phd in actuarial science

PhD Program

The Actuarial Science Program at Purdue University offers unique opportunities for students interested in risk management research to pursue a PhD degree in Mathematics or Statistics with a specialization in Actuarial Science. As a globally acclaimed institution renowned for its innovation and research excellence, Purdue University offers an ideal platform for students to pursue advanced study in actuarial science and risk management. Located in a welcoming and cost-effective suburban community, Purdue provides graduate students with competitive financial support and access to collaborative academic-industrial research opportunities at the intersection of Actuarial Science, Data Science, and Risk Management.

Our PhD program delivers comprehensive training that opens a multitude of career pathways. Graduates are well-prepared to take on roles as actuarial faculty at universities, actuaries and consultants within the insurance industry, financial analysts in banks and investment firms, and risk managers in both corporate and governmental sectors.

Explore our faculty research .

Mathematics PhD route

Statistics PhD route

For questions, please contact Dr. Jianxi Su at [email protected] .

College of Liberal Arts & Sciences

Program of Actuarial and Risk Management Sciences

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PhD in Mathematics – Concentration in Actuarial Science and Risk Analytics

This PhD concentration is intended for students with strong quantitative skills who want to acquire advanced analytical tools for academic careers and research and development careers  in insurance, consulting, investment, pension, healthcare, banking and financial services .

The University of Illinois is an ideal place for education and research in actuarial, financial and risk management, due to its well-established system of interdisciplinary collaborations among various units. Highlights of the University’s achievements in these areas can be found  here . Based in the renowned Department of Mathematics, this program offers a unique blend of a world-class rigorous mathematical education with practical research and professional training in actuarial science, quantitative finance and risk analytics. Read more at our  poster for graduate studies in actuarial science and risk management .

PhD candidates cover most of the material for professional exams, and build on that foundation to receive in-depth education on modern techniques and challenges in the financial, actuarial and risk management professions through coursework, seminars, internships and research. Due to the interdisciplinary nature of actuarial and financial research, PhD candidates are encouraged to broaden their knowledge by taking courses in statistics, finance, insurance, risk management, data analytics, etc.

The Department of Mathematics offers a unique multi-year internship program where PhD candidates are encouraged and supported to receive internship experience in summer breaks during their PhD studies. More information can be found  here . There are also internship opportunities on campus at the  University of Illinois Research Park . 

Our program offers opportunities for PhD candidates to work in a wide range of research areas, including stochastic analysis in actuarial and financial modeling, quantitative risk management of equity-linked insurance, pension and social security, industry solvency assessment, collective risk theory, Monte Carlo simulations, and more. The  Illinois Risk Lab  also provides a channel for practical research to address emerging problems from industrial partners and professional organizations.

Financial support is offered for up to six years to every student admitted to our PhD program, in the form of teaching assistantships, research assistantships and corporate-sponsored fellowships. We also provide full reimbursement of exam fees for those who choose to take professional exams. To help students develop communication and networking skills, we also provide financial support for PhD candidate to travel to research summer schools and conferences in related areas.

Admissions Requirements

Students with a Bachelor’s degree in any quantitative field can apply directly to the PhD program. Applicants are expected to demonstrate competence in real analysis, linear algebra, and probability and statistics, either through undergraduate coursework or by means of Graduate Record Examination (GRE) mathematics subject test.

Complete information regarding graduation requirements can be found in the  Guide for Graduate Students in Mathematics . The following list only serves as a summary for prospective students.

PhD candidates in this concentration are required to complete the core courses: MATH 540 (Real Analysis) MATH 561 (Theory of Probability I) MATH 563 (Risk Modeling and Analysis) STAT 510 (Mathematical Statistics I) One additional course from a list of approved core courses for all PhD students.

PhD candidates in this concentration must also demonstrate competence in three additional supporting courses: MATH 564 (Applied Stochastic Processes) STAT 425 (Applied Regression and Design) FIN 591 (Theory of Finance)

and in two of the following actuarial graduate courses: MATH 565 (Actuarial Models for Life Contingencies) MATH 567 (Actuarial Models for Financial Economics) MATH 568 (Actuarial Loss Models)

Although not required, many PhD candidates in the Actuarial Science and Risk Analytics Concentration take elective courses in functional analysis, partial differential equations, linear and nonlinear programming, multivariate analysis, statistical computing, macro and micro economics, portfolio management, predictive modeling, machine learning.

How to Apply

The application process for this concentration is the same as the regular Mathematics PhD program. Detailed instruction as well as general requirements can be found  here . Candidates should clearly identify the Actuarial Science and Risk Analytics Concentration on the application form, and in their personal statement.

Frequently Asked Questions

If I want to become a practicing actuary, should I consider PhD education in Actuarial Science?

The actuarial profession in North America highly values professional credentials obtained through passing professional exams with credentialing bodies such as the Society of Actuaries and Casualty Actuarial Society. A PhD education in Actuarial Science is not a necessary component for a career path as an actuary. Students who are interested in career paths in traditional actuarial roles should pursue our MS program in Actuarial Science. The PhD concentration prepares students for academic careers and research and development offices/departments in the insurance and financial service industries. For example, a graduate may find a tenure-system position in a university, work as a quantitative reinsurance analyst, a catastrophe modeling analyst, a quantitative strategy researcher in a proprietary trading firm, and so on.

What qualifications are you looking for in admissions?

A typical PhD applicant should have a bachelor’s degree or its equivalent in a quantitative field, including but not limited to pure mathematics, applied mathematics, statistics, engineering, quantitative finance, physics, etc. Students should take the GRE General test.

How much do GRE scores get weighted into the application of a prospective student? What other factors weigh the most in an application?

We consider the whole application to find students with sufficient preparation and motivation to succeed in our program. Applicants typically perform strongly on the GRE General exam (80th percentile and above on the quantitative portion, and we like to see good scores on the other sections too). Scores on the GRE Mathematics subject exam (if taken) vary quite widely. Coursework relevant to actuarial science and risk analytics is valuable. 

