Masters in Actuarial Science in USA: Fees , Top Colleges, Eligibility , Placements & Salary

Are you going to complete your Bachelor’s degree in Actuarial Science this year, or have you already completed this? If you are confused about your future career, then we will suggest you pursue Masters in Actuarial Science in the USA. You may find it startling, but in reality, being an Indian student, you can easily go to the United States of America (USA) to earn a Master’s degree from any university there.

Here in this blog, we are going to demonstrate the details regarding Masters in Actuarial Science in USA: Fees, Top Colleges, Placements & Salaries. Recently, the Bureau of Labour Statistics in the United States released data that shows that in the time period of 2023-2033, the job market for Actuaries in the USA is going to expand rapidly.

Currently, the growth rate is 22%. Expectedly, it will be increased in the coming years. Every year, 2,200 new job openings take place throughout the United States. Therefore, we can assure you that completing your Masters in Actuarial Science in USA will be an apt career decision for you. At the same time, successfully completing your degree from various globally recognised universities in the USA will provide you with a competitive advantage in the future. 

The top-ranked universities offering Masters in Actuarial Science in USA are the following:

• Ohio State University
• Columbia University
• Arizona State University
• Boston University
• Georgia State University 

The average tuition cost for studying Masters in Actuarial Science in USA ranges from $30,000 to $120,000 (Around ₹25,95,900 to ₹1,03,82,900). On the other hand, the average living cost in the USA ranges from $10,000 to $25,000 yearly (Around ₹8,65,300 to ₹21,63,300). But it varies according to the locations. 

Masters in Actuarial Science in USA: Quick Highlights 

The table below demonstrates the basic highlights about the course of Masters in Actuarial Science in USA. These are:

Masters in Actuarial Science in USA: Top Universities

The top universities that offer Masters in Actuarial Science in USA are:

• Ohio State University
• Columbia University
• Arizona State University
• Boston University
• Georgia State University 

Ohio State University: Highlights

The table below demonstrates the highlights of Ohio State University. 

Columbia University: Highlights

The table below demonstrates the basic highlights about Columbia University. These are:

Arizona State University: Highlights

Boston University: Highlights 

Georgia State University: Highlights 

The table below portrays the basic information about Georgia State University 

Masters in Actuarial Science in USA: Important Dates and Events 

Being an Indian student, before making any confirmed decision regarding selecting your University, you need to gather adequate knowledge about the following aspects. These are:

• Application Start and End Dates at Top Universities 
• Visa Application Timeline 

Application Start and End Dates at Top Universities 

The table below demonstrates the application and end dates at the top universities in the USA offering Masters in Actuarial Science in USA. These are:

Visa Application Timeline at Top Universities

The table below portrays the visa application timeline for Indian students seeking to go to the USA to study Masters in Actuarial Science. These are: 

Masters in Actuarial Science in USA: Scholarships  

Indian students can get various scholarships while studying masters in Actuarial Science in USA. The table below demonstrates the names of the scholarships and eligibility criteria for each of them. 

Masters in Actuarial Science in USA: Course Fees 

The table below demonstrates the course fees of masters in Actuarial Science in various colleges in the USA. These are: 

Why Choose Masters in Actuarial Science in USA 

Studying Masters in Actuarial Science in USA has various benefits for you. These are:

• Excellent educational opportunities: In the US, lots of globally acclaimed universities are there. In terms of academic standards, equipped classrooms and other resources are there. 
• Flexible Education System: The education system is highly flexible. This increases the skills of the students. Therefore, studying Masters in Actuarial Science in USA can help you to become highly skilled in your respective job fields. 
• Growing Job Sector: In the US, the overall level of job opportunities and employment for actuaries is increasing rapidly. According to the Bureau of Labor Statistics of the United States, in the time period of 2033 to 2033, almost 22% employment for actuaries will increase all across the United States. Therefore, completing your masters in Actuarial Science in USA can help you to avail the growing job market of the USA. 

Masters in Actuarial Science in USA: Eligibility Criteria 

The following points demonstrate the eligibility criteria for Indian students who want to study Masters in Actuarial Science in USA. These are: 

• Passing a Bachelor’s degree from any recognised Indian institute in Actuarial Science
• Passing the undergraduate degree with a minimum of 55% marks 
• Securing TOEFL with 90-100 and 
• Securing IELTS with 6.5-7.0

Masters in Actuarial Science in USA: Application Process

Being a student from India, you will need to go to the USA to study abroad as a foreign student. Therefore, being a foreign student, you will need to follow the steps below to ensure your admission in a seamless manner. These are:

• Exploring the programmes: In this step, you will need to explore the details about the Masters in Actuarial Science programmes in the respective universities. You will need to explore the course fees, scholarship availability, duration of the courses, placement opportunities and other necessary aspects. 
• Knowing the deadlines and other requirements: Being an applicant, it would be your responsibility to cross-check all the deadlines and requirements associated with the admission process. The deadlines for applications, visa applications, scholarship applications and others. On the other hand, you also need to be properly informed about the requirements of various documents for admission. 
• Considering funding: Since the entire higher education system in the United States is highly expensive, you will need to think about various funding opportunities during your stay in the United States. Loans, fellowships and the part-time student employment provisions should be your area of concentration before you land in the USA. 

Arranging all the documents required: You will need to submit all your required documents so that you can be able to have a seat at the best universities in the USA that offer Masters in Actuarial Science, along with paying the admission fees.

Masters in Actuarial Science in USA: SOP, LOR and Resume 

The following points discuss about the additional documents, such as SOP. LOR and Resume, you need at the time of your admission to any university offering Masters in Actuarial Science in USA.

• SOP is a short essay, maximum one to two pages long, where you will need to state the purpose behind your decision to select the USA as your study abroad destination. 
• LOR is the document where your previous professors and teachers would recommend you as a loyal and efficient student to the authority of the universities you choose to study in the United States. 
• Resume is a demonstration of your entire journey as a student and professional candidate. 

Masters in Actuarial Science in USA vs India

The table below portrays the comparison between India and the United States in terms of Masters in Actuarial Science. These are: 

Career Scope after Masters in Actuarial Science in USA

After completing Masters in Actuarial Science in USA, you will be able to get jobs in the following sectors. These are:

• Insurance 
• Finance 
• Data Analysis 

Conclusion 

Successfully completing your Masters in Actuarial Science in USA will be beneficial for your growth in the future. Its globally acknowledged universities, well-equipped educational resources and growing job market will play the role of a catalyst in the path of your career success. 

In case of any confusion, don't forget to reach out to us at Select Your University. 

Frequently Asked Questions 

Q1: Can any Indian student get scholarships for studying Masters in Actuarial Science in USA?

A: Yes, Indian students can get scholarships in the USA while studying Masters in Actuarial Science. 

Q2: Are TOEFL and IELTS required?

A: Yes, TOEFL and IELTS are required for admission to Masters in Actuarial Science. 

Q3: Is the GRE mandatory?

A: No, GRE is not mandatory; rather optional. 

Q4: Is a strong background in Mathematics required to study Masters in Actuarial Science in USA?

A: Yes, a strong background in Mathematics is necessary to study Masters in Actuarial Science in USA

Q5: Are Indian students allowed to work while studying Masters in Actuarial Science in USA?

A: Yes, Indian students are allowed to do jobs (up to 20 hours per week).