The Master of Science in Actuarial Science prepares students with quantitative undergraduate degrees for actuarial professional careers. The program offers a unique blend of rigorous coursework, experiential learning and a shortened pathway towards professional credentialing. 

The Illinois Actuarial Science program is highly regarded with industry-wide recognition. It is among the very few university programs that are both designated as a Center of Actuarial Excellence (CAE) by the Society of Actuaries (SOA) and also a winner of the inaugural Casualty Actuarial Society (CAS) University Award.

In addition, UIUC was approved for the University Earned Credit (UEC) program in collaboration with the SOA to help its Actuarial graduates shorten their time towards professional credentials. The UEC program offers students eligibility to pass SOA actuarial exams (FM, FAM, SRM, ASTAM and ALTAM) through course work when a specified grade threshold is achieved. For more information of the mappings of UIUC courses to SOA exams please refer to the link. 

We are now accepting applications for the Fall 2025 semester. 

Apply Now

 

 

Application Checklist

  • Complete the online application 

  • Pay application fee as part of your online application  

  • Upload certified transcripts and degree certificates to your application 

  • Provide 3 letters of reference.  They must be sent electronically from a university or company email address, or be signed and appear on official letterhead. 

  • Provide a résumé with exact dates of employment (note: work experience is not required for ASRM) 

  • Complete an Academic Statement of Purpose: In 500 words or less, describe your area of interest and what your goals are upon completion of the ASRM program 

Upload all documents (including financial documents) together with the application. 

Send all ETS scores to: 

TOEFL: Institution Code 1836 

Application deadline for Spring 2025 is October 15, 2025 

Application deadlines for Fall 2025 are: 

  • 15 November, 2024 

  • 15 January 2025 

  • 15 March 2025 

Questions? Email our general program mailbox at ASRM-advising@illinois.edu  or Claudia Freiji, Academic Advisor at cnassif@illinois.edu. 

Admission

In addition to graduate college admission requirements for all other MS programs, the entering students for the actuarial program are required to have taken the calculus sequence and expected to have taken at least one course in probability or statistics. Some training in computer programming and exposure to economics or finance are also helpful. The GRE general test is strongly recommended but not required.  

For detailed degree requirements, please see the Graduate College Handbook. For information on actuarial science courses, faculty, and social and networking activities organized by students, see the Actuarial Science Program page. 

Frequently asked Questions

1. Does the program offer financial aid?

Financial aid is normally not available. However, a very small number of students who are native speakers of English or who have satisfied the English Proficiency Requirement for International Teaching Assistants may be offered a teaching assistantship, which provides a full tuition waiver (regardless of student’s residency classification), partial fee waiver, and a stipend sufficient for living expenses in Champaign-Urbana. There is no need to apply separately for financial aid.

2. Can graduates from this program compete for jobs in the financial industry?

Finance is an integral part of the actuarial curriculum and many of our students choose to pursue financial careers (as opposed to insurance). The actuarial program equips its graduates with the foundational skills to work as risk officers be it in finance, enterprise, or in the more conventional disciplines such as consulting, insurance and reinsurance.  

3. How is your program different from other CAE schools?

The CAE designation is awarded by the SOA only to actuarial programs that excel in 8 criteria pertaining to the quality of curriculum, quality of graduates, integration with industry, quality of research and Actuarial outreach. UIUC is among a very select CAE programs that run UEC courses that give their students eligibility for 5 SOA exam. In addition, UIUC is recognized by the Casualty Actuarial Society at a Gold Level. We have won the CAS award twice. Our commitment to both career paths distinguishes us from other programs and opens up more opportunities to our students. 

4. How long does it take to complete the program?

The program requires 32 credit hours and can normally be completed in 18 months. There have been cases where students complete all requirements within two semesters. Students may begin the program in either the Fall or the Spring semester.

5. If I have completed the undergraduate program in actuarial science at the University of Illinois, can I apply for this Master’s program?

Students graduated from our own undergraduate program are also welcome to apply. The revamped graduate curriculum provides a comprehensive coverage of cutting-edge actuarial knowledge suitable for career options with higher expectations of advanced modeling skills. Illinois students will be subject to the same application procedures, admission requirements, and review criterion as all other applicants.