The transcripts from your bachelor’s and master’s institutions are important. We pay close attention to courses and grades. If you come in with an actuarial or financial mathematics background, we do consider your track record of passing professional exams. However, students in this concentration also come from other quantitative fields.

What funding is available to students ?

All admitted students are offered a full tuition waiver, and a teaching assistantship (the stipend is $20,000 for the academic year; most students get some summer funding too). The funding offer runs for 5 or 6 years, depending on your level of preparation. Fellowship and RA support is available to some continuing students who perform strongly in the program.

How do the requirements for those pursuing the Actuarial Science emphasis differ from those pursuing other fields of study?

Notably, students in the Actuarial Science and Risk Analytics Concentration are not required to take Math 500 Abstract Algebra. Instead, they take Stat 510 Mathematical Statistics I. The full requirements for students in the Concentration are listed  here .

What should be my focus to prepare for this program beyond admissions?

Take as much undergraduate real analysis as possible (called “advanced calculus” at some universities), and tackle the hardest problems you can get your hands on. Learn metric space topology, with normed vector spaces being an important example. Get familiar with spherical coordinates, the divergence theorem (Gauss theorem), and  Green’s first and second identities .

Real analysis lays the foundation for probability, stochastic processes, and differential equations, at the graduate level. If you are strong in real analysis, then you can learn and pass the material in the first year comprehensive courses in a PhD program like ours.

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Insurance Economics and Actuarial Analytics

About the program.

The Wisconsin PhD Program in insurance economics and actuarial analytics is offered by the Risk and Insurance Department at the Wisconsin School of Business. We are a nationally recognized Center of Actuarial Excellence . We have received grants to support a variety of industry-related research projects and the introduction of our Technology-Enhanced Learning initiative.

Core Areas of Research

Student research is supported by faculty in four core areas:

Actuarial science

Risk management

Decision-making under risk and uncertainty

Our faculty have specific areas of expertise in microinsurance, insurance regulation, financial management of insurance organizations, corporate risk management, behavioral economics, predictive modeling, healthcare analytics, health services management, and statistical methods development.

Our faculty members contribute to significant advancements in the field, as evidenced by our recently published journal articles .

Academic Requirements

All students must meet the general PhD requirements of both the UW–Madison Graduate School and the Wisconsin School of Business. Applicants to the program should have the following:

• A strong mathematics and statistics background. We generally look for three semesters of calculus and linear algebra at a minimum for mathematics. For statistics training, we look for coursework covering applied regression models in statistics and/or econometrics.
• A background in some combination of economics/finance, insurance, actuarial science, and statistics.

Program Coursework

The course sequence for PhD students in insurance economics and actuarial analytics is customized to fit each student’s unique research interests and background.

You will work with a PhD faculty advisor to set an appropriate course sequence during your first two years of study. However, all students are expected to take the following minimum core course sequence:

Two semesters of PhD-level Microeconomic Theory

Two semesters of PhD-level Econometrics

Panel-data statistics/econometrics

Seminar in Actuarial Science, Risk Management, and Insurance I

Seminar in Actuarial Science, Risk Management, and Insurance II

See Guide for all course requirements

Faculty Research Interests

Daniel Bauer Research interests: Risk evaluation Quantitative finance Risk management Insurance economics View full profile Stuart Craig Research interests: Industrial organization of health care and health insurance markets Employer-sponsored health insurance Business-to-business price setting Applied econometrics View full profile Tyler Leverty Research interests: Economics of insurance markets Insurance company operations Insurance regulation Public policy issues in insurance View full profile Anita Mukherjee Research interests: Insurance markets Development economics Law and economics Psychology and economics View full profile Philip Mulder Research interests: Climate finance Disaster insurance Real estate and household finance View full profile Marjorie Rosenberg Research interests: Applications of statistics and actuarial science Bayesian methodology related to health insurance View full profile Peng Shi Research interests: Predictive modeling Multivariate regression models Longitudinal/panel data Asymmetric information in insurance View full profile Dan Sacks Research interests: Social insurance, including Social Security and the Affordable Care Act Health insurance, moral hazard, and adverse selection Applied econometrics Industrial organization View full profile Justin Sydnor Research interests: Psychology and economics Applied microeconomics Behavioral industrial organization Insurance markets Decision-making under risk View full profile Connect With Current Students

We encourage you to contact our doctoral students in actuarial science, risk management, and insurance to hear their perspectives on the Wisconsin PhD Program.

View current student profiles

See Our Placement Results

Graduates of our PhD specialization in actuarial science, risk management, and insurance have accepted tenure-track positions at top research universities.

View recent placements

Actuarial Science Graduate Programs in America

1-25 of 26 results

Wharton School

• Philadelphia, PA ·
• University of Pennsylvania ·
• Graduate School
• · Rating 4.63 out of 5   19 reviews

University of Pennsylvania, Graduate School, PHILADELPHIA, PA. 19 Niche users give it an average review of 4.6 stars. Featured Review: Master's Student says Applying to the Wharton MBA was a journey of growth and self-discovery. It pushed me to deeply reflect on who I am, what drives me, and where I want to go in life. The process wasn’t easy—crafting... Read 19 reviews.

UCLA College of Letters and Science

• Los Angeles, CA ·
• University of California - Los Angeles ·
• · Rating 3 out of 5   1 review

University of California - Los Angeles, Graduate School, LOS ANGELES, CA. 1 Niche users give it an average review of 3 stars. Read 1 reviews.

Mellon College of Science

• Pittsburgh, PA ·
• Carnegie Mellon University ·

Blue checkmark. Carnegie Mellon University, Graduate School, PITTSBURGH, PA.

