Top 10 Universities for Actuarial Science

Direct Answer

The Best Overall university for actuarial science is the University of Wisconsin-Madison, whose program carries the prestigious Center of Actuarial Excellence (CAE) designation from the Society of Actuaries and feeds one of the deepest insurance and reinsurance recruiting pipelines in the country, with graduates routinely entering the field having already passed two to four professional exams.

The Best Value pick is Drake University, a private school in Iowa whose actuarial program delivers elite placement and exam support at a net tuition that merit aid frequently drops well below its $48,000 sticker, located in the insurance capital of Des Moines. This list is built for students and families evaluating where to study one of the highest-paid, most exam-driven undergraduate majors, whether the goal is a low in-state public price or a focused private program.

Every pick below uses real, publicly reported enrollment, tuition, exam, and outcomes data.

How We Ranked the Top 10

We weighted each program against what actually launches an actuarial career: exam preparation and pass support, recruiting access to insurers and consulting firms, and total cost. We leaned on published data from the Society of Actuaries (SOA), the Casualty Actuarial Society (CAS), **U.S.

News & World Report, NCES (National Center for Education Statistics), College Board, and individual university actuarial program reports**. The weighting:

• Exam prep, pass rates, and SOA/CAS credit — 25%
• Internship and full-time placement — 20%
• Value and cost — 15%
• Faculty, advising, and resources — 15%
• Industry connections and recruiting access — 15%
• Student experience and program fit — 10%

A program with a famous name but weak exam support, or a low price with thin recruiting, drops fast. The winners balance all six. A key marker throughout is the SOA's Center of Actuarial Excellence (CAE) designation, awarded only to programs meeting rigorous curriculum, faculty, and graduate-outcome standards.

1. University of Wisconsin-Madison 🏆 BEST OVERALL

Type: Public | Tuition: $10,800/yr in-state, $40,600/yr out-of-state | Best for: Students who want the deepest, most respected actuarial pipeline in the country

In Madison, Wisconsin, the University of Wisconsin-Madison enrolls about 49,000 students and runs an actuarial program inside the Wisconsin School of Business that is widely regarded as the strongest in the nation. It is a designated SOA Center of Actuarial Excellence (CAE), and its proximity to Madison's enormous insurance sector — home to firms like American Family Insurance and a dense cluster of carriers — feeds an exceptional internship pipeline.

Students typically graduate having passed two to four actuarial exams, and placement approaches 100% into life, health, property-casualty, and consulting roles. Starting salaries commonly run $65,000–$75,000, climbing quickly with each additional exam. The program's reputation among hiring managers is second to none.

Pros:

• SOA Center of Actuarial Excellence with elite national reputation
• Near-100% placement; students often graduate with 2–4 exams passed
• Madison insurance cluster drives a deep internship pipeline
• Starting salaries commonly $65,000–$75,000 with fast exam-based raises

Cons:

• Out-of-state tuition near $40,600/yr is high
• Competitive admission into the business school

Verdict: Wisconsin is the gold standard — no actuarial program is more respected or better connected to the insurance industry.

2. Drake University 💎 BEST VALUE

Type: Private | Tuition: $48,000/yr (merit aid frequently cuts net cost sharply) | Best for: Students who want elite placement and exam support at a strong net price

Drake University, in Des Moines, Iowa, enrolls about 4,800 students and runs one of the most respected undergraduate actuarial programs in the Midwest from inside the insurance capital of the United States. Des Moines hosts a remarkable concentration of insurers — including Principal Financial Group, EMC Insurance, and Wellmark — that recruit Drake students directly and offer abundant internships.

Drake is an SOA Center of Actuarial Excellence, provides structured exam preparation, and posts near-100% placement. Although the sticker is $48,000/yr, Drake awards generous merit scholarships that frequently drop the net cost well below sticker, making its outcomes-per-dollar among the best in the country.

Starting salaries commonly run $62,000–$70,000.

Pros:

• SOA Center of Actuarial Excellence at a small, focused private school
• Located in Des Moines, the U.S. Insurance capital, for direct recruiting
• Generous merit aid frequently cuts net cost well below sticker
• Near-100% placement with starting salaries around $62,000–$70,000

Cons:

• $48,000/yr sticker before aid is high
• Small 4,800-student campus offers fewer non-major options

Verdict: Drake is the value champion — elite placement, exam support, and insurance-capital access at a net price that beats most rivals.

