Actuarial Science Major
What will I learn as an actuarial science major?
Core principles
Learn to use mathematics, statistics, and data analytics tools to make decisions by assessing the risks and financial consequences of future events.
In-demand skills
Analyze data to find solutions. Build skills in pricing insurance products, evaluating liabilities, and communicating complex topics.
Advanced concepts
Explore how advanced analytics, software, and programming intersect to solve complex problems and drive strategic decision-making.
Named a National Center of Actuarial Excellence
—Society of Actuaries (2009 to present)
Designated a University Earned Credit (UEC) Program
—Society of Actuaries (2022 to present)
What’s the actuarial science major experience?
Top left: Actuarial Club attend a Wisconsin Badgers volleyball game. Top right and bottom: Business Badgers tour the headquarters of TruStage in Madison, Wisconsin. Students explored actuarial science careers, met with company leaders, and learned about daily operations. Photo credits: Actuarial Club and Wisconsin School of Business
Top left: Actuarial Club attend a Wisconsin Badgers volleyball game. Bottom left and right: Business Badgers tour the headquarters of TruStage in Madison, Wisconsin. Students explored actuarial science careers, met with company leaders, and learned about daily operations. Photo credits: Actuarial Club and Wisconsin School of Business
Average Starting Salary for Actuarial Science Majors
Employment Rate
Companies That Hire Wisconsin Actuarial Science Majors
What are popular actuarial science jobs?
- Actuarial analyst
- Actuarial assistant
- Business analyst
Common Actuarial Science Career Path
Actuarial science applies mathematical and statistical methods to assess the liabilities and risks a company faces when it offers an insurance product or pension plan.
Actuary: Actuaries are experts in evaluating the likelihood of future events, designing creative ways to reduce the likelihood of undesirable events, and decreasing the impact of undesirable events that do happen. Most actuaries work in the risk management and insurance industry or as consultants related to risk management and insurance.
Actuarial skills and techniques are valuable in non-insurance applications—anywhere business analytics can be used to make informed business decisions. Common areas include:
- Health insurance: Actuaries help develop health insurance policies for individuals and groups by estimating life expectancy using factors such as family history, geographic location, and occupation.
- Life insurance: Actuaries help develop life insurance policies for individuals and groups by estimating life expectancy using factors such as age, gender, and tobacco use.
- Pension and retirement benefits: Actuaries evaluate company pension plans to ensure they are appropriately funded in the future. They also help companies develop retirement benefit plans such as health care and 401(k) plans.
- Enterprise risk management: Actuaries help organizations identify, monitor, and manage risk to achieve their objectives.
- Predictive analytics (big data): Actuaries analyze large data sets using modeling and data analysis techniques to find predictive patterns and relevant business uses.
Certificates Commonly Paired With an Actuarial Science Major
For jobs such as actuarial consultant, pension actuary, health care actuarial consultant, insurance risk consultant, employee benefits consultant, and investment consultant.
View the consulting certificateFor jobs such as risk analyst, actuarial data scientist, predictive modeler, and insurance data scientist.
View the data science certificateFor jobs such as actuary, quantitative analyst, mathematical risk analyst, pension actuary, insurance pricing actuary, and financial engineer.
View the mathematics certificateFor jobs such as actuary, data scientist, and quantitative analyst.
View the statistics certificateApplied Learning Opportunities
Job shadow
Experience a company’s day-to-day operations, tour facilities, network, and more through half- or full-day site visits. Among past employer participants are TruStage and Wakely. Employers host between five and 20 undergraduate business students at a time.
Case competitions
Put your business skills to the test in national case competitions where you solve real-world challenges or case studies. Showcase your analytical, problem-solving, and presentation skills. Competitions have been sponsored by the Society of Actuaries, the University of Texas at Dallas, Travelers Insurance, Munich Re, and other companies.
On-campus events
Attend employer coffee chats, industry panels, career fairs, and workshops to grow your network and sharpen your skills. Events have been hosted by the Actuarial Club and Co-Curricular Learning Board, a collaboration between insurance organizations and the Wisconsin School of Business. Direct access to recruiters and alumni opens doors to internships and full-time positions.
Actuarial Science Student Organization
Popular Master’s Program for Actuarial Science Majors
MS in Business Analytics
Excel in a data-driven business world. Harness the power of data to address complex questions and contribute strategic insights in any industry in this one-year program.
Who can help me with my actuarial science major?
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