2024 Best MBA Programs in Actuarial Science

What is an MBA in Actuarial Science?

MBA Programs in Actuarial Science are one of the most in-demand graduate degrees available today and offers students the chance to learn an effective, diverse mixture of management theory and applied strategies from communication and supply chain management skills to financial and marketing needs.

With a strong focus on applied sciences and business knowledge, MBA students experience real-world interactions with other students and professors, providing a sense of collaboration between students as they tackle different facets of business theory.

An MBA with a concentration in Actuarial Science an advanced graduate degree that helps students build the critical tools and framework necessary to lead, manage, and grow Actuarial Science-related businesses. Generally offered as a 2-year program, the majority of MBA programs require candidates to have at least 3 years of work experience before they begin the course work. Common program requirements include accepting at least one internship during the term, writing a thesis or capstone project reflecting on the student’s growth over the year, and passing an exit exam or comprehensive final examination.

20 Best MBAs in Actuarial Science

Find a list of campus and online MBA programs in Actuarial Science in the the United States. In-person, campus Actuarial Science MBA programs account for 21 programs while online offerings account for 11 programs. Find Actuarial Science MBA programs offered and sorted from lowest to highest tuition.

Learn about the career outlook, starting salary prospects, and long-term earnings possibilities in the sections below to help you understand the ROI of earning an MBA in Actuarial Science.

If you notice any errors in the MBA program database, please contact us.

How Much is Tuition for an MBA in Actuarial Science?

The average full-time Tuition for MBA programs in Actuarial Science is $49,002.69 with a highest of $106,246.00 and the lowest of $9,068.00

The average in-state tuition for campus MBA program in Actuarial Science is $49,002.69 compared to the average out-of-state tuition of $60,298.25. The average in-state tuition for an online MBA in Actuarial Science is $44,180.08 compared to an average out-of-state online tuition of $55,803.00.

With a tuition cost ranging between $9,068.00 and $106,246.00, it may be worthwhile to attend a highly reputable online or in-state program instead of electing to go out-of-state.

You may want to opt for a more affordable degree programs instead of taking out student loans for B-School tuition. A savvy student also realizes that attending an online MBA program can significantly reduce textbook, transportation and living costs.

What is the Career Outlook for Actuarial Science MBAs?

Why choose an MBA with a concentration in Actuarial Science? Predictions from the U.S. Bureau of Labor Statistics (BLS) indicate strong growth in management positions overall, with an 8 percent average increase in management-level employment expected across all professions from 2018 to 2028, creating 827,000 jobs. Additionally, the BLS pegged the median salary for managers at $112,590, an important consideration for students considering a major investment in their education.

US Department of Labor – Projections Central

What is the Starting Salary for Actuarial Science MBAs?

Though it’s not the only factor, compensation is an important consideration for individuals considering obtaining an MBA degree. Salaries for graduates with master’s degrees in business administration can be significantly higher than those of graduates with only a bachelor’s degree. In addition, advance salary projections from the US Department of Labor show that average MBA salaries are expected to increase by 6.9% each year through the year 2028 with an annual need of 230,000 new managers needed each year.

Average starting salary for MBA students from universities that offer an MBA in Actuarial Science today is $81,230.20 with the lowest of starting of $47,300.00 and the highest reported starting salary of $151,322.00.

Which Actuarial Science MBAs Programs Have the Best ROI?

What Can I Do With an MBA in Actuarial Science?

With an MBA in the highly sought after Actuarial Science sector, your career has few limits. You use the degree as a stepping stone to a variety of high-level roles in business or government and it opens up new career possibilities or advancement within your current role.

As business and industry demands change within the Actuarial Science sector, a graduate-level degree prepares you for taking on new challenges by preparing you with thinking and adaptation skills required in the every changing world of Actuarial Science.

An MBA in Actuarial Science prepares you for advanced career tracks within the sector including technical and business consulting, accounting, finance, human resources, marketing, and organizational leadership. The MBA is the degree of choice for world-class executives who have the knowledge and real-world experience to add value to their organizations and apply practical business solutions.

What Are Benefits of Earning an MBA in Actuarial Science?

