Best Universities For Actuarial Science In Canada

 Aways get tons of questions about which schools have the best actuarial science programs. Well, I’ve got some long overdue answers for you!

The thing is, you don’t need to get an actuarial science degree to become an actuary. In fact, it’s not necessarily your best option; you can learn why here.

However, tons of future actuaries ask me for advice on choosing an actuarial science program and many students end up in programs that don’t teach them everything they need to know. So if you’re planning to take that route, you should be in a program that will really help you become an actuary!

Best Universities For Actuarial Science In Canada

If you’re looking for an actuarial science degree, here are my top 20 picks for schools in the US and Canada.

n general, you want to find a school that:

• Helps you build technical skills, like Excel and a programming language
• Teaches you about insurance terminology
• Helps you prepare for actuarial exams
• Has actuarial groups to support you, like a club or association
• Is recognized by the Society of Actuaries (SOA) or by the Casualty Actuarial Society (CAS)
• Is CIA accredited (in Canada only)
• Offers financial aid and internships to actuarial students

There are a few key subjects that all actuaries need to know, and those are the classes you want to look for in your program guide. This blog post goes into more detail about them!

Ideally, your program will teach you everything you’ll need, but that might not always be the case. If your core classes won’t be teaching you all of those skills, try to take them as electives or learn them another way.

You also want to look for recognized SOA and CAS schools. This will show you if the school’s curriculum is relevant to actuarial work and matches up with the exams. These schools will have the Center of Actuarial Excellence (CAE) accreditation from SOA, or they’ll be a CAS University Award winner. You can check the CAS and SOA websites to get a full list of the qualifying schools.

For a school to be CAE accredited, it must meet requirements for the type of program offered, curriculum, and graduate count. It also needs to have high-quality graduates, connections in the actuarial industry, and a good background in other areas of study. Plus, in late 2022, students will be able to earn credit for certain SOA exams at CAE schools. That’s something to look out for!

The CAS University Award Program also requires schools to meet certain requirements in order to receive the award. However, instead of providing accreditation to schools or their programs, it issues an award to 3-4 top schools every year. It doesn’t provide any exam credits right now.

It honestly doesn’t matter which qualification the school has, since you probably don’t know which route you’re going yet. If a school has either one of these accreditations, you’ll know it has a solid program. If it has both, even better!

There’s also the Canadian Institute of Actuaries, which recognizes top actuarial schools in Canada using the University Accreditation Program (UAP). Like the others, UAP assesses schools based on the quality of their actuarial program. It allows students in accredited Canadian universities to get credit for early exams through school. Right now, qualifying students can get exemptions from FM/2, IFM/3F, LTAM, and STAM by getting high enough grades in specific university courses. So, if a Canadian school is CIA accredited, you’ll have a chance to get out of some actuarial exams.

Having all these qualifications doesn’t necessarily mean a school will be the right one for you, but it does mean that it has a high-quality actuarial program.

That’s a good place to start! You can use the other factors I cover to determine the best program for you.

Before diving into each school individually, take a look at the chart below to narrow down the schools on your radar. You can see the type of accreditation they have and the cost of tuition. You can also see which schools have an internship program specifically for actuaries. Keep in mind that most schools still have internships available to help you get actuarial experience, even without an actuarial internship program.

School	Accreditation	CAS Award Winner	Tuition (USD) – Domestic	Tuition (USD) – International	Actuarial Internship Option
University of Toronto	SOA & CIA	✓	$4,800	$45,900	Yes
University of Waterloo	SOA & CIA	X	$6,300	$37,900	Yes
Western University	SOA & CIA	X	$4,800	$28,600	No
Concordia University	SOA & CIA	X	$3,900	$21,300	Yes
University of Michigan	SOA	X	$16,200	$53,200	No
Pennsylvania State University	SOA	X	$18,900	$37,900	No
University of Nebraska – Lincoln	SOA	X	$9,900	$27,000	No
Drake University	SOA	X	$45,700	$45,700	No
Towson University	SOA	X	$10,500	$25,500	No
University of St. Thomas	SOA	X	$47,300	$47,300	No
University of Illinois	SOA	✓	$16,900	$39,400	No
University of Texas	SOA	✓	$11,800	$40,900	No
University of Manitoba	SOA & CIA	X	$4,200	$14,300	No
Brigham Young University	SOA	X	$6,100	$12,200	No
University of Calgary	SOA & CIA	X	$4,900	$17,500	No
St. John’s University	SOA	X	$44,500	$44,500	No
Georgia State University	SOA	X	$8,900	$27,300	No
Simon Fraser University	SOA	X	$5,500	$24,900	Yes
University of Connecticut	SOA	✓	$15,000	$37,700	Yes
Temple University	SOA	✓	$21,100	$38,500	No

Here are a few key areas that you’ll want to know about in more detail.

Cost

The most important factor you’re probably worried about is price. So, before you get your heart set on a school, take a look at the cost of the actuarial programs on my list.

I’ve collected options from different price ranges, with awesome schools at both ends of the spectrum. All of these schools offer scholarships and financial aid, and some even have scholarships just for actuarial students. If a program catches your eye, check to see if they offer any scholarships or financial aid that you could qualify for.

The cost of a program can vary dramatically based on whether you’re attending a local school or an international one. You’ll also have to consider accommodation costs alongside your tuition. Plus, most schools charge higher fees for international students!

