Choosing where — and whether — to pursue a formal actuarial science degree is one of the first decisions aspiring actuaries face. The short answer: you don’t need an actuarial science degree to become an actuary, but attending a program recognized by the Society of Actuaries can provide meaningful advantages in exam preparation, employer networking, and potentially even exam credit through university coursework.
This guide covers the SOA’s official university recognition programs, a complete directory of the 45 Centers of Actuarial Excellence worldwide, available scholarships, and practical advice for choosing a program that fits your goals.
Do You Need an Actuarial Science Degree?
No. Only about 20% of practicing actuaries hold an actuarial science degree. The remainder come from mathematics, statistics, economics, finance, computer science, and other quantitative disciplines. The actuarial credentialing system is exam-based and open to anyone — your degree doesn’t gate access to the profession.
That said, a dedicated actuarial science program offers real advantages:
Coursework aligned directly with exam content. At strong programs, your classes prepare you for specific exams. Some courses essentially double as exam study, saving hundreds of hours.
VEE credit built into the curriculum. Both the SOA and CAS require Validation by Educational Experience (VEE) credits in Economics, Corporate Finance, and Applied Statistics. Most actuarial science programs include VEE-approved courses by default. At non-actuarial programs, you’ll need to verify which courses qualify through the SOA’s VEE directory.
Employer recruiting pipelines. Insurance companies and consulting firms actively recruit from recognized actuarial programs. Career fairs, on-campus interviews, and internship pipelines are often established at CAE schools.
Peer community. Studying alongside other exam candidates creates a built-in support system. Most programs have active actuarial clubs that organize study groups, host industry speakers, and coordinate exam prep.
If you’re choosing between an actuarial science degree and a broader quantitative degree (math, statistics, data science), consider your risk tolerance. An actuarial science degree is optimized for one career path. A math or statistics degree provides more flexibility if you later decide actuarial work isn’t for you — while still covering the mathematical foundations needed for exams. Either path works; what matters most is passing exams and securing internships.
SOA University Recognition Programs
The SOA maintains several tiers of university recognition. Understanding these helps you evaluate programs and identify schools where you may be able to earn exam credit through coursework.
UCAP: Universities & Colleges with Actuarial Programs
The broadest recognition tier. To be listed in the SOA’s UCAP directory, a program must:
- Maintain course coverage for at least two actuarial exams
- Have approved courses for at least one VEE topic
The UCAP list includes hundreds of programs globally and serves as a starting point for students researching options. Being listed confirms that the program has actuarial-relevant coursework, but the quality and depth of programs varies significantly.
CAE: Centers of Actuarial Excellence
The SOA’s top-tier designation, recognizing universities with outstanding actuarial programs. CAE status requires meeting eight specific criteria covering:
- Appropriate degree and curriculum offerings
- Sufficient graduate count
- Faculty composition (credentialed actuaries on faculty)
- Quality of graduates (exam pass rates, employment outcomes)
- Appropriate integration with other areas of study
- Connection to industry
- Research and scholarly activity
- Additional professional involvement
CAE designation is awarded for five years, after which renewal is subject to compliance review. The program was launched in 2009 and has become the standard benchmark for actuarial program quality.
Benefits for students at CAE schools:
- Reimbursement for up to three individual preliminary exam registrations per academic year
- Eligibility for SOA-sponsored on-campus events or conference travel ($500/year)
- Study material reimbursement up to $500/year
- Access to CAE-specific grants and research opportunities
UEC: University-Earned Credit
This is the most consequential distinction for students. At CAE universities with UEC status, students can earn SOA exam credit through university coursework rather than sitting for the exam at a Prometric test center. If you achieve a designated score on the university course mapped to a specific exam, you receive credit as if you had passed the exam.
This is a significant advantage — it means your regular coursework can substitute for some SOA exams, saving you both the exam fee and the separate study time. UEC programs undergo intensive evaluation to ensure their rigor, testing integrity, and equivalence to the actual exam.
As of 2023, 19 universities worldwide have UEC status, including programs at Brigham Young University, Georgia State University, Pennsylvania State University, and the University of St. Thomas.
UEC-DE: Diversity Extension
The UEC Diversity Extension program allows universities serving high concentrations of students underrepresented in the actuarial profession to provide UEC-equivalent credit, beginning with the Financial Mathematics (FM) exam. Participation is currently by invitation only. Initial participants include California State University, Los Angeles and the University of Texas at El Paso.
Complete CAE Directory: All 45 Programs
As of September 2025, there are 45 Centers of Actuarial Excellence spanning four continents — with the most recent additions being Ball State University and The Ohio State University, both designated in September 2025.