• Increased Job Opportunities: What exactly will an MBA do for you? Mid- to upper-level management positions are available to you. Jobs that see fewer applicants, such as chief executive officer, are also open to you. Earning your MBA qualifies you for positions that range from department director to enterprise director and chief operating officer. Employment for MBA candidates is projected to increase by six percent per year over the next seven years. Three-quarters of employers say that they plan to hire MBA graduates in 2016, while ninety-two percent are increasing the number of MBA internships that they offer.
• Increased Earnings: A recent study showed that the average MBA graduate’s pay was 50% higher than their position before earning their degree. Even more impressive, in the five years after earning their MBA, the average pay increased by 80%. These figures clearly show the financial benefits of an MBA but they don’t address the personal satisfaction that comes with greater responsibility.
• Sharpen Your Professional Skills: As a graduate of an MBA program, you’ll develop the skills necessary to succeed in a competitive business environment. You’ll learn to think critically about problems, communicate effectively, work on a team and analyze complex financial data. You’ll also have access to some of the brightest minds and the latest resources in today’s business world.
• Greater Job Security: Today’s job market is more turbulent than ever before, filling many with uncertainty and fears of being left out. Earning an MBA not only increases your earning potential but also offers a foundation for greater career stability and security. With the marketable skills to lead teams, take initiative and make positive changes in companies, you can quickly establish a secure foothold in an otherwise shaky job market.
• Become a Respected Member of Your Business Community: Choosing to earn an MBA enables you to position yourself as a respected member of your business community. An MBA increases your professional vocabulary, enhances your strategic thinking and analytical skills, and gives you a broadened level of cultural knowledge. Whether you pursue a program that offers concentrations or one focused on leadership and global management, an MBA will give you the tools and resources you need to succeed.

What Skills Do I Need to be Successful In Actuarial Science?

According to a recent survey by the Financial Times, these are the top-five most important skills employers look for in MBA graduates:

• The Ability to Work with a Wide Variety of People: This attribute is important because not all of the people you are communicating with will have the same educational background, interests, or objectives. Your ability to work with a wide variety of people is what enables you to be a successful manager.
• Time Management and Ability to Prioritize: The ability to prioritize and manage time is one of the most important skills that any professional must master. As your career progresses, your work time will increase, but if you can’t manage your time well you’ll always be at risk of not meeting deadlines and expectation
• Understanding and Mastering the Digital Impact on Businesses: Due to this disruption in business models and processes, many companies have transitioned from analog organizations to digital organizations and individuals competencies in information technology are needed.
• Ability to Build, Sustain and Expand a Network of People: The ability to build, sustain and expand a network of people is one of the most valuable skills that a business manager can have. It’s not enough to know the technical aspects of your job. And it’s not enough to be passionate about your work. To succeed in this position as a business manager, you must also be able to build and sustain an effective network of contacts.
• Ability to Solve Complex Problems: Business management is often about conceiving a strategy that employs the best, most effective solutions to get a job done. The thought process behind solving a complex problem is much more complicated than solving a simple one–making it one of the top skills of modern business managers. Complex problems require the manager to think on their feet, and ask questions throughout the entire process.

What Typical Classes Will I Take in My Actuarial Science MBA Program?

Business schools typically offer programs that provide a comprehensive, rigorous training in business fundamentals and leadership. Full-time and part-time curricula exist, with part-time programs requiring students to balance school with full-time employment. As a student, you have the option of emphasizing an area of expertise by choosing a major or completing an integrated program. MBAs have flexibility in course selection due to the curriculum’s interdisciplinary nature; however, a typical curriculum has core courses, as well as required and elective courses in various disciplines.

