High Paying Degrees: A Guide to Majoring in Actuarial Science

Introduction:

Actuaries are the math wizards who predict financial risk—figuring out how likely it is that a hurricane will hit Florida, a 25-year-old will get in a car accident, or a 65-year-old will need nursing home care. Their expertise is so valuable that Actuarial Science consistently appears on high paying majors lists, offering exceptional salary potential for math-minded students. If you enjoy working with numbers and want your calculations to directly impact business decisions, this career path might be perfect for you.

Understanding the Major:

What will you study? Actuarial Science combines statistics, probability, finance, and business courses to teach you how to measure and manage risk. You'll learn how to analyze data, build statistical models, understand financial markets, and apply mathematical principles to real-world problems. While it definitely involves advanced math, the coursework focuses more on applied statistics and financial mathematics than abstract theoretical concepts. Many students find it an "easy major that pays well" if they already have strong math abilities, making it a practical choice for students who enjoyed AP Statistics or Calculus.

Who Should Consider Actuarial Science?

Are you the person who enjoys solving number puzzles like Sudoku or who finds satisfaction in spreadsheet calculations? Do you like predicting outcomes, from sports results to election forecasts? Actuarial Science attracts detail-oriented, analytical thinkers who enjoy both mathematics and business concepts. You'll thrive in this field if you're methodical, enjoy working with data, and can explain complex probability concepts in simple terms that business leaders can understand.

Why Choose Actuarial Science?

The financial rewards are impressive! Actuaries earn median salaries around $115,000, with experienced professionals easily exceeding $175,000 after completing their credentials—making this one of the highest paying jobs with a bachelor's degree. The profession consistently ranks among the top careers for job satisfaction, work-life balance, and job security. Unlike many high-paying fields, actuaries can advance primarily through passing professional exams rather than requiring advanced degrees, allowing you to earn while you learn.

Career Paths & Opportunities:

With an Actuarial Science degree, you can pursue numerous careers that pay well:

• Insurance Actuary (pricing policies and determining reserves for insurance companies)
• Pension Actuary (designing and managing retirement plans)
• Health Actuary (forecasting healthcare costs and utilization)
• Property & Casualty Actuary (assessing damage risks from accidents to natural disasters)
• Enterprise Risk Management (ERM) Specialist (helping businesses identify and manage risks)
• Actuarial Consultant (advising multiple companies on risk strategies) Most graduates start in insurance or consulting firms, gradually specializing as they pass more professional exams.

Salary Expectations:

Entry-level actuaries typically start around $68,000 with 1-2 exams passed. As you pass more exams, salaries increase rapidly—with 5-7 exams, you can expect $120,000-140,000. Fully credentialed actuaries (FSA/FCAS designation) often earn $185,000+, with leadership positions exceeding $250,000. The predictable salary progression tied to exam achievement makes career planning easier than in many other fields.

Top Locations:

The highest concentration of actuarial jobs can be found in:

• Des Moines, Iowa (major insurance hub with low cost of living)
• Hartford, Connecticut (historic insurance center)
• New York City (financial services)
• Boston (insurance and investment firms)
• Chicago (diverse actuarial opportunities) While these cities have the most jobs, actuaries are needed nationwide, with growing opportunities for remote work.

Impact of AI & Future Trends:

Will AI replace actuaries? Not likely! While AI and machine learning help actuaries analyze larger datasets faster, human actuaries remain essential for designing models, interpreting results, and communicating with business stakeholders. The profession is evolving to incorporate new data sources and technologies, actually expanding opportunities for actuaries with both mathematical and technological skills. As our world becomes more complex and data-driven, the demand for risk expertise grows.

Recommended Universities:

For strong actuarial programs, consider:

• University of Wisconsin-Madison
• Drake University
• Georgia State University
• University of Connecticut
• Brigham Young University Look for programs designated as Centers of Actuarial Excellence (CAE) by the Society of Actuaries and with high pass rates on professional exams.

Conclusion:

If probability problems intrigue you more than they intimidate you, Actuarial Science offers a clear path to high paying jobs that blend mathematics, business, and problem-solving. As our world faces increasingly complex risks—from climate change to cybersecurity—actuaries' expertise becomes more valuable than ever. Good Goblin is ready to guide your journey from probability enthusiast to risk management professional.

How GoodGoblin Helps Students Decide:

Choosing the right major can feel overwhelming, but GoodGoblin simplifies career exploration. GoodGoblin helps high schoolers identify the easiest high paying degrees (based on your strengths!), explore majors aligned with their interests, and connect directly with careers that pay well. From pinpointing high paying majors to offering personalized college recommendations based on your profile and goals, GoodGoblin empowers students to confidently make educational decisions that lead to successful, fulfilling careers.