3. University of Iowa

Type: Public | Tuition: $10,400/yr in-state, $32,300/yr out-of-state | Best for: In-state students who want a strong program in the insurance heartland

The University of Iowa, in Iowa City, enrolls about 31,000 students and offers a well-regarded actuarial science program through its Department of Statistics and Actuarial Science in the Tippie College of Business orbit. Iowa benefits from the same Des Moines insurance gravity as Drake, with strong internship access to Principal, Nationwide, and regional carriers.

The program emphasizes statistical rigor and structured exam preparation, and placement is strong at well over 90%. With in-state tuition near $10,400/yr, Iowa offers excellent value for residents. Starting salaries commonly run $60,000–$68,000, rising with each exam passed.

Pros:

• Strong actuarial program in the statistically rigorous Tippie/stats orbit
• In-state access to Des Moines and Midwest insurance employers
• Low in-state tuition near $10,400/yr
• 90%+ placement with starting salaries around $60,000–$68,000

Cons:

• Out-of-state cost near $32,300/yr reduces the value edge
• Less national name recognition than Wisconsin

Verdict: Iowa is an outstanding in-state value — rigorous training and strong insurance-heartland recruiting at a low resident price.

4. Pennsylvania State University

Type: Public | Tuition: $19,700/yr in-state, $39,000/yr out-of-state | Best for: Students who want a large program with huge alumni recruiting reach

Penn State, in University Park, Pennsylvania, enrolls about 47,000 students and offers a strong actuarial science major within its Department of Mathematics / Smeal business orbit. The program combines quantitative rigor with the recruiting muscle of the world's largest dues-paying alumni network, opening doors at insurers and consulting firms nationwide.

Penn State provides structured exam support and an active actuarial student club, and placement runs above 90%. Starting salaries commonly run $62,000–$70,000. The scale of the program and the breadth of recruiting relationships make Penn State a reliable launchpad for East Coast careers.

Pros:

• Strong, well-established actuarial program at a major university
• World's largest dues-paying alumni network for recruiting
• Structured exam prep and an active actuarial student community
• 90%+ placement with starting salaries around $62,000–$70,000

Cons:

• Out-of-state tuition near $39,000/yr
• Large program means advising can feel less personal

Verdict: Penn State pairs solid actuarial training with peerless alumni reach — a dependable national launchpad.

5. Georgia State University

Type: Public | Tuition: $10,900/yr in-state, $30,100/yr out-of-state | Best for: Students who want a top risk-management and actuarial program in a major metro**

Georgia State, in downtown Atlanta, enrolls about 52,000 students and houses one of the nation's premier risk management and insurance ecosystems through the Robinson College of Business. Its actuarial science track sits alongside a top-ranked risk management and insurance (RMI) program, giving students unusually deep exposure to insurers and reinsurers.

Atlanta's status as a major insurance and corporate hub feeds strong internship access, and the program offers structured exam preparation. Placement runs above 90%, with starting salaries around $60,000–$68,000. The combination of metro location and RMI strength is a distinctive advantage.

Pros:

• Top-tier risk management and insurance ecosystem at Robinson
• Major-metro Atlanta location for insurer and corporate recruiting
• Low in-state tuition near $10,900/yr
• 90%+ placement with starting salaries around $60,000–$68,000

Cons:

• Out-of-state cost near $30,100/yr
• Commuter-heavy campus offers a different student experience

Verdict: Georgia State is the RMI-plus-actuarial standout — exceptional for students who want insurance-industry depth in a major metro.

6. University of Connecticut

Type: Public | Tuition: $20,400/yr in-state, $43,100/yr out-of-state | Best for: Students who want proximity to the insurance capital of Hartford

The University of Connecticut, in Storrs, enrolls about 27,000 students and runs a strong actuarial science program inside its Department of Mathematics, designated an SOA Center of Actuarial Excellence. UConn's signature advantage is proximity to Hartford, the historic insurance capital of the Northeast, home to The Hartford, Aetna/CVS Health, Travelers, and Cigna.

That cluster drives abundant internships and a strong full-time pipeline. The program emphasizes mathematical rigor and structured exam support, and placement approaches 90–95%. Starting salaries commonly run $63,000–$72,000, reflecting the high-cost Northeast insurance market.

Pros:

• SOA Center of Actuarial Excellence with strong math rigor
• Proximity to Hartford insurers: The Hartford, Travelers, Aetna, Cigna
• Abundant internships and a strong Northeast pipeline
• 90–95% placement with starting salaries around $63,000–$72,000

Cons:

• Out-of-state tuition near $43,100/yr is among the highest here
• Rural Storrs campus is removed from Hartford itself

Verdict: UConn is the Northeast-insurance pick — a CAE program with direct access to Hartford's carriers.

