Actuarial science is an interdisciplinary research area that focuses on the quantification, assessment and managing of risks and uncertainty arising from insurance and financial industries. However, as a scientific discipline, actuarial science is more broadly defined and extends beyond traditional boundaries of areas of actuarial practice. Our actuarial faculty members are actively at the forefront of expanding actuarial knowledge and developing cutting edge analytical and statistical techniques in a wide range of topics, many of which are sponsored by the Society of Actuaries and the Actuarial Foundation.

Actuarial Science mixes together the perfect blend of statistics, economics, finance, and risk management. This mixture is often in high demand among many different industries, and recruiters see those from the University of Illinois as even more attractive candidates than those from peer institutions.  Actuarial Science, Department of Mathematics, University of Illinois Urbana-Champaign  

Actuaries analyze the financial costs of risk and uncertainty. They use mathematics, statistics, and financial theory to assess the risk of potential events, and they help businesses and clients develop policies that minimize the cost of that risk. Actuaries’ work is essential to the insurance industry.

For more information, check out the Occupational Outlook Handbook: Actuaries page.