University of St. Augustine for Health Sciences

• Graduate School ·
• SAN MARCOS, CA
• · Rating 4.53 out of 5   163

Point Loma Nazarene University

• SAN DIEGO, CA
• · Rating 4.52 out of 5   186

San Francisco State University

• SAN FRANCISCO, CA
• · Rating 4.24 out of 5   62

UC Berkeley College of Letters & Science

• Berkeley, CA ·
• University of California - Berkeley ·

Blue checkmark. University of California - Berkeley, Graduate School, BERKELEY, CA.

Metropolitan College - Boston University

• Boston, MA ·
• Boston University ·
• · Rating 4.69 out of 5   13 reviews

Boston University, Graduate School, BOSTON, MA. 13 Niche users give it an average review of 4.7 stars. Featured Review: Master's Student says Excellent guidance and resources for new students. Very responsive staff across departments. Additional supplementary instruction to ensure students have the necessary knowledge and skills to succeed... Read 13 reviews.

Wisconsin School of Business at UW Madison

• Madison, WI ·
• University of Wisconsin-Madison ·
• · Rating 5 out of 5   1 review

University of Wisconsin-Madison, Graduate School, MADISON, WI. 1 Niche users give it an average review of 5 stars. Featured Review: Master's Student says Currently, I have only taken one summer course which was well-organized. It was an introduction course to stats and programming but well designed for students with no prior experience to follow... Read 1 reviews.

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College of Liberal Arts & Sciences - University of Illinois

• Urbana, IL ·
• University of Illinois Urbana-Champaign ·

University of Illinois Urbana-Champaign, Graduate School, URBANA, IL.

College of Letters and Science - UC Santa Barbara

• Santa Barbara, CA ·
• University of California - Santa Barbara ·

University of California - Santa Barbara, Graduate School, SANTA BARBARA, CA.

The Ohio State University College of Arts and Sciences

• Columbus, OH ·
• The Ohio State University ·
• · Rating 4.5 out of 5   2 reviews

Blue checkmark. The Ohio State University, Graduate School, COLUMBUS, OH. 2 Niche users give it an average review of 4.5 stars. Featured Review: Other says My academic experience has been going great so far been learning more about the college of arts and sciences and how my major plays an important role in it. Read 2 reviews.

College of Liberal Arts and Sciences - University of Iowa

• Iowa City, IA ·
• University of Iowa ·
• · Rating 4 out of 5   3 reviews

University of Iowa, Graduate School, IOWA CITY, IA. 3 Niche users give it an average review of 4 stars. Featured Review: Alum says The University of Iowa typically treats their grad students quite well. The faculty are dedicated to student success and go out of their way to ensure you learn what you need to, cater to your... Read 3 reviews.

College of Arts and Sciences - University of Nebraska - Lincoln

• Lincoln, NE ·
• University of Nebraska - Lincoln ·

University of Nebraska - Lincoln, Graduate School, LINCOLN, NE.

Naveen Jindal School of Management

• Richardson, TX ·
• University of Texas - Dallas ·
• · Rating 4.86 out of 5   7 reviews

University of Texas - Dallas, Graduate School, RICHARDSON, TX. 7 Niche users give it an average review of 4.9 stars. Featured Review: Master's Student says I recently completed my IT program at the University of Texas at Dallas, and I must say it has been an incredibly enriching academic experience. From the moment I stepped onto campus, I felt welcomed... Read 7 reviews.

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• Actuarial Science Graduate Programs
• Taxation Graduate Programs

Fox School of Business

• Temple University ·
• · Rating 4.6 out of 5   5 reviews

Temple University, Graduate School, PHILADELPHIA, PA. 5 Niche users give it an average review of 4.6 stars. Featured Review: Doctoral Student says As a working professional returning to school, Fox School of Business at Temple University has done a great job at helping me feel supported. The work is challenging but I don't feel overwhelmed.... Read 5 reviews.

College of Science and Health - DePaul University

• Chicago, IL ·
• DePaul University ·

DePaul University, Graduate School, CHICAGO, IL.

University of the Pacific College of the Pacific

• Stockton, CA ·
• University of the Pacific ·

Blue checkmark. University of the Pacific, Graduate School, STOCKTON, CA.

Ball State University College of Sciences and Humanities

• Muncie, IN ·
• Ball State University ·
• · Rating 4 out of 5   1 review

Ball State University, Graduate School, MUNCIE, IN. 1 Niche users give it an average review of 4 stars. Featured Review: Current Master's student says The classes are of the same rigor and academic quality as on-campus instruction. I have learned quite a great deal from my program so far. The professors have been of high quality up to this point. Read 1 reviews.

College of Arts and Sciences - Georgia State University

• Atlanta, GA ·
• Georgia State University ·

Georgia State University, Graduate School, ATLANTA, GA.

College of Liberal Arts and Sciences - St. John's University - New York

• Queens, NY ·
• St. John's University - New York ·

St. John's University - New York, Graduate School, QUEENS, NY.

University of Central Missouri College of Arts, Humanities, and Social Sciences

• Warrensburg, MO ·
• University of Central Missouri ·

University of Central Missouri, Graduate School, WARRENSBURG, MO.

Columbia University School of Professional Studies

• New York, NY ·
• Columbia University ·
• · Rating 4.68 out of 5   25 reviews

Blue checkmark. Columbia University, Graduate School, NEW YORK, NY. 25 Niche users give it an average review of 4.7 stars. Featured Review: Master's Student says The Columbia SPS Applied Analytics program has been a highly practical and enriching experience, blending technical training with business applications that directly benefit my role in online... Read 25 reviews.

College Of Arts And Sciences - Maryville University

• St Louis, MO ·
• Maryville University ·

Maryville University, Graduate School, ST LOUIS, MO.

