10 Most Affordable Actuarial Science Bachelor’s Programs for 2020

cost of actuary exams

One of the biggest concerns individuals have when attending college is the cost. However, it’s possible to save money on an actuarial science degree. For one, a person can look for cheap universities to study actuarial science. This is as simple as conducting a search for “cheap actuarial science degree in (your location).” Once you conduct your search, compare your options carefully based on the price. Keep in mind that some of the schools may not be cheap universities to study actuarial science.

A person has other ways to make earning an actuarial science degree more affordable. A person can apply for grants through the school, state and federal government, and private grants. It’s as simple as filling out an application in many cases. Another way to make earning an actuarial science degree more affordable is to look for scholarships, which are available through the school and private organizations. Finally, some employers may offer tuition reimbursement programs that will reimburse a person for a portion of the expense of his or her degree program. 

Methodology: Ranking the Most Affordable Actuarial Science Bachelor’s Degrees

Great Business Schools editors do not want to see good students choose bad programs, so our most affordable ranking is about more than just cost. All programs considered must be accredited and recognized for quality. For the ranking itself, though, schools are placed in order by cost, from IPEDS data. 

1. CUNY Brooklyn College

CUNY Brooklyn College offers the most affordable Actuarial Science, BS degree programs in the New York City area. Actuarial mathematics is based around risk and its potential to affect specific variables. Individuals who pursue this type of mathematics degree can become an analyst that works to predict various trends in employment, financial matters, and many other areas. With an affordable Actuarial Science, BS degree, students continue to take on new responsibilities and opportunities as they present themselves.

CUNY Brooklyn College offers affordable degree programs for veterans and other professionals who are looking to improve their skills so they can explore new job opportunities. The faculty and instructors at the college have years of experience in working as professional analysts or in other capacities where mathematics is required to evaluate and determine potential risk. With an affordable Actuary Sciences BS degree, students can gain the skills and experience they need to follow the career path of their choice.

Degree Actuarial Science, BS

2. Arizona State University

Arizona State University offers affordable Actuarial Science, BS degrees to students who are interested in working within the insurance industry as property and casualty analysts. An affordable Actuarial Science degree gives students the tools they need to identify potential risks and analyze the events that can increase your potential for financial loss. For students who want to pursue an Actuarial Science, BS degree in Mathematics, receiving their degree will open the door to their future.

Arizona State University is an award-winning university that offers students the tools they need to prepare them for a career in understanding risk and how to reduce the impact it has on specific situations. Faculty members offer hands-on experience as learning tools to teach students the skills they need to succeed. Every student receives an education that is designed to produce results and give students who graduate with their Actuarial Science BS degree an advantage as they enter the workforce.

Degree Actuarial Science, BS

3. University of Michigan – Flint

The University of Michigan – Flint offers affordable Actuarial Science, BS degrees to students who are exceptionally skilled when it comes to mathematics. With an Actuarial Science degree, students with strong skills in mathematics and business protocols can enter into careers that involve determining varying degrees of risk and how those risks will affect the world around them. Receiving an affordable Actuarial Science, BS degree is the first step in establishing yourself as a professional in a very lucrative profession.

The University of Michigan is one of the most well-respected universities in the country in terms of professional sciences. Faculty members and instructors are dedicated professionals with many years of experience in their respective fields. They use their experience to provide valuable lessons to the students who look to them for a positive learning experience. Students who are interested in an affordable Actuarial Science degree can rely on the University of Michigan to provide them with what they need to make a name for themselves in their chosen industry.

Degree Actuarial Science, BS

4. The University of Texas at San Antonio

The University of Texas at San Antonio is known for its affordable Actuary Science, BBA degrees. With an Actuary Science, Bachelor of Business Administration degree students have the necessary skills to effectively manage the daily operations of a business that involves predicting risks and evaluating the possible outcomes associated with those risks. Individuals who pursue this type of career are detail-oriented and are able to identify and evaluate various risk factors. With an affordable Actuary Sciences, BBA degree, individuals can hone those skills and advance in the type of career they can be proud of.