7. Illinois State University

Type: Public | Tuition: $15,200/yr in-state, $24,800/yr out-of-state | Best for: Students who want a focused, well-priced actuarial and insurance program

Illinois State University, in Normal, Illinois, enrolls about 20,000 students and runs a respected actuarial program through its Katie School of Insurance and Risk Management and mathematics department. The Katie School's close ties to the insurance industry — including nearby State Farm, headquartered in Bloomington-Normal — give students rare direct access to a major carrier for internships and full-time roles.

The program offers strong exam preparation and a tight industry advisory network, with placement well above 90%. Starting salaries commonly run $58,000–$66,000. Its relatively modest out-of-state tuition near $24,800/yr adds value for non-residents.

Pros:

• Katie School of Insurance with direct ties to nearby State Farm HQ
• Strong exam prep and industry advisory network
• Reasonable out-of-state tuition near $24,800/yr
• 90%+ placement with starting salaries around $58,000–$66,000

Cons:

• Less national brand recognition than Wisconsin or UConn
• Smaller program with fewer non-actuarial recruiting options

Verdict: Illinois State is a focused-value pick — direct State Farm access and strong insurance ties at a reasonable price.

8. University of Nebraska-Lincoln

Type: Public | Tuition: $9,500/yr in-state, $27,400/yr out-of-state | Best for: Students who want an SOA-recognized program at a very low in-state price

The University of Nebraska-Lincoln, in Lincoln, enrolls about 23,000 students and offers a strong actuarial science program, designated an SOA Center of Actuarial Excellence, through its Department of Mathematics and College of Business. Lincoln and Omaha host a notable insurance and financial-services cluster — including Mutual of Omaha and Berkshire Hathaway-affiliated firms — that supports internships and recruiting.

With in-state tuition near $9,500/yr, Nebraska is one of the most affordable CAE programs in the country. Placement runs above 90%, with starting salaries around $58,000–$66,000. The program is known for personal advising and strong exam support.

Pros:

• SOA Center of Actuarial Excellence at a low in-state cost near $9,500/yr
• Omaha/Lincoln insurance and financial-services cluster for recruiting
• Strong personal advising and exam support
• 90%+ placement with starting salaries around $58,000–$66,000

Cons:

• Smaller insurance market than Hartford or Des Moines
• Less national name recognition

Verdict: Nebraska is a hidden-value gem — a CAE program at one of the lowest in-state prices on this list.

9. Temple University

Type: Public | Tuition: $17,100/yr in-state, $29,600/yr out-of-state | Best for: Students who want a top risk-management program in a major East Coast metro

Temple University, in Philadelphia, enrolls about 34,000 students and runs a strong actuarial science program alongside one of the nation's most respected risk, insurance, and healthcare management departments in the Fox School of Business. Philadelphia's large insurance and healthcare economy — including major health insurers and Cigna/Chubb-area employers — supports robust internships.

Temple's program offers structured exam preparation and an active actuarial society, with placement above 90%. Starting salaries commonly run $60,000–$68,000. The Fox School's RMI strength gives actuarial students unusual access to insurance-industry mentors and recruiters.

Pros:

• Top risk, insurance, and healthcare management program at Fox
• Major-metro Philadelphia location for insurer and health-plan recruiting
• Structured exam prep and an active actuarial society
• 90%+ placement with starting salaries around $60,000–$68,000

Cons:

• Out-of-state cost near $29,600/yr
• Urban commuter campus offers a different experience

Verdict: Temple is the East Coast metro value — strong RMI ties and actuarial training in a major insurance market.

10. St. John's University

Type: Private | Tuition: $48,400/yr (merit aid common) | Best for: Students who want a New York City-area actuarial program with insurance access

St. John's University, in Queens, New York, enrolls about 20,000 students and offers a well-regarded actuarial science program through its Tobin College of Business and School of Risk Management, Insurance and Actuarial Science — the former College of Insurance, one of the oldest insurance-focused institutions in the country.

Its location in the New York City metro provides direct access to major insurers, reinsurers, and consulting firms. The program offers strong exam preparation and an extensive industry network, with placement above 90%. Although the $48,400/yr sticker is high, merit aid is common.

Starting salaries commonly run $62,000–$72,000, reflecting the NYC market.