CUNY Queens College Aaron Copland School of Music

• CUNY Queens College ·

Blue checkmark. CUNY Queens College, Graduate School, QUEENS, NY. 1 Niche users give it an average review of 5 stars. Featured Review: Other says Aaron Copland School of music has the best faculty and program. The quality of the education is extraordinarily high and you can experience virtually all areas of music field in one school. Read 1 reviews.

CUNY Queens College Graduate School of Library and Information Studies

Blue checkmark. CUNY Queens College, Graduate School, QUEENS, NY. 2 Niche users give it an average review of 4.5 stars. Featured Review: Master's Student says I really enjoyed the dual degree program I was in at Queens College. The professors were engaging and truly cared about the students. I appreciated the swift switch to online courses in the midst of... Read 2 reviews.

CUNY Queens College School of Business

Blue checkmark. CUNY Queens College, Graduate School, QUEENS, NY. 1 Niche users give it an average review of 5 stars. Featured Review: Other says The QC Business School enabled me to switch careers from one that alone didn't provide enough to one that absolutely does. Read 1 reviews.

CUNY Queens College School of Earth and Environmental Sciences

Blue checkmark. CUNY Queens College, Graduate School, QUEENS, NY.

College of Science - California State University - East Bay

• California State University - East Bay ·
• HAYWARD, CA
• · Rating 4 out of 5   1

Jessup University

• ROCKLIN, CA
• · Rating 4.57 out of 5   7

Lam Family College of Business

• San Francisco State University ·
• · Rating 3.67 out of 5   3

Showing results 1 through 25 of 26

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COLLEGE OF LIBERAL ARTS AND SCIENCES

Department of Mathematics

• Ph.D. in Mathematics with Thesis in Actuarial Science
• General Information
• Financial Aid
• Answers to FAQ
• Ph.D. in Mathematics
• M.S. in Mathematics
• M.S. in Actuarial Science
• M.S. in Applied Financial Mathematics
• M.S. in Applied Financial Mathematics – Actuarial Science
• Course Schedule
• Preliminary Exams

Introduction

• The University of Connecticut’s actuarial program is a vibrant program for undergraduate, master’s students and  PhD students majoring in Actuarial Science.
• It is one of the leading actuarial science programs in the country and the only one of its kind in New England.
• For PhD students, UConn offers a unique blend of rigorous theoretical framework with practical grounding in problems of intense emerging interest in the marketplace.

• Our faculty also blends academic and practical industry experience. More on our program is available on its website .
• While emphasizing research that will benefit practicing actuaries, the PhD program prepares for an academic career in research and teaching.   It is not intended to prepare students to become practicing actuaries. Those intending a career in actuarial practice should pursue the M.S degree.

Overview of Graduation Requirements

To graduate with a PhD in Mathematics, a student must satisfy all of the following requirements:

• 45 credits, including 15 doctoral dissertation research credits/GRAD 6950
• If you have a Master’s degree in mathematics at UConn, then 30 credits are required, including 15 doctoral dissertation research credits.
• Pass at least one prelim exam after each semester for the first three semesters of their graduate study.
• Finish all prelim exam requirements by the beginning of the spring semester in their second year.
• Finish all core course requirements by the end of their second year of graduate study,
• Choose a thesis advisor no later than the end of the fall semester of the third year.
• Form your advisory committee :  Major Advisor and at least two Associate Advisors or Co-Major Advisors and at least one Associate Advisor.
• The public portion of the oral examination which consists of a 50 minute presentation on a topic in the broad area in which the candidate intends to write a dissertation but should not focus on the candidate’s research. If a candidate has original results by the time of the oral exam, they should only be presented briefly at the end of the presentation.
• In the private portion of the oral examination only the candidate and the advisory committee should be present. The committee will ask the candidate questions about the topic of the presentation and the candidate’s major field of study and will decide on the results.
• Submit Dissertation Proposal
• Submit Plan of Study
• Apply for Graduation in Student Admin by the fourth week of the final semester.
• Dissertation Specifications under Dissertation Information
• Thesis templates (for LaTex) are available on our Thesis Formatting page
• Submit Approval Page – Step 7
• Complete Survey of Earned Doctorates – Step 7
• Add Diploma Address in Student Admin and Diploma Info.

Preliminary Examination and Core Course Requirements

Actuarial Science:

• Math 5160/Probability Theory and Stochastic Processes I
• Math 5639/Actuarial Loss Models
• Math 5111/Measure and Integration
• Math 5120/Complex Function Theory
• Math 5210/Abstract Algebra
• Math 5310/Introduction to Geometry and Topology I
• Math 5410/Introduction to Applied Mathematics I
• Math 5510/Numerical Analysis and Approximation Theory I
• Math 5161/Probability Theory and Stochastic Processes II
• Math 5210/Abstract Algebra I
• Math 5211/Abstract Algebra II
• Math 5360/Differential Geometry
• Math 5440/Partial Differential Equations
• Math 5520/Finite Element Solution Methods I

Past Prelim Exams

PhD in Actuarial Science

Phd actuarial science studentships.

We are offering PhD studentships comprising tuition fees and maintenance grants for four years. The deadline for our application is 9 January 2025.

Find out more

Actuarial Science

Key information, about the phd in actuarial science programme.

The Faculty of Actuarial Science and Insurance is one of the leading academic actuarial departments in the world, with highly respected degree courses and research. It comprises 29 staff, including eight qualified actuaries.

The Faculty makes use of its position close to the heart of the City of London to enhance its research, teaching and external profile.

As such, the Faculty is proud of its PhD in Actuarial Science programme. On this programme you will have the full support of the faculty as well as access to the research and insights from one of the world’s leading actuarial departments.

Research Excellence Framework (REF) 2021

The Research Excellence Framework (REF) 2021 rated Bayes 5 th in the UK for Business and Management research. In total, 92% of our research was rated as world-leading (4*) or internationally excellent (3*) – up from 84% in REF 2014.