The University of Texas at San Antonio has a powerful reputation for offering award-winning curriculums that provide students with the skills and information they need to work in a fast-paced environment where risk and reducing the potential for loss are the keys to success. Faculty members are available to provide support and assist students with navigating through the steps they need to take to become successful actuaries in a highly specialized environment.

Degree Actuary Science, BBA

5. Brigham Young University

Brigham Young University offers the best, most affordable Actuarial Science Bachelors degree programs in the state of Utah. Each degree program is designed to provide the mathematical and organizational skills to allow an actuary to perform their duties. By giving them the tools they need to understand potential risk factors and what can be done to prevent subsequent loss, affordable Actuarial Science degree programs are well worth the time and effort a student must spend to earn them.

Brigham Young University is one of the most advanced and well-respected universities in the country when it comes to providing quality educational programs. The well-planned curriculum is presented by instructors who have worked as actuaries and can provide invaluable insight into all aspects of the industry. The university also offers a wide array of resources and programs to support the students’ learning experiences.

Degree Actuarial Science, BS

6. Oakland University

Oakland University provides affordable Actuarial Science, BS degrees for students who are trying to move forward in the insurance, financial, or other industry in which predicting and preparing for future events is a must. Skills and training concepts are offered that allow students to be able to identify potential risks and take the necessary steps required to reduce potential loss and strengthen the organization or system so the risk is no longer a threat. With an affordable Actuarial Science, BS degree, students are given the confidence they need to apply for the most lucrative positions available.

Oakland University has one of the most in-depth and well-structured Actuarial Science degree programs in the state of California. Every instructor has years of experience they can draw upon to assist students in overcoming challenges and obtain the skills they need to perform the duties of their position. Once they have graduated from the University, they can begin to move forward, applying to the positions they feel the most comfortable with.

Degree Actuarial Science, BS

7. University of Central Missouri

The University of Central Missouri offers students one of the most affordable Actuary Science & Statistics, BS degrees in the central United States. This degree program is designed to offer students a wide range of skills and tools that will allow them to with potential risk factors and predict possible outcomes using statistics and other organizational resources to accomplish heir goals. By utilizing the programs offered by the campus to gain their Actuary Science & Statistics, BS degree, students not only gain confidence, they also feel fully prepared to take on their new role.

The University of Central Missouri is an accredited university that is capable of providing top of the line coursework in addition to a variety of programs that have been established to provide students with the hands-on experience they need to succeed. The Society of Actuaries has worked hand in hand to develop the curriculum used at the university so it is guaranteed to provide exactly what each student needs.

Degree Actuary Science & Statistics, BS

8. Appalachian State University

Appalachian State University offers one of the most affordable Actuarial Science BS degree programs in the area. The course curriculum offers all of the skills required for an actuary to perform their duties and perform them well. The degree program ensures that every graduate can enter the workforce with the resources they need to succeed in both the statistical aspect as well as the managerial or business aspect of their required job description. With an affordable Actuarial Science degree, students are confident in their skills and ready to go to work.

Appalachian State University is the largest college in their area. The university employs over 450 faculty members who are able to assist students with all of their needs. The university is also well-known for its numerous grant programs that are designed to assist students who are dedicated to completing their education and moving on to fulfill their dreams of having a professional career as an actuary or in a similar capacity.

Degree Actuarial Science, BS

9. Central Washington University

Central Washington University offers an affordable Actuary Science Bachelor degree programs who qualify. The courses offered encourage students to explore critical and creative thinking challenges they will need to identify possible risks and come up with viable solutions. The students will learn to use calculus, statistics, and the concept of probability to complete their tasks. They will learn a variety of business applications as well that will complete their Actuary Science degree program and allow them to enter the workforce with all of the tools they need for success.

Central Washington University offers an average class size of approximately 20 students. Faculty members have received awards for heir work in both professional circles as well as for working with exceptional students. The university offers students course curriculums that have been designed to provide them with all of the skills and tools they will need to master the duties of whatever job they decide to take.