You might be reconsidering studying out-of-state or out-of-province after looking at those numbers. But don’t lose hope! International tuition is definitely more expensive, but there are also some extra support systems in place for international students. For example, Western University offers lower fees for international students over the course of their degree. You’ll have access to different scholarship options too!

Program Options

All of the schools on the list offer actuarial science programs that can be completed in 4 years. However, taking an internship extends the length of certain programs up to 5 years. Check your program to see if an internship will change your graduation date!

Now, you’ll probably want to know what options you’ll have at each school. Some schools offer multiple actuarial degree programs, including different types of Bachelor’s degrees, Master’s and PhD options.

Keep in mind that you definitely don’t need to get a Master’s or PhD to become an actuary. It’s an extra step that you’re free to take if you want to, but your time might be better spent elsewhere. Check out this blog post to read more about that!

Some schools offer Actuarial Science as an Arts or Science degree, while others offer Business Administration or Math degrees. One isn’t necessarily better than the other, they just focus on different areas.

Actuarial science minors aren’t offered at every school, so you’ll need to find one that offers the combination you’re looking for. Some schools offer only an actuarial science major, while others offer both.

You might even opt for an entirely different degree. Many students decide to major in finance, business, or computer science with an actuarial science minor. This could help you round out your actuarial science knowledge with insight into other areas. The business or programming skills you pick up will probably be handy in your actuarial job!

Actuarial Science degrees

Actuarial Science degrees teach students how to use principles from Mathematics, Statistics, and Probability to identify and evaluate risks. Future Actuarial Science graduates learn how to use their research and analytical skills to work with data and identify relevant trends. Some of the most popular Actuarial Science careers are actuary, actuarial analyst, financial planner, investment analyst, underwriter, risk analyst, etc.Read more about studying a Actuarial Science degree

Study in Canada

Canada is one of the most popular study destinations in the world due to its high focus on the quality of its universities and its emphasis on attracting international students who can later immigrate. Canadians are very welcoming to international students and they invest a lot into making sure students are safe, treated fairly, and enjoy their stay in the country. Study in one of the strongest economies in the world while enjoying a high living standard and a flexible study environment. Classes have smaller student groups ensuring everyone gets the attention they need, and encouraging group assignments and debates.

Best University For Actuarial Science

Columbia University
Columbia University offers a part-time or full-time course in Actuarial Science and requires 3-6 terms to complete. The ranking of Columbia University in the United States according to 2014-15 Times Higher Education is #14.

Scholarships: Columbia University does not offer any dedicated scholarships to students in the field of Actuarial Science.

University of Pennsylvania
Ranked 16th according to 2014-15 Times Higher Education, the University of Pennsylvania in the U.S. is one of the best universities for Actuarial Science. Actuarial Science is taught at the Wharton School at the undergraduate level.

Scholarships: Pennsylvania University students in Actuarial Science can apply for various scholarships, including the Richard de Raismes Kip Prize in Insurance and Risk Management, the Northwestern Mutual Actuarial Fellowship, and the Actuaries Club of Philadelphia Scholarship.

University of Leicester
The University of Leicester in the United Kingdom provides students with MSc in Actuarial Science through distance learning. The applicants need to have a minimum of 2:1 classification in a relevant first degree. The university has been ranked 18th in the 2014-15 Times Higher Education Table of Tables.

Heriot-Watt University
Located in the U.K., the Heriot-Watt University is one of the leading centres of teaching and research in the field of actuarial mathematics, probability and statistics, and financial mathematics. The specialist actuarial course in the university has been accredited by the actuarial profession in the United Kingdom. The University has ranked #25 in the U.K. according to the 2014-15 Times Higher Education Table of Tables.

Scholarships: Undergraduate Actuarial Science students in the University can submit their applications for different positions, including the Google Anita Borg Memorial Scholarship, the Heriot-Watt Academic Scholarship, the MACS Undergraduate Overseas Scholarship, and the Rapid Formations Entrepreneur Scholarship Programme.

University of Waterloo
The University of Waterloo is the biggest English language Actuarial Science program in Canada and happens to be one of the largest university-based actuarial science courses in the globe. The University ranked #169 in the 2014-15 QS World University Rankings.

Wisconsin School of Business
The Actuarial Science course at the Wisconsin School of Business is designated by the Society of Actuaries and the Risk Management and Insurance Program as one of the best in the nation. The Global MBA Ranking of the University in 2014 according to the Financial Times is #81.

UNSW Australian School of Business
The UNSW Australian School of Business provides both an undergraduate Actuarial major as well as a Master of Actuarial Studies along with a research degree program. The University has been ranked 48th in the 2014 QS World University Rankings.

The University of Hong Kong
Ranked #43 in the world by Times Higher Education Table of Tables, the University of Hong Kong offers a Degree of Bachelor of Science in Actuarial Science (BSc ActuarSc) to prospective students.

Amity School of Insurance and Actuarial Science (A.S.I.A.S.)
The Amity School of Insurance and Actuarial Science offers both graduate and postgraduate courses in Actuarial Science. While the graduate course lasts for five years, the postgraduate course extends for two years.

International School of Actuarial Sciences (I.S.A.S.)
Students can pursue a postgraduate diploma course in Actuarial Sciences from the International School of Actuarial Sciences in India. The course lasts for one year. The University was ranked 70th out of the top 100 B-schools in India in 2011.