Actuaries use math and data to predict the chances of events like car accidents, illness, or people living longer than expected. They build spreadsheets and computer models to calculate how much money an insurance company should charge customers. They study large datasets and use tools like Excel or specialized software to find patterns in risk. They create reports that explain how likely certain events are and what those events could cost a company. They test different scenarios, like what happens if more claims are filed than expected, and adjust pricing models. They also explain their results to managers so the company can make decisions about pricing, policies, and risk.
Most actuaries earn a bachelor's degree in actuarial science, mathematics, or statistics where they take courses in probability, statistics, and financial math. During college, students use Excel and statistical software to build models and analyze data sets. Students begin taking actuarial exams through the Society of Actuaries, often passing one or two exams before graduating. Internships involve building spreadsheets, analyzing insurance data, and assisting with pricing or risk calculations. After graduation, entry-level roles require continuing to pass actuarial exams while applying math skills to real insurance or financial data.
| School | Location | Distance from ZIP Code 61615 |
|---|---|---|
| University of Pennsylvania | Philadelphia, PA | ~800 miles |
| Harvard University | Cambridge, MA | ~1000 miles |
| University of Chicago | Chicago, IL | ~140 miles |
| New York University | New York, NY | ~800 miles |
| Stanford University | Stanford, CA | ~2100 miles |
| Cornell University | Ithaca, NY | ~750 miles |
| University of Michigan - Ann Arbor | Ann Arbor, MI | ~330 miles |
| University of California - Berkeley | Berkeley, CA | ~2100 miles |
| Massachusetts Institute of Technology | Cambridge, MA | ~1000 miles |
| Columbia University | New York, NY | ~800 miles |
| Yale University | New Haven, CT | ~900 miles |
| Duke University | Durham, NC | ~700 miles |
| University of California - Los Angeles | Los Angeles, CA | ~2000 miles |
| University of Minnesota - Twin Cities | Minneapolis, MN | ~400 miles |
| University of Southern California | Los Angeles, CA | ~2000 miles |
| Ohio State University | Columbus, OH | ~350 miles |
| University of Wisconsin - Madison | Madison, WI | ~250 miles |
| Princeton University | Princeton, NJ | ~800 miles |
| University of Texas at Austin | Austin, TX | ~1000 miles |
| University of Illinois at Urbana - Champaign | Champaign, IL | ~90 miles |
| University of Washington - Seattle | Seattle, WA | ~2000 miles |
| Boston College | Boston, MA | ~1000 miles |
| Carnegie Mellon University | Pittsburgh, PA | ~500 miles |
| Boston University | Boston, MA | ~1000 miles |
| Johns Hopkins University | Baltimore, MD | ~750 miles |
Employers look for candidates who can build detailed Excel models that calculate insurance risk and pricing. Strong applicants have passed multiple actuarial exams and can show exam progress on their resume. Hiring managers expect candidates to analyze datasets and explain results using clear charts and written summaries. Candidates stand out when they can write formulas, run statistical calculations, and test different financial scenarios in spreadsheets. Employers also value internship experience where candidates worked with real insurance data and supported pricing or risk analysis projects.