Degree Actuarial Science, BS

10. The University of Texas at Dallas

The University of Texas at Dallas offers the most affordable Actuary Science Bachelor degree program in the state of Texas. The Department of Mathematics oversees the Actuary Science degree programs and offers students everything they need to succeed in this highly competitive industry. Actuaries require proficiency in both mathematical/statistical skills as well as business organization and management. With the right affordable Actuary Science degree program, students can look forward to pursuing a career as an actuary in any number of industries.

The University of Texas at Dallas is one of the most highly-rated universities in terms of exceptional coursework and professional faculty members. Faculty members have experiences they can use to inspire and guide Actuarial students as they pursue their career goals. Whether they work online or in the classroom, each student has access to the best possible resources in the state.

Degree Actuary Science, BS

How Do I Become an Actuary?

Before completing a bachelor’s degree, part of the process of how to become an actuary requires a person to earn a certificate from either the Casualty Actuarial Society (CAS) or the Society of Actuaries (SOA). Either organization is acceptable. 

A person must pass several exams before completing the certificate program. According to the Bureau of Labor Statistics, how long does it take to become an actuary could be between four to seven years. 

Although the answer to how many years does it take to become an actuary seems like a lot, a person can earn over $100,000 per year after completing the requirements. 

How Do I Pass the Actuarial Exams? 

When thinking about the actuarial exams, a person should know the answer to how many actuarial exams are there. The number of how many actuarial exams are there varies based on the association a person chooses. With the Casualty Actuarial Society (CAS), there are 12 exams. The list of actuarial exams for the Society of Actuaries is much longer. The list of actuarial exams includes over 20 tests, but individuals don’t have to complete them all.  Fortunately, a person only has to pass one or two before being able to get a job.

The actuarial exams pass rate is a bit discouraging. Actuarial exam pass rates are often under 50 percent. This actuarial exams pass rate means that less than 50 percent of people pass the exam. The actuarial exam pass rates should be an indication that a person has to study hard to pass. 

The cost of actuarial exams varies from test to test. The cost of actuarial exams for the first two tests is $225. However, actuarial exam costs raise as the tests get more difficult. Some actuarial exam costs exceed $1,000 for one test. 

While this is a bit discouraging as well, keep in mind that what are actuarial exams consists of tests necessary to showcase a person’s knowledge in the field. Additionally, what are actuarial exams includes the fact that they’re necessary to practice as an actuary. A person should also know that what is an actuary exam includes the fact that a person must pass one or two tests before working in the field. It’s also important to know that what is an actuary exam takes into consideration that it can take up to 10 years to pass all the exams. 

Can I Get an Entry Level Actuary Job Right Out of School?

A lot of people wonder how they can acquire entry level actuary jobs. It’s important to understand that you should complete at least one or two of your exams discussed above before trying for an entry-position. Even entry level jobs in actuarial science require a person to have at least one or two of the exams complete to demonstrate an understanding of the field. 

Besides looking into entry level actuary jobs, a person may want to consider working as an insurance underwriter or a similar field to gain relevant experience. It’s oftentimes difficult to achieve entry level jobs in actuarial science. 

Another option a person has is to apply for an internship. Although it’s not completely necessary for people who don’t plan on earning a graduate, it’s a stepping stone that can gain a person paid experience.

How Much Do New Actuaries Make?

Actuary starting salaries vary based on the field a person goes into. For instance, an entry level actuary salary for someone in health is usually between $48,000 and $64,000. Actuary starting salaries for those in pensions are usually between $49,000 and $67,000. The highest entry level actuary salary is for property and casualty insurance. The actuarial science starting salary for these individuals is between $50,000 to $73,000. 

An actuarial science starting salary can earn a person a feasible salary, although it may seem a little bleak when a person considers how much time it takes to become an actuary. Fortunately, the answer to what is the average starting salary for an actuary isn’t nearly as high as a salary for someone with experience in the field. In fact, the answer to what is the average starting salary for an actuary may be only half of what a person ends up making, considering the average salary of an actuary is $102,880 per year.

Carrie Morris

Warren Dahl