Pros:

• School of Risk Management — heir to the historic College of Insurance
• New York City-area access to insurers, reinsurers, and consultants
• Strong exam prep and an extensive industry network
• 90%+ placement with starting salaries around $62,000–$72,000

Cons:

• $48,400/yr sticker before aid is high
• Higher cost of living in the NYC metro

Verdict: St. John's is the NYC-access pick — a historic insurance school with direct entry to the nation's largest financial market.

Which One's Right for You?

What to Look For When Choosing an Actuarial Science Program

• SOA Center of Actuarial Excellence (CAE) status — This designation (held by Wisconsin, Drake, UConn, and Nebraska on this list) signals rigorous curriculum, qualified faculty, and proven graduate outcomes. It is the single most reliable quality marker.
• Exam preparation and credit — The actuarial career is exam-driven. Confirm how many exams students typically pass before graduating and whether courses earn VEE (Validation by Educational Experience) credit from the SOA/CAS.
• Proximity to an insurance hub — Des Moines, Hartford, Atlanta, Omaha, Philadelphia, and NYC each cluster carriers that hire interns and graduates directly. Location materially affects placement.
• Real net cost, not sticker — Public in-state prices (Nebraska, Iowa) and private merit aid (Drake, St. John's) swing the math dramatically. Compare net cost, not sticker.
• Internship pipeline and placement rate — Look for published placement above 90% and named insurer partners. Internships convert to full-time offers at high rates in this field.
• Risk management and insurance (RMI) depth — Programs paired with strong RMI departments (Georgia State, Temple, Illinois State, St. John's) give actuarial students extra industry exposure and mentorship.

What matters less than marketing implies: a university's overall national ranking, campus amenities, and glossy facility photos. For actuarial science, CAE status, exam pass support, and the named insurers that recruit on campus tell you far more than general prestige.

FAQ

Which university is best overall for actuarial science? The University of Wisconsin-Madison is our top pick — an SOA Center of Actuarial Excellence with near-100% placement, students often graduating with 2–4 exams passed, and the deepest insurance recruiting pipeline in the country.

What is the best value university for actuarial science? Drake University is the value champion — an SOA Center of Actuarial Excellence in Des Moines, the U.S. Insurance capital, where generous merit aid frequently cuts the $48,000 sticker well below most rivals' net cost.

What is a Center of Actuarial Excellence (CAE)? The CAE designation is awarded by the Society of Actuaries only to programs meeting rigorous standards for curriculum, faculty, graduate quality, and connection to the profession. Wisconsin, Drake, UConn, and Nebraska hold it on this list.

How many actuarial exams should I pass before graduating? Top programs help students pass two to four exams before graduation. More exams passed means higher starting pay and a faster path to Associate (ASA) and Fellow (FSA) credentials.

Do I need a private school for actuarial science? No. Most top actuarial programs are public. Wisconsin, Iowa, Georgia State, UConn, and Nebraska deliver elite outcomes at public prices, often beating private sticker costs.

Which actuarial programs have the best insurance-industry connections? Wisconsin (Madison cluster), Drake and Iowa (Des Moines), UConn (Hartford), Illinois State (State Farm), and St. John's (NYC) stand out for direct carrier recruiting and internship access.

Bottom Line

For actuarial science, the University of Wisconsin-Madison is our Best Overall — a Center of Actuarial Excellence with the deepest insurance pipeline, near-100% placement, and graduates who often arrive having passed several professional exams. Drake University is our Best Value, pairing CAE status and insurance-capital recruiting with merit aid that cuts net cost sharply.

If your priorities lean toward the lowest in-state price, a specific insurance hub, or a major-metro setting, use the decision tree above to route yourself to Nebraska, Iowa, UConn, Georgia State, Illinois State, Temple, Penn State, or St. John's instead. Choose on CAE status, exam support, and named recruiter access — not general prestige — and you will launch one of the highest-paid careers a bachelor's degree can open.

Sources

• Society of Actuaries (SOA) — Universities & Colleges with Actuarial Programs / CAE list
• Casualty Actuarial Society (CAS) — University Engagement and programs
• U.S. News — Best Colleges and business program rankings
• NCES (National Center for Education Statistics) — College Navigator
• College Board — BigFuture college search and tuition data
• University of Wisconsin-Madison — Actuarial Science, Wisconsin School of Business
• Drake University — Actuarial Science program
• University of Connecticut — Actuarial Science, Department of Mathematics
• Georgia State — Robinson College Risk Management & Insurance / Actuarial
• St. John's University — School of Risk Management, Insurance and Actuarial Science

*Actuarial science universities review — best actuarial science colleges, rankings, ratings, and a review of the top university picks for students and families.*