United States (24 Programs)
| University | State | Notable Features |
|---|---|---|
| Ball State University | IN | Designated September 2025 |
| Brigham Young University | UT | UEC status |
| Central Connecticut State University | CT | — |
| Columbia University | NY | — |
| Drake University | IA | Strong Midwest insurance industry ties |
| Florida State University | FL | — |
| Georgia State University | GA | UEC status; Robinson College of Business |
| Illinois State University | IL | State Farm headquarters nearby |
| New York University | NY | — |
| Ohio State University | OH | Designated September 2025 |
| Pennsylvania State University | PA | UEC status; comprehensive program with active actuarial club |
| Purdue University | IN | Recently designated; strong quantitative emphasis |
| Robert Morris University | PA | — |
| St. John’s University | NY | — |
| Temple University | PA | Fox School of Business |
| University of California, Santa Barbara | CA | Strong research faculty; SOA president-elect Ian Duncan affiliated |
| University of Connecticut | CT | Insurance capital of the U.S.; deep industry connections |
| University of Illinois Urbana-Champaign | IL | One of the oldest and most renowned programs |
| University of Iowa | IA | Strong insurance industry connections |
| University of Michigan | MI | — |
| University of Nebraska-Lincoln | NE | — |
| University of St. Thomas | MN | UEC status |
| University of Texas at Dallas | TX | Recently designated |
| University of Wisconsin-Madison | WI | Named for James C. Hickman; historically leading program |
Canada (9 Programs)
| University | Province | Notable Features |
|---|---|---|
| Concordia University | QC | — |
| Laval University | QC | French-language program |
| Simon Fraser University | BC | — |
| University of Manitoba | MB | — |
| University of Montreal | QC | French-language program |
| University of Regina | SK | — |
| University of Toronto | ON | — |
| University of Waterloo | ON | Largest actuarial program in North America; cooperative education model |
| Western University | ON | — |
Australia (5 Programs)
| University | Notable Features |
|---|---|
| Australian National University | UEC status |
| Macquarie University | Established program |
| Monash University | — |
| University of Melbourne | — |
| University of New South Wales | — |
Asia (5 Programs)
| University | Location | Notable Features |
|---|---|---|
| Chinese University of Hong Kong | Hong Kong | — |
| City University of Hong Kong | Hong Kong | — |
| East China Normal University | China | — |
| Nanyang Technological University | Singapore | — |
| Renmin University of China | China | — |
United Kingdom (2 Programs)
| University | Notable Features |
|---|---|
| Heriot-Watt University | Edinburgh; strong IFoA pathway |
| London School of Economics | — |
Source: SOA Centers of Actuarial Excellence and September 2025 press release. We update this directory as new designations are announced through our daily news coverage.
Programs Worth a Closer Look
While all 45 CAE programs meet rigorous standards, several stand out for specific strengths:
University of Waterloo (Canada) — Generally considered the premier actuarial program in North America by enrollment size. Waterloo’s cooperative education model alternates semesters of study with paid work terms, meaning students graduate with up to two years of practical actuarial work experience in addition to strong exam preparation. The program’s alumni network is exceptionally strong across the North American insurance industry.
University of Illinois Urbana-Champaign — One of the oldest actuarial programs in the U.S. with deep roots in mathematical actuarial research. Strong placement rates in both insurance and consulting.
University of Connecticut — Located in Hartford, Connecticut — historically the “Insurance Capital of the World.” The geographic advantage translates to internship and employment opportunities at dozens of major insurers and reinsurers within commuting distance.
University of Wisconsin-Madison — The program’s namesake, James C. Hickman, was a legendary actuarial educator and co-author of the foundational Actuarial Mathematics textbook. The SOA’s Hickman Scholars doctoral program honors his legacy. Wisconsin maintains strong research output and industry connections.
Pennsylvania State University — UEC status means students can potentially earn exam credit through coursework. The program has a well-organized actuarial club that provides peer study support, exam preparation guidance, and detailed information about exam ordering and strategy. Penn State also has a Prometric testing center on campus.
Georgia State University — Strong reputation in health actuarial science and risk management research. UEC status available. Located in Atlanta with good access to the southeastern insurance market.
What to Look for When Choosing a Program
Beyond CAE status, evaluate these factors:
Exam integration. Does the curriculum directly prepare you for specific exams? The best programs map courses to Exam P, Exam FM, Exam FAM, and sometimes SRM. Ask the program: “How many exams will I be prepared for through coursework alone?”
UEC eligibility. If the program has UEC status, you may be able to earn exam credit through classes rather than sitting for separate exams. This is a major differentiator.
Internship placement rate. Ask for data — not just “most students find internships” but actual placement rates and which employers recruit there. A program with established pipelines to major insurers, consulting firms, or reinsurers provides a significant career launch advantage.
Faculty credentials. Are faculty members credentialed actuaries (FSA, FCAS, ASA, ACAS)? Faculty with industry credentials bring practical insight beyond textbook knowledge and often maintain professional networks that benefit students.
Actuarial student organization. An active club provides study partners, peer mentoring from upperclassmen who’ve recently taken exams, networking events with employers, and social community during the sometimes-isolating exam study process.
VEE course coverage. Confirm that the program’s regular coursework qualifies for all three VEE topics (Economics, Corporate Finance, Applied Statistics). This prevents you from needing to take extra courses solely for VEE credit.
Career services support. Does the career center understand actuarial recruiting timelines and conventions? Actuarial hiring runs on a different calendar than most campus recruiting — students need guidance specific to the profession.
