The actuarial world is changing fast, and the path to become an actuary is changing too! In fact, strategies that worked just a few years ago are no longer enough to make you a competitive candidate in 2025.
One thing that’s changed is the best type of degree to pursue.
In the past, I didn’t recommend majoring in actuarial science, because it could limit your options.
But the field has shifted since then!
The entry-level actuarial job market has gotten more competitive, and having an actuarial science degree could help you stand out from the competition. Here’s why.
I recently conducted a study on the top entry-level actuarial hiring trends, which showed that passing exams isn’t enough anymore. Employers want well-rounded candidates who also have strong technical and communication skills, and relevant experience.
This graph shows that the number of employers requesting 1, 2, and 3 or more exams have all gone down. Most employers still expect you to have one exam passed, but rarely 2 or 3.
So how does that relate to an actuarial science degree? Well, actuarial employers still want equally qualified candidates, even if they aren’t requesting as many exams passed. This means that they expect you to have other skills and qualifications instead.
Pursuing an actuarial science degree can help you gain some of those skills in actuarial context, and secure an actuarial internship before you graduate.
However, there are still situations where it’s not the right move for you. Check out the pros and cons so you can decide for yourself!
With that in mind, let’s explore why majoring in actuarial science might–or might not–be the best fit for you!
The Benefits of Majoring in Actuarial Science
1. Courses Often Cover Exam Topics
One of the biggest benefits of an actuarial science degree is that the courses cover exam material, so they can help prepare you to pass early exams.
Depending on the school you go to, you can even get credit for the exams by doing well in these classes. More on that later!
Most future actuaries outside of these programs need to learn the exam content on their own, without a teacher to guide them. Especially for your first exam, this is a big undertaking! So, having that extra help and support to cover exam concepts can make it a lot easier to pass your first exam on the first try.
2. Learn Actuarial Terms and Concepts for Your First Job
Beyond exams, an actuarial science degree also gives you early exposure to key terms and concepts you’ll use in your first actuarial job.
Understanding terms like “loss reserving” and “reinsurance” before you start your career gives you an advantage over others who may not have that background.
It means that you’ll feel comfortable using these terms in your interviews and job applications, which will prove to employers that you know your stuff! Plus, you’ll go into your first job more confident because you already understand some of the important concepts.
Basically, this knowledge gives you the ability to hit the ground running at the start of your career and make a stronger impression in your first few months on the job.
3. Access to Actuarial Clubs and Resources
Many schools with actuarial science programs offer access to actuarial clubs, study groups, and mentoring. These resources can be invaluable as you prepare for exams, network with potential employers, and seek internships.
Becoming an actuary can be an isolating experience if no one around you understands it. That’s why being surrounded by other future actuaries at different stages of their journey is a game-changer! It gives you a support system of peers who understand the challenges you’re facing, and can help you overcome them.
Those are the three big benefits to majoring in actuarial science! But that doesn’t mean you need to change your major or go back and get another degree. Please don’t do that! Here’s why.
Do You NEED an Actuarial Science Degree?
While an actuarial science degree is becoming more valuable, it’s not the only path to becoming an actuary. Many actuaries have backgrounds in math, statistics, economics, or finance. These fields provide a strong analytical foundation for the actuarial career.
But even without a related degree, you can still become an actuary! As long as you have some kind of Bachelor’s degree, you can succeed in this career.
That’s partly because actuarial employers highly value real-world skills and exams passed. For example, experience with Excel is specifically requested by more than 70% of employers in the actuarial field.
So, what really matters is your ability to develop technical skills, pass the exams, gain relevant experience, and develop strong communication skills.
When you have the qualifications that employers value most, an actuarial science degree isn’t as important. It can make your journey smoother, but it isn’t required to succeed.
Common Concerns About Pursuing an Actuarial Science Degree
Let’s address a few of the most common concerns about majoring in actuarial science, and how they could influence your decision.
1. What if I’m Not 100% I Want to Be an Actuary?
If you’re still unsure about being an actuary, you aren’t the only one! Many students worry they might not be cut out to be actuaries or that they’ll change their minds along the way.
If you feel that way, I’d recommend watching day in the life videos to learn more about what actuaries do every day.
If you do some research and think you would genuinely love actuarial work, I’d recommend majoring in actuarial science!
Worried you’ll change your mind about this career? Here’s my perspective.
If you’ve done your research and feel confident about the actuarial career right now, I think you should go for it.
The reality is, no decision is ever 100% guaranteed. We can only make the best choice based on what we know today. Don’t let the fear of ‘what if’ hold you back from chasing your dream right now!
And here’s the best part: when you pursue an actuarial career, you’re gaining in-demand technical skills that will open doors to related fields, including finance, data analysis, and risk management. Actuarial science doesn’t just prepare you for one job—it builds a skill set that’s highly valued across many industries.
This means that even if you decide later that the actuarial field isn’t for you, the skills you’ve gained are transferable. You’ll be a better candidate for almost any job you want because of the expertise you’ve built!
2. Does It Matter Which School I Go To?
If you’re planning to major in actuarial science, I would say YES!
While you can become an actuary regardless of where you go to school, attending a school that’s accredited by the Society of Actuaries (SOA) will give you some advantages.
For example, some SOA-accredited programs offer credit for early exams if you do well in your classes, offering you the opportunity to skip some of the early exams altogether. If you’re curious about the best schools for actuarial studies, check out my top recommendation in this article!
That being said, picking an accredited school isn’t everything. It’s more important to pick a school that offers high quality education, resources for actuarial students, and that offers the culture and location that you’re looking for.
However, if you’re in Canada, going to a CIA (Canadian Institute of Actuaries) accredited school is even more important. In the CIA’s new system, you can almost get your Associateship with just exam credits from school, which can save you so much time in the long run. Watch this video to learn more about changes to the CIA’s actuarial certification system.
3. What if I’ve Already Graduated with an Unrelated Degree?
Don’t worry! Many actuaries have backgrounds in economics, finance, engineering, or even completely unrelated fields. You don’t need to go back to school for a new degree or a master’s in actuarial science.
Instead, focus on developing your technical skills, passing exams, and gaining relevant experience. Check out this YouTube video for tips on how to get related actuarial experience, without an internship or related degree.
What If I Still Don’t Want an Actuarial Science Degree?
Still not sure about majoring in actuarial science? That’s okay! There are plenty of other alternatives. Degrees in economics, finance, mathematics, or statistics can also prepare you for a career as an actuary while giving you a broader education.
Ultimately, choose a degree that you’re passionate about! If you’re certain you want to be an actuary, then actuarial science is the best choice. But if you want to leave your options open, pursuing a more general math or finance degree could give you more flexibility.
Remember, there are many paths to becoming an actuary, and many great actuaries today began in unrelated majors.
Final Thoughts
If you’re gearing up for college and want to become an actuary, I highly recommend majoring in actuarial science and going to an accredited school–especially if you live in Canada. You’ll get a solid foundation in key industry concepts, access to valuable resources and community, and could even get credit for early exams.
But if you’re undecided or already have a different degree, don’t worry. You can still succeed in the actuarial profession, regardless of your degree.
What’s key is developing strong communication and analytical skills, passing your exams, and gaining practical experience. No matter what degree path you choose, with dedication and the right resources, you’ll be well on your way to a successful actuarial career!