Research Areas

The Faculty's research considers a range of theoretical and applied issues in:

• General and life insurance
• Health and social care
• Machine learning and analytics
• Mortality and longevity modelling
• Pensions and investment
• Risk management
• Stochastic modelling of risk in insurance and finance

Please visit the webpages of for individual faculty research interests or more information on the potential research topics they are willing to supervise.

You do not need to find a potential supervisor before you apply, but it is useful to indicate in your application the member of academic staff with research interests similar to your own. The final decision on supervisors is made by the PhD Director.

Programme structure

The Actuarial Science PhD is usually a four year programme.  You are registered on the MPhil degree for the first two years during which you will follow a programme of taught courses and prepare your first research paper.

Year 1 - Theory and Methods

In the first year you will attend a number of taught courses aiming to provide training in your research field and exposure to wider research areas. You will be able to take PhD-level courses in Finance, as well as, if appropriate, drawn from Bayes MSc programmes . These courses are academically rigorous and you will need to be examined in them.

In parallel, you will commence your academic research, under the supervision of Bayes academics. At the end of the first academic year, you will submit a research dissertation, demonstrating a clear formulation of a suitable research topic and substantial progress towards your first academic paper.

Throughout your time as a Bayes MPhil/ PhD student, you will be attending research seminars held by the Faculty of Actuarial Science and Insurance .

In order to progress to the following year students will need to pass a minimum of three or a maximum of five modules and complete a dissertation in the third term.

Year 2 - Research and Teaching Skills

Your research training continues in the second year with workshops and seminars focused on further developing your research skills further and courses introducing you to the practice of learning, teaching and assessment.

Alongside this, you will continue your academic research in your chosen topics. The year culminates with the defence of your first research paper before a transfer panel committee, towards the end of term 2.

After the successful defence of your transfer panel paper you will move onto the final two years of the PhD programme.

Year 3 - Year 4

You complete your remaining research papers in years three and four and defend your work at the viva voce examination soon after completion of your thesis. The focus of training in the final two years shifts towards preparing you for an academic career.

You will be supported by Bayes academics to prepare for the viva voce and the academic job market, with the aim of you successfully defending your thesis and taking up an academic position at a leading academic institution or a research-oriented job at a financial institution.

Fees and Funding

Uk (home) students.

• Full-time: £4,880 per year

Non UK (Overseas) / EU  Students

• Full-time: £12,250 per year

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Facilities and research

PhD students on the PhD Actuarial Science programme have access to the state of the art research infrastructure, computing equipment, and extensive library resources.

Bayes Business School offers access to a wide range of databases, including:

• Thomson Reuters EIKON
• Thomson One and many others.

Contact us and Find Bayes

Contact details.

Abdul Momin +44 (0)20 7040 8618   [email protected]

Bayes Business School

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Actuarial Science

Qualifying as an actuary is a passport to a wide variety of careers in insurance companies, investments, pensions, health care and banking – not just in the UK, but throughout the world. Kent is one of a very few universities in the UK to teach the subject.

Key information

• Duration 3 to 4 years full-time
• Start date September, January, May
• Location Canterbury

The PhD in Actuarial Science offers the opportunity to begin or consolidate your research career under the guidance of internationally renowned researchers and professionals in the School of Mathematics, Statistics and Actuarial Science (SMSAS).

This research programme, which can be taken three to four years full-time or five to six years part-time, offers the opportunity to work in highly topical areas such financial modelling and estimation, quantification of diversification benefits, quantifying financial risks, and derivatives pricing. Applications for PhD research in these and other areas will be welcomed.

There's an active seminar programme involving a wide range of speakers and members of the PhD community regularly attend/present their work at leading conferences and institutes.

Before applying for this course, it is strongly recommended that you contact the School of Mathematics, Statistics and Actuarial Science in the first instance to discuss your study plans with the programme director.

About the School of Mathematics, Statistics and Actuarial Science (SMSAS)

The School has a strong reputation for world-class research and a well-established system of support and training, with a high level of contact between staff and research students. Postgraduate students develop analytical, communication and research skills.

In 2010 the Centre for Actuarial Science, Risk and Investment (CASRI) was set up within SMSAS to reflect the widening scope of the teaching and research of the staff. Areas of research interest include economic capital and risk management for financial services firms, mortality and longevity modelling, longevity indices and markets. Other research topics include genetics and insurance, insurance economics, pensions and corporate reporting.

The Centre includes 13 professionally qualified actuaries with many years’ practical experience in insurance and pensions, and who maintain excellent links with the actuarial profession.

Everything you need to know.

Entry requirements, study support.

A first or upper second class honours degree in a relevant subject (or equivalent).

All applicants are considered on an individual basis and additional qualifications, professional qualifications and relevant experience may also be taken into account when considering applications. 

Please see our International Student website for entry requirements by country  and other relevant information. Due to visa restrictions, students who require a student visa to study cannot study part-time unless undertaking a distance or blended-learning programme with no on-campus provision.

English language entry requirements

This course requires a Good level of English language, equivalent to B2 on CEFR.  

Details on how to meet this requirement can be found on our English Language requirements webpage . 

Examples:  

IELTS 6.0 with a minimum of 5.5 in each component 

PTE Academic 63 with a minimum of 59 in each sub-test 

A degree from a UK university 

A degree from a Majority English Speaking Country 

Need help with English?

Please note that if you are required to meet an English language condition, we offer a number of pre-sessional courses in English for Academic Purposes through Kent International Pathways . 

Postgraduate research is a fantastic opportunity and significant investment in your future, enabling you to expand your knowledge, skills and career options – all while making a meaningful impact and contribution to an area you are passionate about.

At Kent, we also recognise the significant financial investment that comes with postgraduate study, and we offer a range of scholarships for our postgraduate researchers, to help keep your mind on your studies, and off your finances.

Scholarships can be broad, or specific to your situation, background or even country – so please do use our scholarships finder to discover the options available to you.

