries, risk analysts, underwriters, or financial consultants.

2022-03-30 |

Countries

Masters In Actuarial Science In The US

Is Masters in Actuarial Science worth it?

By Grad-Dreams

USA

General

Masters In Actuarial Science In The US

In the United States, a master's degree in actuarial science is a two-year program offered at a variety of private and public universities across the country. The United States is home to some of the world's most prestigious colleges that offer actuarial science programs. Students who earn a bachelor's degree in Actuarial Science can expect to work for a variety of industries, including insurance companies, consulting firms, and government agencies.

A master's degree in actuarial science prepares students with a quantitative undergraduate degree for jobs as actuaries.
MS in Actuarial Science course prices in US institutions vary but are typically around USD 52,000. The corresponding fee for Indian students is estimated to be 39.2 lakh INR.
For overseas students, the cost of living in the United States can range from $10,000 to USD 18,000 (7.5 to 13.6 lakh INR).
In the United States, actuarial science has experienced faster-than-average job growth, with a median income of 135,000 USD.

Why Study a Masters In Actuarial Science In The US?

The demand for actuaries is expected to rise by 20% over the next decade.
There are now just 460 actuaries in India, compared to 37,000 actuaries in the United States, which has less than a third of India's population, indicating a strong demand.
Students pursuing a Masters in Actuarial Science from one of the reputable universities in the United States may expect to be led by highly experienced faculty and gain exposure to the working world.
MS in Actuarial Science programs at top colleges in the United States provide hands-on training with the most up-to-date software, which will considerably aid placement opportunities not only in the United States but also around the world.

#Course Details

This master's degree program in actuarial science will give students a wide understanding of business and economic fundamentals and the opportunity to deepen their expertise in mathematics and statistics. The course will not only prepare students for the professional qualifying exams to become an actuary, but it will also increase their employment opportunities in a variety of lucrative job titles such as risk assessor, quality assurance specialist, consultant, or head analyst for insurance companies, financial institutions, and other multinational corporations. After graduation, graduates could consider working as lecturers or assistant professors in research institutions.

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#Top Universities

University	Annual Tuition Fees (USD)
Georgia State University	33,993
Columbia University	81,576
Ohio State University – Columbus	74,280
University of Nebraska – Lincoln	39,208
Boston University	136,800
University of Wisconsin – Milwaukee	37,941
Michigan State University	$39,766

#Student Visa

Non-residents of the United States who wish to study at universities in the United States must get a US Student visa. The majority of international students arrive in the United States using F-1 visas. Students can also qualify for the J-1 visa status if they have received at least 51 percent of their total expenses in the form of scholarships. International students who meet the requirements should apply for a student visa to study in the United States as soon as they receive their letter of admission to a university in the country. The fee for applying for a student visa in the United States is 160 USD (12,160 INR).

The following are some of the general conditions for obtaining a student visa in the United States:

A valid passport is required.
A recent passport-sized photograph is required.
I-20 Form.
Non-immigrant visa application.
SEVIS application fees must be paid in whole.
confirmation page of the DS-160 form.
Evidence of one's financial capabilities.

#Cost Of Studying

International students who wish to pursue higher studies in the United States should be aware of the various sorts of expenses, including those incurred before arrival, tuition fees, and living expenses. The list of projected expenses provided below should assist prospective international students in creating a budget for their studies.

Pre-arrival expenses

Expenditure	Cost in USD
Visa fees	160
Airfare	760
English Language Proficiency Tests (TOEFL)	185

#Tuition fees

The cost of an MS in Actuarial Science at a university in the United States might vary significantly. Additionally, overseas students can apply for a variety of financial aid and scholarship opportunities, which can have a substantial impact on their overall tuition costs. The tuition fees might range from 34,000 to 80,000 USD (about 25.6-60.3 lakh Indian rupees).

Cost of living

The cost of living in the most populated cities in the United States is, on average, quite expensive. As a result, for aspiring international students, budgeting for living expenditures ahead of time can be extremely beneficial in financial planning. The following are the cost of living estimates for some of the most popular cities in the United States for international students:

Type of Expense	Annual Cost (in USD)
Accommodation	9600 - 14000
Health Insurance	2000
Traveling	1440 - 3000
Groceries	3000
Other Utilities like Electricity, Entertainment, etc	6000

#Scholarships

International students can apply for a variety of scholarships to study in the United States, which are supported by both the government and non-government organizations, to make higher education in the United States more accessible to students from all over the world. Here are a few examples of scholarships available to international students studying in the United States:

Scholarship	Eligibility	Amount
Fulbright Foreign Student Debt	Grants are available to international students in all fields, except medicine, who wish to study in the United States for one year or longer.	Variable
Civil Society Leadership Awards	Students from other countries who have earned a bachelor's degree and have demonstrated strong academic and professional achievements.	Fully funded Masters degree
David P. Shapiro Autism Scholarship	Current or prospective students in the US diagnosed with autism	1000 USD
Preply Scholarship	Students aged between 16 and 35, at any study level.	2000 USD
Surfshark Privacy and Security Scholarship	Students of any nationality, currently enrolled in the US as a high school, undergraduate, or graduate student	2000 USD
AAUW International Fellowships	The American Association of University Women has given out scholarships to female international students who want to study in the United States.	About 2000 USD

#Career Prospects

Interacting and working with world-renowned practitioners and leaders is possible with a Master's in Actuarial Science in the United States. Students are given a precise balance of theoretical and practical exposure, guided by some of the most experienced instructors in the world. Graduates will have analytical, critical thinking, and risk management abilities, as well as quantitative and problem-solving skills, which will prepare them for leadership roles in various industries.

The following are some of the most sought-after occupations for MS in Actuarial Science graduates:

Job Title	Average Salary in USD
Actuary	86,000
Senior Actuarial Analyst	84,000
Risk Analyst	63,000
Financial Planner	62,000
Investment Analyst	63,000

Students with a strong mathematical and/or statistical background should strongly consider pursuing an MS in Actuarial Science in the United States. An MS in Actuarial Science from one of the world's most prestigious schools can lead to very profitable work opportunities in a range of industries, as well as the promise of financial stability thanks to actuaries' high median salary.