Masters in Actuarial Science in USA is a 1-2 year-long program offered at various private and public universities across the country. The USA is home to some of the most prestigious universities offering actuarial science courses globally. Students completing graduation with Actuarial Science can expect significant placement opportunities in successful firms including insurance companies, consulting firms, and governmental agencies.
- MS in Actuarial Science prepares students having a quantitative undergraduate degree for actuarial professional careers.
- Course fees, in US colleges, for MS in Actuarial Science can vary, but is usually around 52,000 USD. Indian students can estimate an equivalent fee of 39.2 lakh INR.
- The cost of living in USA for international students can range from 10,000 to 18,000 USD (~7.5 to 13.6 lakh INR).
- Actuarial Science has had a faster than average job growth in the US, with a median salary of 135,000 USD.
Explore: Jobs after MS in USA
Top Colleges for MS in Actuarial Science in USA
USA has some of the most globally reputed institutions offering MS in Actuarial Science with advanced curriculums and experienced faculties helping students develop technical skills to fit their industry needs. An MS in the field from these top institutions will not only equip students with in-depth knowledge of the existing and upcoming trends in the field, but also help them get highly competitive jobs in the field to launch their dream career.
Here is a list of the top institutions for a Masters in Actuarial Science in the US:
| Institution | 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 |
Why Study Masters in Actuarial Science in USA?
- The demand for actuaries is set to increase by 20% in the upcoming decade.
- Currently, only 460 actuaries are there in India, compared to 37,000 actuaries in the USA with less than 1/3rd population of India, indicating a high demand.
- Masters in Actuarial Science from one of the reputed institutions in the USA provide programs in which students are guided by highly experienced faculties, with the promise of exposure to the working world.
- MS in Actuarial Science at the top universities in USA offer hands-on training with the latest software that will greatly help with placement opportunities not just within the USA, but also worldwide.
Highlights
| Duration | 1.5 - 2 years |
| Eligibility | Minimum CGPA of about 2.25 during the bachelor’s degree GRE score of 300 or competitive GMAT score |
| Average Course fee | 52,000 USD (~39.2 lakh INR) |
| Average Salary | 135,000 USD per month |
| Job Profile | Risk assessor, Quality Assurer, Consultant, Head Analyst, Lecturers, assistant Professors |
| Top Recruiters | Milliman, Munich Re, Swiss Re, The Hartford, Aon Hewitt, Willis Towers Watson |
| Similar fields of study to consider | Master of Actuarial and Quantitative Risk Management, MS in Actuarial Mathematics And Quantitative Risk, Wharton MBA |
Masters in Actuarial Science in USA: Program Details
MS in Actuarial Science will provide a broad exposure to business and economic principles along with an opportunity to further the students’ knowledge in the fields of mathematics and statistics. The course will not only equip students with the necessary skills for the professional qualifying exams to become an actuary, but also boost their placement opportunities in a number of lucrative job titles, such as, Risk assessor, Quality Assurer, Consultant or as Head Analyst for insurance companies, finance firms, and other MNCs. Graduates can also go on to become lecturers and assistant professors for research institutions.
Admission to MS in Actuarial Science in USA
Following are some of the top colleges in USA offering MS in Actuarial Science:
| University | Admission Requirements | English Proficiency Requirements |
|---|---|---|
| Ohio State University – Columbus | 4-year long Bachelor's degree from an accredited college or university. GPA of 3.0 or higher (~83-86%) | TOEFL iBT – 79 TOEFL pBT – 550 IELTS – 7.0 |
| Georgia State University | College Transcripts; Personal statement; Resume (No work experience required) | TOEFL – 90; IELTS – 6.5 |
| Columbia University | Transcripts of all post-secondary institutions attended for at least one term. Resume/CV LOR Official GRE scores Video Essay SOP | TOEFL iBT – 100 IELTS Academic – 7.0 |
| University of Nebraska – Lincoln | Academic transcripts Resume LOR SOP GMAT score of at least 600, or equivalent GRE score | TOEFL iBT – 80 TOEFL pBT – 550 IELTS – 6.5 |
| Boston University | Academic transcripts Bachelor’s degree from an accredited institution GPA of 3.0 or higher | TOEFL iBT – 84 TOEFL Essentials – 9 IELTS – 6.5 Duolingo – 110 |
| University of Wisconsin – Milwaukee | Academic Transcripts Bachelor’s degree from an accredited institution Resume/CV SOP for MS LOR (Optional) | TOEFL iBT – 92 TOEFL pBT – 580 IELTS – 7.0 |
| Arizona State University | GPA of 3.0 (~83-86%) Letter of intent or written statement 2 LOR GRE scores Resume | TOEFL iBT - 80 TOEFL PBT - 550 IELTS - 6.5 PTE - 60 Duolingo - 105 |
| Saint Louis University | College transcripts SOA exam | IELTS - 6.5 Duolingo - 110 PTE - 54 TOEFL iBT - 80 TOEFL PBT - 550 English portion of ACT - 21 Evidence-based reading and writing of SAT - 550 |
US Student Visa Application Process
A US Student visa is mandatory for non-US residents studying at universities in the USA. Most international students come to the USA with F-1 status. If students have at least 51% of the total expenses paid for through scholarships, students can also be eligible for the J-1 status. Eligible international students should ideally apply for a US student visa immediately after receiving their letter of admission at a university in the US. The application fee for a student visa for the US is 160 USD (12,160 INR).