We also have research partnership funding with research councils and government schemes in specific areas of interest that can help you take your research to the next level with additional financial support.

Find out more on our fees and funding page and discover what option is right for you.

Postgraduate resources

The University’s Templeman Library houses a comprehensive collection of books and research periodicals. The University of Kent has entered into an exclusive arrangement with SunGard, a global leader in integrated software and processing solutions primarily for financial services, who market the industry’s leading actuarial software package PROPHET.

Links with industry

The Centre for Actuarial Science, Risk and Investment maintains close relationships with industry actuaries through the Invicta Actuarial Society, a regional actuarial society which holds its meetings at the Canterbury campus and is organised by University of Kent students and academic staff. The Society hosts an annual lecture in conjunction with the Worshipful Company of Actuaries, featuring prestigious speakers from industry and the profession. The Society also arranges talks from external speakers including practitioners, careers advisers and recruiters from the UK and overseas.

Dynamic publishing culture

Staff publish regularly and widely in journals, conference proceedings and books. Among others, they have recently contributed to: British Actuarial Journal ; Actuary Australia ; Annals of Actuarial Science ; Journal of Pension Economics and Finance . Details of recently published books can be found under staff research interests.

Researcher Development Programme

Kent's Graduate School co-ordinates the Researcher Development Programme for research students, which includes workshops focused on research, specialist and transferable skills. The programme is mapped to the national Researcher Development Framework and covers a diverse range of topics, including subject-specific research skills, research management, personal effectiveness, communication skills, networking and teamworking, and career management skills.

Work in actuarial science at the University of Kent can be divided into three broad themes achieving a balance of theoretical and applied investigations, as well as addressing social policy implications.

Economic capital and financial risk management

With the advent of new risk-based regulations for financial services firms, specifically Basel 2 and Basel 3 for banks and Solvency 2 for insurers, there is now a heightened focus on the practical implementation of quantitative risk management techniques for firms and defined benefit pension schemes operating within the financial services sector.

In particular, financial services firms are now expected to self-assess and quantify the amount of capital they need to cover the risks they are running. This self-assessed quantum of capital is commonly termed risk, or economic, capital.

At Kent we are actively involved in developing rigorous risk management techniques to explicitly measure how much risk a firm or pension scheme is taking, holistically, across the entire spectrum of risks it accepts.

More about our research in this area

Longevity risk

Longevity risk represents a substantial threat to the stability of support programmes for the elderly, most notably to the subset that provides income protection but also to non-traditional products such as home equity release schemes.

One approach to dealing with longevity risk is to model key factors that influence mortality; this may be achieved using aggregate (causal) mortality rates or panel data with individual-specific covariates. Another approach to modelling longevity risk is via an investigation of positive quadrant dependence between lives, which requires a multivariate framework. Once this is in place, longevity risk may be investigated on various fronts ranging from entire populations to couples.

Public policy aspects of risk classification

Restrictions on risk classification can lead to adverse selection, and actuaries usually regard this as a bad thing. However, restrictions do exist in many countries, suggesting that policymakers often perceive some merit in such restrictions. Careful re-examination of the usual actuarial arguments can help to reconcile these observations.

Models of insurance purchasing behaviour under different risk classification regimes can quantify the effects of particular bans, e.g. on insurers’ use of genetic test results, or gender classification in the European Union.

Staff research interests

Kent’s world-class academics provide research students with excellent supervision. The academic staff in this school and their research interests are shown below. You are strongly encouraged to contact the school to discuss your proposed research and potential supervision prior to making an application. Please note, it is possible for students to be supervised by a member of academic staff from any of Kent’s schools, providing their expertise matches your research interests. Use our ‘ find a supervisor ’ search to search by staff member or keyword.

Full details of staff research interests can be found on the School's website .

Helping our students to develop strong employability skills is a key objective within the School and the University. We provide a wide range of services and support to equip you with transferable vocational skills that enable you to secure appropriate professional positions within industry. Within the School we run specialist seminars and provide advice on creating a strong CV, making job applications and successfully attending interviews and assessment centres.

Our graduates have gone on to successful careers in the actuarial, finance, insurance and risk sectors.

The 2025/26 annual tuition fees for this course are:

The 2025/26 annual tuition fees for UK postgraduate research courses have not yet been set by the UK Research and Innovation (UKRI). This is ordinarily announced in February. As a guide only for the full-time tuition fee for new and returning UK postgraduate research courses for 2024/25 is £4,786. The equivalent part-time fee for these courses is £2,393.

For details of when and how to pay fees and charges, please see our Student Finance Guide .

Tuition fees may be increased in the second and subsequent years of your course. Detailed information on possible future increases in tuition fees is contained in the Tuition Fees Increase Policy . If you are uncertain about your fee status please contact [email protected] .

Your fee status

The University will assess your fee status as part of the application process. If you are uncertain about your fee status you may wish to seek advice from  UKCISA  before applying.

General information

Tuition fees may be increased in the second and subsequent years of your course. Detailed information on possible future increases in tuition fees is contained in the  Tuition Fees Increase Policy . If you are uncertain about your fee status please contact  [email protected] .

Additional costs

You'll need regular access to a desktop computer/laptop with an internet connection to use the University of Kent’s online resources and systems. We've listed some guidelines for  the technology and software you'll need for your studies .

General additional costs

Find out more about  accommodation and living costs , as well as  general additional costs  that you may pay when studying at Kent.

Search our scholarships finder for possible funding opportunities. You may find it helpful to look at both:

• University and external funds
• Scholarships specific to the academic school delivering this programme.

We have a range of subject-specific awards and scholarships for academic, sporting and musical achievement.

Unlock your potential with scholarships up to £5,000

Ready to apply?

Learn more about the  application process  or begin your application by clicking on a link below.

