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Actuarial Science Master's Programs in Illinois

Learn about your educational options for earning a master's degree in actuarial science in Illinois. Then, explore actuarial science-focused career paths you could follow.

Roosevelt University

Roosevelt University offers a 33-credit Master of Science in Actuarial Science program that has a curriculum designed around the standards of both the Society of Actuaries and the Casualty Actuarial Society so that students will be ready to meet the requirements for Validation by Educational Experience. Along with courses on derivative markets, data mining and actuarial mathematics, students can also choose to participate with industrial partners on real-world intensive modeling projects in order to gain hands-on professional experience.

University of Illinois at Urbana-Champaign

Designated as a Center of Actuarial Excellence by the Society of Actuaries, the University of Illinois at Urbana-Champaign's 32-credit Master of Science in Actuarial Science program offers a fast-track professional option for those who want to pass basic professional actuarial exams and an advanced option for those with an actuarial science background who want to take advanced coursework in financial mathematics, risk modeling, and predictive analysis. This program can be completed in only 18 months, and students in the advanced track can opt to pursue research opportunities with faculty.

Illinois State University

Illinois State University's Master of Science in Mathematics with a sequence in actuarial science program was the first in the state to be designated by the Society of Actuaries as a Center of Actuarial Excellence and includes classes on regression analysis, microeconomics, and actuarial models. This is a 2-year program that offers a 30-credit thesis option and a 32-credit coursework-only option, and students are expected to participate in professional actuarial internships and pass several professional actuarial exams over the course of their program.

DePaul University

DePaul University offers a Master of Science in Applied Mathematics with an actuarial science concentration, which is designed for both those new to actuarial science and those who want to further their training. This is a 2-year program that includes the study of theoretical and practical knowledge with courses in loss models, mathematics for finance, and statistics that are designed to help students pass actuarial exams.

Illinois Institute of Technology

The Master of Mathematical Finance degree program at Illinois Institute of Technology prepares students for careers in the fields of financial risk management, quantitative analysis, and financial engineering. This is a 33-credit hour program that includes practical and theoretical training with classes that center on such subjects as quantitative risk management, statistical learning, time series analysis, and computational finance.

School Name Program Offered Graduate Tuition (in-state; 2019-2020)
Roosevelt University Master of Science in Actuarial Science $20,858
University of Illinois at Urbana-Champaign Master of Science in Actuarial Science $14,997
Illinois State University Master of Science in Mathematics with a sequence in actuarial science $7,956
DePaul University Master of Science in Applied Mathematics with an actuarial science concentration $19,584
Illinois Institute of Technology Master of Mathematical Finance $29,487

Source: National Center for Education Statistics

Actuarial Science Career Paths

Actuaries

Actuaries use databases, statistics, and modeling software to analyze the probability of certain events and risks and what their economic impact might be. Many actuaries are employed by insurance companies and help determine insurance costs and premiums. Actuaries can work in different fields of insurance as well, such as in casualty, health, or enterprise risk insurance. Overall, actuaries leverage their understanding of math, statistics, and finance to develop policies that ensure a company stays profitable.

Financial Analysts

Financial analysts guide the financial strategies and decisions of companies and individuals. To help their clients make sound decisions, they use financial data and economic trends information to recommend the buying or selling of investments. There are several types of financial analysts, such as risk analysts, who determine the risk of certain investments, or stocks and portfolio managers, who are in charge of the management of investment portfolios for stakeholders.

Insurance Underwriters

Insurance underwriters work for insurance companies, where they determine whether a prospective applicant is eligible for insurance and what the terms of his or her insurance policy will be. To do this, insurance underwriters use software programs to analyze applicants and their information, assess their risk, and determine coverage. Like actuaries, they also usually specialize in one area of insurance, such as health, property, or life insurance.

Job Title Median Annual Salary (2019) Estimated Job Growth (2018-2028)
Actuaries $108,350 20%
Financial Analysts $85,660 6%
Budget Analysts $70,020 -5%

Source: U.S. Bureau of Labor Statistics

There are several actuarial science master's programs in the state of Illinois that offer students the opportunity to gain important mathematical, finance, and statistics skills and knowledge. After earning a degree of this type, one can become an actuary or pursue a career as a financial analyst or an insurance underwriter.