Here are some of the general requirements for US Student visa requirements:
- Valid passport
- Recent passport size photograph
- Form I-20
- Application as a non-immigrant
- Payment of application fees for SEVIS
- Confirmation page of DS-160
- Proof of financial capability.
Cost of Studying in USA
International students planning to study abroad in the USA must keep in mind the different types of expenses, pre-arrival, tuition fees, and living costs. The list of estimated expenses given below should help aspiring international students in planning their budget.
Pre-Arrival Expenses
Following are the expenses to be considered before moving in to USA:
| Expenditure | Cost in USD |
|---|---|
| Visa fees | 160 |
| Airfare | 760 |
| English Language Proficiency Tests (TOEFL) | 185 |
Tuition Fee for Masters in Actuarial Science in USA
The tuition fees for MS in Actuarial Science at US universities can vary widely. Additionally, there are various financial aids and scholarships for international students to apply for that can have a significant impact on the total tuition fees. The tuition fees can range anywhere from 34,000 to 80,000 USD (~25.6-60.3 lakh INR).
Cost of Living in USA
Cost of living in the most populous cities in USA is generally quite high. As such, planning ahead for living expenses can be quite crucial for aspiring international students in planning their finances. The costs of living for some of the most popular cities for international students in the US are given below:
| City | Accommodation (in USD) | Food/Groceries (in USD) | Transportation (in USD) | Miscellaneous Expenses (in USD) |
|---|---|---|---|---|
| Boston | 1,927-2,687 | 150 | 90 | 250 |
| New York | 2,094-3,064 | 260 | 130 | 280 |
| San Francisco | 2,495-2,900 | 220 | 81 | 250 |
| Chicago | 1,205-1,842 | 200 | 105 | 260 |
| Los Angeles | 1,663-2,214 | 180 | 100 | 260 |
| Washington DC | 1,970-2,299 | 200 | 100 | 260 |
| Philadelphia | 1,092-1,683 | 150 | 96 | 250 |
| Pittsburgh | 970-1,371 | 150 | 97 | 310 |
| Atlanta | 1,123-1,569 | 150 | 95 | 270 |
| Baltimore | 1,006-1,478 | 165 | 74 | 250 |
| San Diego | 1,731-2,173 | 175 | 72 | 250 |
Scholarships for Masters in Actuarial Science
International students can avail a number of scholarships to study in USA, both government and non-government funded, to make education in the USA more accessible to students worldwide. Here are some of the scholarships available for international students in the US:
| Scholarship | Eligibility | Amount |
|---|---|---|
| Fulbright Foreign Student Debt | International students in all fields, excluding medicine receive grants for studying in USA for one year or more. | Variable |
| Civil Society Leadership Awards | International students with a bachelor’s degree, demonstrating clear academic and professional excellence | 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 | Student of any nationality, currently enrolled in the US as a high school, undergraduate or graduate student | 2000 USD |
| AAUW International Fellowships | Female international students looking to study in the US, awarded by American Association of University Women | About 2000 USD |
Universities also offer numerous merit and need-based scholarships, Teaching Assistantship, Research Assistantship, and Graduate Assistantship options for international students seeking financial aid to study MS in Actuarial Science.
Masters in Actuarial Science, USA: Work Opportunities
Masters in Actuarial Science in USA opens opportunities to interact and work with world-renowned practitioners and leaders. Guided by some of the most experienced faculty worldwide, students are offered with a careful balance between theory and practical exposure. The program also equips the graduates with analytical, critical thinking and risk management skills, as well as quantitative and problem-solving skills for leadership positions in various industries.
Some of the most sought after careers pursued by MS in Actuarial Science graduates are as follows:
| 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 background in mathematics and/or statistics should definitely consider pursuing an MS in Actuarial Science in the USA. An MS in Actuarial Science at some of the most reputed institutions globally can open up highly lucrative job options in a variety of industries, along with the promise of financial stability thanks to the high median salary for actuaries.
FAQ
What is the salary of an actuary in India?
Candidates with MS in Actuarial Science are in high demand globally, but especially so in India. Freshers with the degree can start with upto INR 4-5 lpa, an actuary typically earns as much as INR 15-20 lpa.
What is the demand of students after completing MS in Actuarial Science?
The job prospects for actuarial sciences are expected to go as high as 20% in the coming years. The demand for an Actuary is high both in India and abroad.
Are the GRE and GMAT required for studying MS in Actual Science in US institutions?
US universities generally ask for a minimum GMAT score or GRE scores as a prerequisite for admission. However, there are institutions like Boston University, Roosevelt University and Ball State University that do not require GMAT or GRE, and therefore these tests are not necessary for pursuing MS in Actual Science in the US.
Are SOA (Society of Actuary) exams required for admission?
Many institutions in the US do not require SOA exams for admission for MS in Actuarial Science. If you have passed any of the SOA/CAS exams, be sure to mention it in the resume/CV as it should help with admissions.
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