You will be able to choose your preferred year of entry once you have started your application. You can also save and return to your application at any time.

Need help deciding?

Our friendly team is on hand to help you with any queries you have.

Find the right supervisor for your and your research project.

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Kent ranked top 40 in The Times Good University Guide 2025 .

Support for funding so you can focus on your studies.

Research excellence.

Kent has risen 11 places in THE’s REF 2021 ranking, confirming us as a leading research university.

It’s easy to study on or off campus at Kent – discover what is right for you.

Course Catalog

Mathematics: actuarial science & risk analytics, phd.

for the Doctor of Philosophy in Mathematics, Actuarial Science and Risk Analytics Concentration

The Concentration attracts students with strong interest in financial risk analytics and actuarial applications of mathematics, and equips them with advanced analytical tools for professional and academic careers. Students in the Concentration complete coursework or professional exams in Probability, Risk Modeling and Analysis, Mathematical Statistics, Theory of Finance, and Actuarial Models for Life Contingencies or Financial Economics.

  for the Doctor of Philosophy in Mathematics, Actuarial Science and Risk Analytics Concentration

Students working toward a Ph.D. degree usually require four to six years to complete the requirements. Each student must pass the comprehensive examinations/courses and the preliminary examination (testing the student's ability to begin or continue research in a chosen field). Students must also write and defend a research thesis in their field of mathematics.

For additional details and requirements refer to the department's  Guide to Graduate Studies  and the  Graduate College Handbook . 

Requirements

Other requirements.

• Acquire a foundation in real analysis at the graduate level.
• Acquire a suitable breadth of knowledge to provide a foundation for undertaking high-level research in the field of actuarial science and risk analytics.
• Gain a broad understanding of the range of current research in the mathematical sciences.
• Demonstrate depth of knowledge in chosen area of research specialization.
• Gain the ability to conduct independent mathematical research at a professional level.
• Gain experience and competence in the teaching of mathematics at the college level.

Graduate Degree Programs in Mathematics

• Actuarial Science, MS
• Applied Mathematics, MS
• Mathematics, MS
• Actuarial Science & Risk Analytics
• Computational Science and Engineering

Mathematics Department

Department Chair: Vera Hur Director of Graduate Studies: Jared Bronski Mathematics Department website Mathematics Department  faculty Actuarial Science faculty 273 Altgeld Hall, 1409 West Green Street, Urbana, IL 61801 (217) 333-5749 Mathematics email: [email protected]

College of Liberal Arts & Sciences

College of Liberal Arts & Sciences website

Program website Mathematics Admissions & Requirements Graduate College Admissions & Requirements

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2024-2025 Catalog (PDF)

A copy of the full 2024-2025 catalog.

Actuarial Science - Doctor of Philosophy (PhD)

Mathematics 3 (M3) Building on Waterloo's Campus

Join a vibrant research environment and generate new knowledge in one of our four areas of study with the PhD in Actuarial Science.

You'll be best suited to this program if you have completed a master’s or bachelor’s degree in statistics, actuarial science, mathematics, or other quantitative disciplines . 

The program focuses on research areas including actuarial science practice, actuarial science theory, finance and probability.   

At the end of the program , you’ll have top-notch qualifications to pursue a career in academia, business, industry, government agencies, or research organizations. Our graduates are in demand and enjoy high degrees of job satisfaction.

Research areas

• Actuarial Science Practice
• Actuarial Science Theory
• Probability 

Program overview

Department/School : Statistics and Actuarial Science Faculty : Faculty of Mathematics Admit term(s) : Fall (September - December) Delivery mode : On-campus Program type : Doctoral, Research Length of program : 48 months (full-time) Registration option(s) : Full-time, Part-time Study option(s) : Thesis

Application deadlines

• January 15 ( for admission in September)

Key contacts

Request more information

It’s hard to believe I’ve been in school so long and still have two years left, but I’ve learned so much in this field. Waterloo has given me so many opportunities to tell stories with data, and I’m excited to see where it takes me. Chris Salahub, Actuarial Science, PhD

Supervisors

• Review the  finding a supervisor resources
• Before applying to the program, students are strongly advised to establish contact with potential supervisors

Admission requirements

• A Master's degree in statistics, actuarial science, or mathematics, completed or expected. Note: graduates of other quantitative and mathematically oriented programs are also encouraged to apply; this includes, but is not restricted to, graduates of commerce, economics, engineering, finance, and any of the physical sciences. The department graduate committee will determine the suitability of each student’s background for success in this program.
• Students with an undergraduate degree in statistics, actuarial science, or mathematics may apply for admission directly to the PhD program. Successful applicants will have an outstanding academic record, and very strong letters of recommendation.
• At least an overall 78% average from a Canadian university (or its equivalent)
• An interview may be required

Degree requirements

• Review the   degree requirements   in the Graduate Studies Academic Calendar, including the courses that you can anticipate taking as part of completing the degree
• Check out   Waterloo's institutional thesis repository - UWspace   to see recent submissions from the department of Statistics and Actuarial Science graduate students

Application materials

• The SIF contains questions specific to your program, typically about why you want to enrol and your experience in that field. Review the  application documents web page  for more information about this requirement
• If a statement or letter is required by your program, review the  writing your personal statement resources  for helpful tips and tricks on completion
• Transcript(s)
• Three  references , normally from academic sources
• TOEFL 90 (writing 25, speaking 25), IELTS 7.0 (writing 6.5, speaking 6.5)

Tuition and fees

Visit the  graduate program tuition page  on the Finance website to determine the tuition and incidental fees per term for your program

Review the living and housing costs

Review the   funding graduate school resources   for graduate students

• Search Actuarial Science
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Mathematics, PhD PhD

The Department of Mathematical Sciences offers graduate programs of study in mathematics with specializations in the fields of algebra, analysis, topology, applied mathematics, probability and statistics, and actuarial science.