Core Curriculum for MBA Programs

Typical core MBA classes will differ from program to program, however the following list gives you an idea of the kinds of classes you can expect as outlined in curriculum at Wharton MBA and Florida Atlantic University:

• Foundations of Teamwork and Leadership: Develop a leadership style that fits your situation. Learn the many aspects of teamwork and explore the key components of successful leaders.
• Marketing Management: The MBA program in Marketing Management trains students to apply analytical concepts and marketing tools to decisions like segmentation and targeting, branding, pricing, distribution, and promotion.
• Microeconomics for Managers: This course provides an introduction to microeconomics, which is the study of how the markets for goods and services operate. Topics covered include supply, demand, consumer behavior, market price and output, production, cost, simple competitive market equilibrium, simple monopoly pricing and output determination, price discrimination, and bundling.
• Advanced Microeconomics for Managers: Teaches microeconomic theory in a business setting. It helps readers learn how to use microeconomics to enhance decision making and to make more profitable business decisions. The book includes topics such as sophisticated pricing policies, transfer pricing, strategies for dealing with competitor firms, cooperation strategies, managing under uncertainty and more.
• Statistics and Regression Analysis for Managers: Work with two key statistical data methodologies including regression analysis and experimentation. Learn to apply these techniques to real-world situations.
• Management Communication for Speaking and Writing: Management Communication for Speaking and Writing (MBA) will help you strengthen your skills in persuasion, presenting confidently, and answering questions.
• Business Law and Applied Ethics: Businesses, non-profit corporations and governmental entities all engage in activities that can lead to legal disputes. Business Law and Applied Ethics provides an understanding of the principles that govern these disputes and how they apply to businesses. In addition, students will develop skills and tools to lead or manage a business while creating and maintaining an ethical environment.
• Financial Accounting: Financial Accounting provides a thorough overview of the theory, concepts, techniques, and applications that are necessary for understanding the accounting cycle, asset valuation, income determination, financial reporting, basic business taxes, and owner’s equity. This text is an ideal medium for lecturers to use for courses designed for graduate students lacking any previous course in accounting.
• Corporate Finance: Financial decisions are among the most important a corporation’s managers must make. Investment policy, financing policy and working capital policy all depend on a firm’s unique financial requirements and opportunities. Corporate Finance provides tools and applications of corporate financial analysis and forecasting, as well as discussion of the implementation of these policies in current business situations.

Typical Curriculum for an Actuarial Science MBA Concentration

What Are the GMAT Scores Required for Acceptance into an Actuarial Science MBA Program?

It’s important to note that not all MBA programs require a GMAT Score for admissions, but most reputable programs do. With that being said, if you have your eye on a list of competitive programs, it’s best to boost your GMAT Score accordingly. Outside of a solid GMAT Score, B-School admissions departments look at a candidate’s undergraduate GPA, professional experience, letters of recommendation, CV, and personal statement. A strong undergraduate performance may offset a sub-part GMAT Score.

For campus MBA programs in Actuarial Science, the lowest GMAT score required from an in-person program is 455 and the highest is 698 with an average GMAT score to be accepted in a campus-based Actuarial Science MBA program being 584.

For Actuarial Science MBA programs offered online, the lowest GMAT score required by a university is 455 and the highest is 698 with an average GMAT score to be accepted in an online Actuarial Science MBA program is 598.

Below you will find a list of the 10 highest and 10 lowest average GMAT scores needed for a campus based program offering an Actuarial Science MBA concentration.

Student / Faculty Ratio for MBA Programs in Actuarial Science

A low Student/Faculty ratio for any MBA may have more of an impact on students wanting smaller classrooms and greater networking opportunities with professors and fellow classmates. For students who thrive in lecture hall environments and do not require the individual attention/one-on-one mentorship from a B-Schools faculty, then a high Student/Faculty ratio may not be an issue.

Of all the Actuarial Science MBA programs offered in-person and on campus, the lowest Student Faculty ratio is 6:1 compared to the highest of 22:1 while the average Student Faculty ratio for all in-person campus program offering an Actuarial Science MBA is 13:1.

For Actuarial Science MBA programs offered online, the lowest Student Faculty Ratio is 6:1 and the highest is 22:1 with an average Student Faculty ratio from MBA programs offering an MBA in Actuarial Science online is 13:1.

Below you will find a list of the 10 highest and 10 lowest student faculty ratios from campus based programs offering an Actuarial Science MBA concentration.

Student Enrollment for MBA Programs in Actuarial Science

The MBA program with the lowest student enrollment that offers an MBA in Actuarial Science is 30 from St. John Fisher College. The MBA program with the highest student enrollment offering an MBA in Actuarial Science is Highest: 813 from Northeastern University. The average student enrollment from all universities that offer an MBA in Actuarial Science is 259.