Actuarial Science vs. Math/Statistics: Choosing Your Major
This decision comes up constantly in the forums and questions we see. Here’s an honest assessment:
Choose actuarial science if:
- You’re confident you want to be an actuary
- The specific program is strong (ideally CAE, or at least UCAP)
- You want the most direct exam preparation built into your coursework
- The program offers UEC credit (significant advantage)
Choose math, statistics, or data science if:
- You want broader career flexibility as a safety valve
- Your university’s actuarial program isn’t particularly strong
- You plan to supplement with self-study for exams anyway
- You’re interested in the growing intersection of actuarial science and data science — employers increasingly value candidates who combine actuarial credentials with programming and ML skills
Our perspective: The major on your diploma matters less than your exam progress and internship experience. An actuarial science major with zero exams passed is less employable than a math major with two exams passed. Focus on outcomes, not labels.
Scholarships and Financial Aid for Actuarial Students
Several organizations offer scholarships specifically for students pursuing actuarial careers. These are competitive but worth pursuing:
SOA-Affiliated Scholarships
James C. Hickman Scholars Program — $20,000 annual stipend for doctoral students pursuing a PhD with an actuarial focus. Renewable up to two times. Applicants must have passed at least two actuarial exams and intend to pursue an academic career. Named for the former UW-Madison dean.
Actuary of Tomorrow – Stuart A. Robertson Memorial Scholarship — Administered by The Actuarial Foundation. Recognizes academic achievement in actuarial science undergraduates.
Elizabeth M. Mauro Reimbursement Program — Specifically designed for career changers transitioning into the actuarial profession. Administered through the CAS and The Actuarial Foundation.
Actuarial Diversity Scholarship — $20,000 ($5,000 annually over four years) for Black/African American, Hispanic, and Native North American students pursuing a degree that may lead to an actuarial career. Includes mentoring. Application deadline for 2025–2026: February 27, 2026.
CAS Scholarships
CAS Trust Scholarship Program — Awards of $5,000 and $2,500 for the 2026–2027 academic year. Applicants must be full-time students, have sat for at least one actuarial exam, and be CAS Student Central members. Application deadline: January 31, 2026.
CASE Scholarship (Casualty Actuaries of the Southeast) — Regional scholarship for students in the southeastern United States.
CAGNY Scholarship (Casualty Actuaries of Greater New York) — Regional scholarship for students in the New York area.
Exam Fee Assistance
SOA/CAS Actuarial Exam Support Program — Joint program providing exam fee reimbursement for candidates demonstrating financial need. Available since May 2024.
SOA Diversity Exam Reimbursement — African American, Hispanic, and Native American students who pass Exam P or FM are eligible for full exam fee reimbursement by the SOA/CAS.
SOA Academic Exam Fee Reimbursement — 80% reimbursement for full-time university faculty and PhD students who pass eligible exams beyond P and FM.
SOA Student Exam Fee Discounts — Reduced fees on some exams (FAM, SRM, and others) for full-time university students. Note: no student discount is available for Exams P, FM, or PA.
For a comprehensive list, see the SOA Candidate Financial Assistance page and The Actuarial Foundation’s Scholarships page. BeAnActuary.org also maintains a consolidated list including employer-sponsored and regional awards.
Many of these exams can be prepared for through university coursework. See our Complete Actuarial Exam Guide → for details on each exam, study materials, and pass rates.
Beyond North America: International Pathways
While this guide focuses primarily on SOA and CAS credentialing, it’s worth noting that actuarial education exists worldwide:
Institute and Faculty of Actuaries (IFoA) — UK and Ireland. Structures its pathway to Fellowship (FIA) around core principles exams, core practices, specialist technical and advanced exams, and work-based professional skills assessments. Several CAE universities in the UK and Australia align with IFoA requirements.
Canadian Institute of Actuaries (CIA) — Closely aligned with SOA and CAS through reciprocity agreements, allowing credit transfers for preliminary exams while requiring jurisdiction-specific modules.
International Actuarial Association (IAA) — Encompasses 74 full member bodies and 23 associates worldwide, fostering harmonized standards. China has become a major growth market, representing 36% of international CAS candidates by 2025.
The SOA’s CAE program now spans four continents, reflecting the increasingly global nature of actuarial education and practice.
Where to Go From Here
If you’re a high school student or early undergraduate: Explore the CAE directory above and consider whether a dedicated actuarial science program fits your goals. Visit programs, talk to current students and faculty, and check whether UEC credit is available.
If you’re already enrolled at a university: Check whether your school is on the UCAP list. Even if it’s not a CAE, your coursework may qualify for VEE credit. Focus on passing Exam P and/or FM while still in school — this matters more than your specific major.
If you’re a career changer: You don’t need to go back to school. The exam system is open to everyone. However, if your quantitative background is limited, consider taking a few targeted courses (probability, financial math) at a local university or online before attempting Exam P.
For the full step-by-step guide to entering the profession — including paths for students, graduates, and career changers — see our Complete Guide to Becoming an Actuary →.
This page is part of our Become an Actuary hub.
See also: Complete Actuarial Exam Guide →