A student may prepare for a career in teaching at the secondary or college level, and for a career in research in the academic, industrial, government, or business communities.

The programs of study at the master’s level are designed to suit both the student intending to continue toward a PhD, as well as the student who wishes to begin a professional career upon completion of the master’s program.

The Department has a vibrant PhD program. Mathematics research specialties available to students include:

• Actuarial Science
• Applied Mathematics
• Differential Equations
• Numerical Analysis
• Probability

For more details on the Department’s research groups and the research interests of its faculty members  click here .

Program Type

Program format.

• Academic Requirements
• Financial Support

Additional Requirements

Credits and courses.

Minimum degree requirement is 54 graduate credits beyond the bachelor’s degree, at least 27 of which must be earned in residence at UWM. In addition, at least half of the credits earned toward the degree must be in courses numbered 700 or above. 

The student, in consultation with the major professor, must select both a primary and a secondary area of specialization. The primary area may be chosen from one of the following seven fields:

Transcript Designated Concentrations

Applied mathematics field, probability and statistics field, actuarial science field.

NOTE: Admission to this program is limited to students who have made significant progress towards and are close to achieving a professional designation from an internationally recognized actuarial organization.

Non-Transcript Designated Specializations

Algebra field, analysis field, topology field, industrial mathematics field.

The secondary area may be chosen from another of these fields or may be chosen from another appropriate department. Minimum course requirements for all work in both areas of specialization require approximately two full years of study.

In order to be considered for admission to the graduate program, candidates must complete the  UWM Graduate School online application .

A master’s degree is not a prerequisite for admission to this PhD program, but strong applicants will typically have a bachelor’s or master’s degree in math, actuarial science, statistics or related topic with a minimum background of three semesters of calculus, linear algebra, probability, and mathematical statistics.

Information about submission of transcripts, GPA requirements, and English proficiency can be found on the  Graduate School website . The application will request that you provide your intended course of study and the names and e-mail addresses of three (3) references who have agreed to provide letters of recommendation.

The Department of Mathematical Sciences encourages, but does not currently require submission of general GRE scores. GRE Mathematics subject test scores are appreciated, but also not required.

Prospective students interested in visiting the Department of Mathematical Sciences are encouraged to contact the  Associate Chair for the Graduate Program  to arrange a visit.

Admissions are made on a rolling basis, so there are no hard deadlines. Nevertheless, most offers of Teaching assistantships, Research Assistantships, and Fellowships are made during the spring for students who will begin their studies the following fall. In order to maximize chances of obtaining the best possible financial aid package it is recommended that the applications be completed by the end of January. Later applicants with good credentials will be considered for admission and financial aid subject to availability.

Teaching and Research Assistantships are the primary form of financial support for mathematics graduate students. These positions provide a salary and tuition remission. Some small scholarships are also available. Click below for more details.

Major Professor as Advisor

The student must have a major professor to advise and supervise the student’s studies as specified in Graduate School regulations. The entering graduate student is assigned a temporary advisor by the Department Graduate Program Coordinator.

Computer Proficiency

The student shall pass an examination on a higher programming language and/or other appropriate advanced computer skills; the examinations are administered by the Department’s Computer Committee. The Computer Committee may accept advanced computer science coursework in lieu of the examination.

The student must meet minimum Graduate School residence requirements.

Doctoral Preliminary Examination

When the student is sufficiently prepared — normally when the student has earned 24 credits in specified areas above the 800 level — a doctoral preliminary examination to determine the student’s knowledge and achievement is taken. For students in mathematics, the exam evaluates the student’s general knowledge of mathematics, as well as the student’s knowledge of the major area of concentration. Students must pass this examination to continue in the program. With permission of the examination committee, the student may repeat this examination once. If the student does not have a master’s degree in mathematics before this examination, the committee will determine whether the student’s performance is sufficient to qualify for the master’s degree.

Doctoral Dissertation Proposal Hearing

After passing the language requirements and the doctoral preliminary examination, the student participates in a doctoral dissertation proposal hearing. At this hearing, the student is examined on the student’s chosen area of research and a dissertation topic is approved.

Dissertation

The primary requirement for the PhD in mathematics is the candidate’s completion, under the supervision of the Department advisor, of an original and significant mathematical investigation presented in the form of a dissertation. The investigation is to be in the field of algebra, analysis, applied mathematics, probability and statistics, topology, or actuarial science. A dissertation for the industrial mathematics field must involve an industrial problem requiring a mathematical solution.

Dissertation Defense

The candidate must, as the final step toward the degree, present a colloquium based on the dissertation and must pass an oral examination in defense of the dissertation. If the candidate does not successfully defend a thesis within five years of admission to candidacy, the candidate may be required to take another doctoral preliminary examination and be readmitted to candidacy.

All degree requirements must be completed within ten years from the date of initial enrollment in the doctoral program. Note that students seeking the PhD are limited to a maximum of seven years, inclusive of time spent in pursuit of an initial MS degree, of departmental financial support.

Minor Area for Other PhD Majors

A doctoral student planning a physical science major other than mathematics may fulfill requirements for mathematics as the minor area of concentration by completing 12 credits of approved mathematics courses with a grade of B or better, at least 6 credits of which must be in courses 800 or above.

A doctoral student planning a non-physical science major may fulfill requirements for mathematics as the minor area of concentration by completing 12 credits with a grade of B or better in approved mathematics courses 300 or above.

For additional information on the PhD, see the Graduate School Doctoral Requirements page.

The Society of Actuaries recognizes UWM as a Center of Actuarial Excellence, one of only 20 U.S. universities with this distinction.

Prospective Graduates

Questions regarding the application or the application process should be directed to the UWM Graduate School at  [email protected]  or  414-229-6569 .

Current Graduates

Questions about research opportunities, department funding opportunities, or issues specific to the discipline should be directed to  Vytaras Brazauskas .

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